Copenhagen, April 8 2024: Today, Ørsted and Cadeler signed a firm long-term
lease agreement for  a newbuilt Wind Farm Installation Vessel. With the
agreement, Ørsted secures installation vessel capacity from Q1 2027 to end of
2030 for upcoming construction projects. 

The signing of the long-term agreement discloses Ørsted as the client in
Cadeler's announcement made on October 12, 2022. This agreement involves booking
a new-built A-Class vessel from Cadeler. The A-Class vessels feature a hybrid
design, allowing them to transport and install both foundations and turbines
(WTGs). Ørsted and Cadeler's collaboration builds upon existing synergies and
work from Hornsea 3, which serves as Cadeler's inaugural foundation installation
project. 

Patrick Harnett, Chief Operating Officer at Ørsted, said: "Securing long-term
capacity with strategic suppliers is key for Ørsted to build collaboration and
together manage risks and execution of our offshore wind construction program
towards 2030 and beyond. Our partnership with Cadeler exemplifies how Ørsted as
the market leader with a global portfolio of offshore wind projects can provide
suppliers with the clarity and scale they need to invest in new technology,
organizational capabilities and increase - in this case - the supply of
installation vessels which can carry and install current and next generations of
foundations and offshore wind turbines."

Mikkel Gleerup, CEO of Cadeler, said: "We are proud and pleased to strengthen
the cooperation once again with Ørsted. Our commitment to our partners is to
build trust first and foremost, minimizing project risks, and offering unrivaled
fleet flexibility and supply certainty. This helps our partners succeed in
timely delivery of projects and within budget. We have ambitiously invested and
poured our unique know-how into our new-build wind turbine installation vessels
to create security in our part of the value chain. And we're ready to handle the
largest and most complex next-generation offshore wind installation projects.
Our ambition is to help our partners install and realize the offshore wind farms
needed for the world's energy transition."

Fleet Flexibility to Minimize Risks in Growing Offshore Wind Farm Projects
Offshore wind farm projects are expanding both in scale and complexity, making
risk management and securing supply chains more relevant with each passing day.

Under the long-term agreement, Ørsted will have access to one of Cadeler's
new-build A-Class vessels. These A-Class newbuilds are designed to transport up
to six XXL monopile foundations per round trip. Additionally, they can be
swiftly converted from foundation installation vessels to WTG (wind turbine
generator) installation vessels. Similar to the P-Class newbuilds, the A-Class
vessels can transport and install seven complete 15-megawatt turbine sets per
load or five 20+ megawatt turbines. This efficiency reduces the number of trips
required for each project, ultimately accelerating the installation speed.

Ørsted and Cadeler long-term agreement in short
oThe agreement ties up the October 12 2022 announcement of the vessel
reservation agreement based on the four-year utilization of Cadeler's A Class
vessel if all options are called.
oThe agreement spans from the beginning of 2027 to the end of 2030.
oCadeler's innovative hybrid design A Class vessel will perform both XXL
monopile foundation and 20+ MW wind turbine transportation and installation,
unlocking further project versatility.

About Ørsted:

The Ørsted vision is a world that runs entirely on green energy. Ørsted
develops, constructs, and operates offshore and onshore wind farms, solar farms,
energy storage facilities, renewable hydrogen and green fuels facilities, and
bioenergy plants. Ørsted is recognised on the CDP Climate Change A List as a
global leader on climate action and was the first energy company in the world to
have its science-based net-zero emissions target validated by the Science Based
Targets initiative (SBTi). Headquartered in Denmark, Ørsted employs approx.
8,900 people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2023,
the group's revenue was DKK 79.3 billion (EUR 10.6 billion).

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

Karen Roiy 
Vice President - Head of Marketing & Communication
+45 6020 8706
karen.roiy@cadeler.com