Offshore wind installation company Cadeler has completed a private placement that raised gross proceeds of approximately Nkr794M (US$96M) and confirmed preliminary details of its new vessels
The funds were raised through the allocation of 23,000,000 new shares in the company, each at a subscription price of Nkr34.50.
The private placement took place through an accelerated bookbuilding process managed by DNB Markets and SpareBank 1 Markets.
The net proceeds from the placement are expected to be used to partly finance an expansion of the company’s planned newbuild programme, which will now include a second wind turbine installation vessel.
BW Wind Services Pte Ltd was allocated 6,395,000 new shares and now holds 44,556,998 shares in the company, representing approximately 32.2% of the outstanding shares following issuance of the new shares and redelivery of shares to BW Wind under a share-lending agreement.
In early April 2021, Cadeler (formerly Swire Blue Ocean) also completed an IPO. The IPO, which raised Nkr883M (US$104M), was undertaken partly to acquire crane upgrades for existing vessels and partly to help fund the first of its new installation vessels, the X-class.
In a statement, Cadeler said the new design was created in partnership with GustoMSC and is a bespoke version of the NG-20000X-G.
Cadeler chief executive Mikkel Gleerup said, “Since we announced the intention to expand our fleet with the first X-class vessel, we have seen massive interest in the market. This, combined with the general level of activity we are seeing in the offshore wind market, led us to the conclusion that we needed to order two and not just one of these new vessels.”
Mr Gleerup said the interest the company has seen from clients has primarily focused around the increased capacity which the X-class vessels offer.
Cadeler has yet to announce which shipyard will build the vessels, but it expects the two X-class ships to be completed by 2024 and 2025.
They will have a crane capacity of a minimum of 2,000 tonnes at 53 m outreach with a hook height above deck of in excess of 200 m. They will be able to transport a variable load of in excess of 17,000 tonnes and will have 5,600 m2 of deck space and accommodation for 130 people.
The company did not indicate how many new-generation turbines the vessels might be able to transport and install.
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