Copenhagen, 22 May 2024 - Today Cadeler A/S confirms that it has placed an order
to build its third state-of-the-art A-class wind farm installation vessel. This
will be the eleventh vessel in Cadeler's fleet. With the continuing expansion of
the industry's largest fleet of jack-up offshore wind installation vessels,
Cadeler is ready to meet growing market demand.
  
The global demand for increasingly technologically advanced offshore wind farm
installation vessels is driven by the expansion of the offshore wind industry
generally as well as the growth in size and capacity of offshore wind turbines.
Responding to that demand, Cadeler has now entered into a binding contract for
the manufacture and delivery of its third A-class vessel - Wind Apex. The hybrid
design of Cadeler's A-class vessels offers Cadeler's clients unique flexibility,
as each A-class vessel can convert from being a foundation installation unit to
a wind turbine generator installation vessel within a short period of time.

Cadeler already has two P-class, two M-class and two A-class vessels under
construction. This third A-class vessel set to be delivered in H1 2027, will be
built by COSCO Heavy Industries in Qidong, China, to design standards that will
permit it to sail under the Danish flag.

Mikkel Gleerup, CEO of Cadeler, said: "Cadeler owns the largest jack-up fleet in
the industry and is well positioned to provide our partners with access to an
even wider and more flexible fleet of next-generation offshore wind farm
installation vessels. The decision to build a third A-class vessel is based on
the strong market demand for assets specialising in installing foundations. We
have already signed firm contracts and entered a long-term agreement with Orsted
for our first A-class vessel from 2027 to 2030 and we are in advanced contract
negotiations to secure capacity from our second A-class. These commitments are
only possible because our partners believe in our capabilities to meet their
demands for increased flexibility and state-of-the-art vessels that are fit to
meet the requirements of a fast-growing and dynamic market."

Cadeler has been able to achieve a very competitive price for this third A-Class
vessel due to the strong collaboration that Cadeler has built with COSCO Heavy
Industries, synergies from building several similarly designed jack-ups, and the
fact that Cadeler negotiated an LoI for this vessel in 2022. The contract price
for the delivery of this third A-class is approximately USD 400 million.

The A-class  

The third A-class vessel will be built on similar specifications to the first
two A-class vessel, with a deck space of 5,600m2, a payload of more than 17,000
tons and a main crane capacity to be disclosed at a later date. Both the P- and
A-class vessels are unrivalled within the industry. The A-class vessels will be
able to transport and install seven complete 15MW turbine sets per load or six
sets of 2XL monopile foundations, cutting down the number of transits needed for
each project. In line with the P-class vessels, the A-class will cater for some
of the largest dimensions of wind turbine components in the offshore wind
industry.

The P- and A-class vessels are built in close cooperation with Cadeler's
strategic partners, which include GustoMSC NOV, Kongsberg, Huismann and MAN
Energy.


About Cadeler:

Cadeler is a key supplier of offshore wind installation, operations, and
maintenance services. Cadeler is a pure play company, solely operating in the
offshore wind industry with an uncompromising focus on safety and the
environment. Cadeler's experience as provider of high-quality offshore wind
support services, combined with innovative vessel designs, positions the company
to deliver exceptional services to the industry. Cadeler is committed to
enabling the global energy transition towards a future built on renewable
energy. Cadeler is listed on the Oslo Stock Exchange (ticker: CADLR) and the New
York Stock Exchange (ticker: CDLR). For more information, please visit
www.cadeler.com 


For further information, please contact:

Mikkel Gleerup
CEO, Cadeler
+45 3246 3102
mikkel.gleerup@cadeler.com

Alexander Simmonds
EVP & CLO, Cadeler
+44 7376 174172
alexander.simmonds@cadeler.com