Cadeler, a leading offshore wind vessel company, is significantly expanding its fleet of advanced wind turbine installation vessels (WTIVs) to enhance the scale and efficiency of installation operations for both turbines and foundations. The company is more than doubling its fleet size through a major shipbuilding program, growing from five to nine vessels in the first nine months of 2025, with a total of 12 vessels expected by 2027.

High Fleet Utilization and Expansion

Cadeler reported a soaring utilization rate for its fleet, reaching 92% in the third quarter against a year-to-date average of 75%, which is considered very good. The company has taken delivery of three newbuild WTIVs—Wind Maker, Wind Pace, and Wind Ally—and acquired and upgraded the Wind Keeper, a vessel specialized in operations and maintenance. This expansion supports increased operational capacity and scope.

Strategic Shift to Full-Scope Operations

A key development is Cadeler's expansion into full-scope transportation and installation (T&I) for foundations, moving beyond its previous focus on turbine installation. The Wind Ally is preparing for Cadeler's first full T&I campaign for foundations at Ørsted's Hornsea 3 project in the UK North Sea, marking a new era for the company. Additionally, Cadeler expects to take delivery of its second M-class vessel for both turbines and foundations soon, further solidifying this capability.

Confidence Amid Market Challenges

Despite an expected dip in construction activity in 2027 and 2028 due to missed auction rounds in markets like the UK, Denmark, Germany, and the Netherlands, as well as the postponement of the Hornsea 4 project, Cadeler remains confident in maintaining high utilization rates. The company attributes this to strong underlying demand for advanced assets and full-scope capabilities, as evidenced by recent contract wins, including two contracts worth €500 million for an unnamed offshore wind farm development.

Financial Performance and Market Outlook

Cadeler's net profit for the first nine months totaled €232 million, a substantial increase from €28 million in the same period last year, while revenue reached €443 million, up 178% year-on-year. This growth was driven by new vessels entering service and a €100 million termination fee from the cancellation of a long-term contract for a WTIV intended for the postponed Hornsea 4 project. The company expresses confidence in European governments' efforts to support the offshore wind industry through policy adjustments, such as revisions to tendering systems in Denmark and the UK, which are expected to sustain industry appetite and project opportunities.