Cadeler Signs with COSCO Heavy Industries to Build F-class Vessel
Cadeler has announced the signing of a new contract with COSCO Heavy Industries to build a state-of-the-art F-class vessel to cater for the largest projects in the offshore industry. The contract value amounts to 345 million USD. The contract includes an option for an additional X or F-class vessel.
The new vessel will enable Cadeler to target the growing segment of large-scale foundation installations and to offer a complete set of services within transport and installation of offshore wind farms.
This is the fifth vessel that Cadeler will have in its fleet, hence creating the largest and most capable fleet of jack-up vessels in the offshore wind industry.
Cadeler announced last week that they have successfully completed a private placement of 26,175,532 shares at a price of 32.32 NOK per share for gross proceeds of 846 million NOK (86 million EUR).
Mikkel Gleerup, CEO of Cadeler A/S says: “Developing our fleet is a key strategic priority to meet the increasing demand for installation capacity. We are proud once again to push the boundaries of our industry by providing the most efficient vessels to stakeholders developing increasingly complex projects.”
Cadeler is currently building two X-class vessels to be delivered by COSCO Heavy Industries H2/2024 and Q1/2025. The F-class vessel will be built on specifications similar to the two X-class vessels providing substantial scale benefits.
The F-class vessel features a unique design, allowing the vessel to convert from being a foundation installation unit to a wind turbine generator (WTG) installation vessel within a short period of time.
The new F-class is expected to be delivered in Q4/2025 and Cadeler is currently in discussion for a XL Monopile foundation installation contract in the North Sea, expected to commence in Q2/2026.
Mikkel Gleerup adds: “Cosco Heavy Industries were chosen due to their expertise, reliability, and high standards in building complex windfarm installation vessels. COSCO is a strategic partner building our X-class vessels, and we have full confidence in their ability to deliver another state-of-the-art vessel”.
With a deck space of 5,600m2, a payload of more than 17,600 tons and main crane capacity to be disclosed at a later date, the X- and F-class vessels are today unmatched within the industry. The vessels will be able to transport and install seven complete 15MW turbine sets per load or five sets of 20+ MW turbines, cutting down the number of trips needed for each project. The F-class will be able to transport up to six XL monopiles (weight 2,300-2,600mt each) per round-trip, which improves operational efficiency substantially.
Upon completion of the three new vessels, Cadeler will operate the largest and most capable fleet in the industry in terms of loading capacity and ability to transport, service and install the largest offshore foundations and wind turbines.
The X- and F-class vessels are built at COSCO’s shipyard in Qidong in China. The strategic partners for the large-scale new builds include GustoMSC NOV, Kongsberg, Huisman and MAN Energy.