Cadeler completes private placement, to build two more vessels

In a 26 March 2026 announcement, the company said it wants to fund initial capital commitments for two proposed T-class foundation installation vessels and is exploring the potential acquisition and conversion of a scour protection vessel.

The company highlighted the fact that the expansion “is structured to preserve a clear path to capital returns” and said strong operating cash flows, a robust balance sheet and limited near-term capital commitments support the company’s continued ability to allocate capital to shareholders.

Although Cadeler doubled the size of its fleet on the water in 2025, industry newbuild activity has been muted. No wind foundation installation vessels have been ordered globally since Cadeler’s last order in Q2 2024 and a tightening projected vessel undersupply from 2029 onwards underpins favourable long-term utilisation and pricing.

Cadeler said it is in advanced discussions for two ‘competitively priced’ T-class newbuilds, to be delivered in 2030 and 2031. Payment profiles for both newbuilds are anticipated to be back-loaded, with a majority of the capital commitments falling due after 2029 and the total capex expected to be 65% debt financed. 

“With limited near-term cash outflows, the addition of the T-class vessels to Cadeler’s fleet is not expected to impact near-term dividend capacity or capital return ambitions,” said the statement.

Cadeler is evaluating the acquisition and conversion of the scour protection vessel, an initiative that would strengthen its foundation transportation & installation offering, reduce reliance on sub-contractors, improve competitiveness in pricing, and maximise retained profits, while offering a capital-efficient and accelerated route to market. Financing options under consideration further support a disciplined capital structure.

With strong underlying demand and renewed momentum in the offshore wind industry globally, Cadeler said it anticipates good employment prospects across its expanded fleet. It said it remains committed to balancing selective growth with an attractive and sustainable return of capital to shareholders. No additional equity is expected to be required to fund current plans. No final investment decisions have been made, and all terms remain indicative.