Cadeler has confirmed the completion of a private placement raising approximately €175 million (US$201 million), at a price above the company’s five-day volume weighted average price, to fund initial capital commitments for two proposed wind turbine foundation installation vessel newbuildings and the potential acquisition and conversion of a scour protection vessel.
Cadeler said it is in advanced discussions for two competitively priced installation vessel newbuildings to be delivered in 2030 and 2031.
Payment profiles for both vessels 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 per cent debt financed.
Cadeler expects that, with limited near-term cash outflows, the addition of the vessels to its fleet would not impact near-term dividend capacity or capital return ambitions.
In parallel, Cadeler is evaluating the acquisition and conversion of a scour protection vessel. The company said this initiative would strengthen its foundation transportation and installation offering, "reducing reliance on sub-contractors, improving competitiveness in pricing, and maximising retained profits, while offering a capital-efficient and accelerated route to market."
Cadeler said that no final investment decisions have been made, and all terms remain indicative.