Danish wind farm installation vessel provider Cadeler has received a notice of termination from Orsted for a long-term agreement for one of its vessels. The company stated the termination is a result of Orsted’s decision to discontinue work on the Hornsea 4 Offshore Wind Farm.
The agreement, which was first disclosed on April 8, 2024, had secured capacity for the vessel from the first quarter of 2027 through the end of 2030.
Cadeler stated it is entitled to an agreed compensation payment as a consequence of the termination and is now free to deploy the vessel on alternative projects. The company does not believe the termination will adversely affect its long-term financial performance.
As a result of the termination compensation, Cadeler has revised its financial guidance for 2025 upwards. Full-year revenue is now expected to be within the range of €588 million and €628 million, up from a previous range of €485 million to €525 million.