Ørsted cancels long-term agreement with vessel owner Cadeler

Under the agreement, the developer had secured A-class vessel capacity from Q1 2027 through the end of 2030. The deal was initially disclosed on 8 April 2024.

Termination of the agreement is principally a result of Ørsted’s decision to discontinue work on the Hornsea 4 offshore windfarm.

Cadeler said it is entitled to compensation as a consequence of the agreement being terminated. In addition, the company is now free to deploy the vessel on other projects currently under discussion with third parties. 

Cadeler does not believe the termination of the agreement will adversely affect its long-term financial performance. 

The company said it also revising upwards its revenue guidance for the financial year ending 31 December 2025, with full-year revenue now expected to be within the range of €588M (US$693M) and €628M. It was previously expected to be within the range of €485M and €525M.

In addition, Cadeler is revising upwards its EBITDA guidance for the financial year, with full-year EBITDA now expected to be within the range of €381M and €421M, rather than in the range of €278M and €318M, as previously announced.