BW Group-backed Cadeler has clinched a deal as the preferred supplier to install wind turbines for energy giant Orsted in the German North Sea.
Oslo-listed Cadeler, in which Swire Group is also an investor, said its 13,200-dwt wind turbine installation vessel (WTIV) Wind Osprey (built 2012) will work on the combined Gode Wind 3 & Borkum Riffgrund 3 projects.
No value has been given for the contract, which will be finalised this year.
The award covers the transport and installation of a minimum of 48 11-megawatt turbines, located next to Orsted's existing offshore wind farms Borkum Riffgrund 1 and Borkum Riffgrund 2 and near Gode Wind 1 and 2.
The ship will have a new and upgraded main crane before the project begins.
"Cadeler will replace and upgrade both main cranes on its two O-Class vessels, making them perfectly suited for this and similar projects," the shipowner said.
"In their upgraded configuration, the O-Class vessels will continue to meet future client requirements."
Rising demand for wind vessels
Cadeler chief executive Mikkel Gleerup said the agreement demonstrated the competitiveness of the upgraded units.
Upon completion, the combined capacity of the wind farms at Gode Wind 3 and Borkum Riffgrund 3 will be more than 1 gigawatt.
The projects are expected to be fully commissioned in 2024 and 2025 respectively, subject to Orsted's final investment decision.
Cadeler has benefited from increasing demand from offshore wind ships in 2021.
Rates for its two WTIVs rose in the six months to 30 June, while utilisation was high at 87%.
Cadeler, which carried out a $100m initial public offering in November 2020, has two more WTIVs on order at Cosco Shipping Heavy Industry in China at a cost of $651m.
Net earnings in the six months to 30 June were €4.9m ($5.7m), up from a loss of €20.3m a year ago.
Revenue rose to €32.3m from €9.1m, with a strong pipeline of work, the shipowner added.
The group has an order backlog amounting to €278m.
