On August 10, Cadeler, a Danish owner and operator of offshore wind turbine installation vessels, announced that it had signed a contract with COSCO SHIPPING (Qidong) Offshore for the construction of two new T-class offshore wind turbine installation vessels. The total contract value is approximately EUR 805 million (approx. $930 million), with each vessel costing approximately 402.5 million euros. Delivery is expected in 2030 and 2031, respectively.
Earlier this year, Cadeler secured the equity financing for this investment as part of its long-term strategy to become the preferred offshore wind installation partner and to support the continued growth of the offshore wind industry. The new T-class series vessels have been engineered to be the largest and most capable vessels ever introduced to this market, incorporating breakthrough technologies and operational capabilities that extend well beyond current industry standards. Designed to tackle increasingly complex projects with greater efficiency, versatility and performance, they are expected to open access to new opportunities while reinforcing Cadeler’s long-term competitive advantage and commitment to innovation.
The T-class vessels form part of Cadeler’s long-term fleet expansion strategy and reflect Cadeler’s continued investment in the capabilities required to support the accelerating build-out of offshore wind across key markets. Cadeler is already in discussions with key clients for the deployment of the T-class vessels.
According to previous reports, the payment structure for the two new vessels will be back-loaded, with the majority of capital expenditure falling due after 2029; additionally, 65% of the total capital expenditure is expected to be funded through debt financing.
The contract builds on Cadeler’s established collaboration with COSCO Shipping Offshore shipyard, which has already constructed several vessels as part of Cadeler’s newbuild programme. The agreement was secured on competitive commercial terms and reinforces the strong relationship between the two companies. The contract price for the two T-class vessels is approximately EUR 805 million in aggregate.
Mikkel Gleerup, CEO of Cadeler, comments: “As offshore wind projects become larger and more technically demanding, developers need installation partners with the experience, specialised capabilities and modern fleet to deliver them safely and reliably. Our investment in the T-class reflects our commitment to staying ahead of future customer requirements, delivering best-in-class technical solutions and raising the bar for excellence in offshore wind installation.
Cadeler has become the world’s largest operator of wind turbine installation vessels, with a fleet comprising 11 offshore wind installation vessels—a figure projected to reach 12 by mid-2027. Driven by strong fundamental demand and renewed momentum in the global offshore wind sector, Cadeler anticipates favorable operational prospects for its expanded fleet.