Cadeler has raised NOK 1.76bn ($166m) in a private placement to finance an offshore wind installation vessel newbuilding.
The Oslo-listed owner sold about 39.5m shares at NOK 44.50 a piece, according to a statement.
Its two major shareholders, BW Group and Scorpio, put fresh capital into the pot.
The placement occurred following the market’s closure on Thursday through an accelerated book-building process managed by DNB Markets and Jefferies.
The shares of the BW Group-backed company closed at NOK 47.84 on Wednesday.
Net proceeds from the placement will be used to fully finance the equity portion of the company’s planned third A-class wind foundation installation vessel (WFIV) newbuilding, equal to around 35% of its total expected vessel cost.
The price of the new ship is estimated to be in the range of $390m to $410m, with delivery in the first quarter of 2027.
The proceeds will also be used to acquire mission equipment and build working capital to enable Cadeler to capture selected near-term commercial opportunities, investors were told.
These include utilising turbine installation vessels for transportation and installation foundation scopes and capturing opportunities arising as a result of supply chain bottlenecks and project delays in the coming years.
Cadeler said it continued to see strong underlying demand for foundation installation services in offshore wind.
“With demand for vessels expected to outpace supply starting in 2027, continued industry supply chain disruption and current tender pipeline and backlog at record levels, Cadeler believes it has healthy employment prospects for its A-class wind foundation installation newbuild vessels.”
The company has entered into a letter of intent with Cosco Shipping Heavy Industry for the construction of a third A-class unit, following the exercise of the option for Cadeler’s second A-class vessel.
The three A-class vessels, two on order and one under a letter of intent, are designed to similar specifications with unique features for installing foundations.
Prior to the merger with Eneti, Cadeler’s fleet included two O-class wind turbine installation vessels (WTIV) in operation, two P-class WTIV units set to be delivered in 2024 and 2025, and two A-class WFIVs set to be delivered in 2025 and 2026.
BW Altor Pte and Scorpio Holdings were allocated 7.7m and 4.8m shares in the placement, respectively.
Following the issuance of the new shares, BW Altor’s ownership stake in Cadeler will approximate 19.6%, while Scorpio’s will stand at approximately 12.1%.
