Cadeler A CDLR

Cadeler A/S is a leading offshore wind installation vessel contractor headquartered in Copenhagen, Denmark. The company operates within the market for the transportation and installation of offshore wind turbine generators and their foundations. In addition to wind farm installation, its vessels perform maintenance, decommissioning, and other general construction tasks for the offshore wind industry.

Cadeler A/S generates revenue through chartering its offshore jack-up wind installation vessels to customers for the transportation, installation, and related services of offshore wind projects. Its core offerings include the erection of wind turbine generators and foundations, as well as operations and maintenance, decommissioning, and general construction services. The company serves offshore wind farm developers, original equipment manufacturers, and various offshore contractors engaged in renewable energy projects.

The company operates through the following segments:

• Offshore Wind Installation Services: This segment encompasses the core activities of transporting and installing offshore wind turbine generators and their foundations using jack-up vessels. The segment also includes performance of maintenance, decommissioning, and other general construction services within the offshore wind industry. Cadeler A/S operates a fleet of specialized vessels under distinct classes, including the A-Class Vessel Wind Ally, P-Class Vessels Wind Peak and Wind Pace, M-Class Vessels Wind Maker and Wind Mover, O-Class Vessels Wind Orca and Wind Osprey, as well as Wind Keeper, Wind Scylla, and Wind Zaratan. The company has on order two A-Class New Builds to be named Wind Ace and Wind Apex, with expected delivery in the third quarter of 2026 and first half of 2027, respectively.

Cadeler A/S holds a strong position in the offshore wind installation vessel market, competing with established players such as DEME Offshore, Jan de Nul, Fred. Olsen, and Van Oord. The company's competitive advantages stem from its modern, technically optimized fleet capable of handling next-generation turbine foundations and turbines, including crane-upgraded O-Class vessels designed for heavier loads. Its vessel classes are engineered to meet evolving industry demands for greater lifting height, deck space, and load capacity, supporting the installation of larger offshore wind projects.

Cadeler A/S serves a customer base comprising offshore wind farm developers, original equipment manufacturers, and offshore contractors involved in renewable energy development. Specific customers include Siemens Gamesa Renewable Energy, Vestas, Ørsted, Vattenfall, and ScottishPower Renewables. The company has completed approximately 40 offshore projects since 2012 across regions including the United Kingdom, the United States, Germany, Poland, Taiwan, France, and the Netherlands.