Cadeler adds tenth vessel to offshore fleet with Wind Mover delivery ahead of schedule

Cadeler A/S (NYSE: CDLR; Oslo: CADLR) has officially taken delivery of Wind Mover, the latest addition to its rapidly expanding fleet of wind turbine installation vessels. Built by Hanwha Ocean Shipyard in South Korea, the vessel was handed over ahead of schedule, under budget, and with a strong safety track record. With this delivery, Cadeler’s fleet now stands at ten vessels, solidifying its position as one of the most operationally ready contractors in the offshore wind space.

Wind Mover is the second M-class vessel to enter service for the offshore wind installation specialist, following the delivery of Wind Maker in January 2025. Both vessels are equipped with high-spec technology and flexible engineering platforms designed to support the next generation of offshore wind turbines and foundations. The vessel is immediately heading into commercial operations in Europe and is already backed by a multi-million-euro utilisation contract announced earlier this year.

The milestone underscores Cadeler’s continued execution on its growth strategy, which includes expanding to a 12-vessel fleet by mid-2027. With vessel deliveries and contract wins stacking up, Cadeler is positioning itself as a dominant turnkey player in a market that increasingly demands end-to-end transport and installation capability.

What technical features make Wind Mover critical to next-generation offshore wind projects?

Wind Mover has been engineered to meet the demands of installing and servicing the world’s largest offshore wind turbines. It features a 2,600-tonne main crane, a DP2 dynamic positioning system, and the structural capability to operate in water depths of up to 65 metres. The vessel is purpose-built to provide both turbine installation and operations and maintenance services, addressing a growing demand for multifunctional assets in a sector where turbine sizes and foundation weights are increasing rapidly.

Cadeler worked with a consortium of leading technology providers including ABB, Kongsberg, GustoMSC and Huisman to develop the vessel’s systems. The result is a high-efficiency platform designed for the harshest offshore conditions. The vessel’s rapid deployment into active operations reflects its strategic value in Cadeler’s portfolio, particularly as it aligns with the scale and timing of major European offshore wind farm developments.

Chief Executive Officer Mikkel Gleerup stated that the delivery of Wind Mover ahead of schedule reinforces the company’s ambition to operate the most advanced and flexible fleet in the offshore wind sector. With both Wind Maker and Wind Mover now in service, Cadeler is equipped to handle larger, more complex projects across the global offshore wind pipeline.

How does Wind Mover’s delivery fit into Cadeler’s broader fleet expansion and revenue growth?

Cadeler has undergone an aggressive fleet expansion in 2025, doubling its number of active vessels from five to ten within the year. Alongside Wind Mover and Wind Maker, other newbuild deliveries include Wind Pace, Wind Ally, and the acquired O&M vessel Wind Keeper. These additions significantly increase Cadeler’s operating capacity, enabling the firm to bid for larger contracts and execute multiple projects simultaneously across geographies.

Earlier in 2025, Cadeler confirmed the signing of two commercial agreements for Wind Mover, with an estimated combined contract value of up to EUR 75 million. The agreements cover the period from the vessel’s delivery through its next scheduled installation project. The scope includes both installation and O&M services for undisclosed clients in Europe.

The M-class design offers a critical advantage in market conditions where offshore developers are under pressure to deliver larger capacity projects on tighter timelines. The delivery also aligns with the evolving nature of Cadeler’s business model, which now extends beyond turbine erection to full-scope foundation and balance-of-plant workstreams.

What did Cadeler report in its Q3 2025 results and how is the financial outlook shaping up?

Cadeler’s Q3 2025 earnings release, published on 20 November, highlighted record-setting financial and operational performance. For the first nine months of the year, Cadeler generated revenue of EUR 453 million, marking a 178 percent increase over the EUR 163 million recorded during the same period in 2024. This growth was attributed to improved vessel utilisation, new contract wins, and compensation tied to the early termination of a long-term agreement.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose to EUR 322 million, up significantly from EUR 70 million in the prior year. Net profit stood at EUR 232 million for the nine-month period, a sharp rise from EUR 28 million year-over-year. The company also posted improved operating metrics, with fleet utilisation increasing to 75.8 percent compared to 61.4 percent a year earlier.

Cash flow from operating activities jumped to EUR 286 million, while cash used in investing activities reached EUR 931 million due to the pace of vessel deliveries. Financing activities brought in EUR 805 million, driven by new green loan facilities and credit facility drawdowns supporting CapEx initiatives. As of 30 September, total assets stood at EUR 3,056 million, with total equity increasing to EUR 1,446 million.

Following a guidance revision in July, Cadeler reaffirmed its full-year 2025 outlook. Revenue is expected to land between EUR 588 million and EUR 628 million, while EBITDA is forecast between EUR 381 million and EUR 421 million.

Which contracts and projects are contributing to Cadeler’s growing order backlog?

Cadeler’s commercial momentum remains strong, with its backlog expanding to EUR 2.887 billion by late November 2025. This includes a foundation and turbine installation contract for the BC-Wind project in Poland worth up to EUR 58 million, along with two additional full-scope offshore wind farm agreements valued at approximately EUR 500 million combined.

These contract wins represent a shift toward broader scopes of work that include both foundation transport and turbine installation, reflecting increasing trust in Cadeler’s integrated offering. Notably, Wind Ally, delivered in September 2025, will serve as the installation vessel for Ørsted’s Hornsea 3 offshore wind farm. This project marks the first time Cadeler is executing the entire transport and installation scope for monopile foundations.

Gleerup commented that Hornsea 3 represents a strategic inflection point for Cadeler as it transitions into a full-service offshore installer. The project allows Cadeler to expand its participation across the offshore wind value chain, reinforcing its competitiveness as developers look to consolidate contracts and reduce interface risks.

How is Cadeler funding its expansion and what does the financing landscape look like?

To support its fleet scale-up and maintain balance sheet stability, Cadeler secured a EUR 125 million Green Term Loan Facility during Q3 2025 to refinance its bridge loan for Wind Keeper. Additional credit facility drawdowns have enabled the company to sustain capital expenditure levels while preserving financial flexibility.

Analysts tracking the offshore wind sector believe Cadeler’s access to green financing and successful vessel deployment position it as a key player in the high-growth installation segment. With the offshore wind market moving toward larger turbines, deeper water installations, and foundation-heavy contracts, Cadeler’s investment in scalable, high-lift assets aligns well with macro trends and policy targets in Europe and beyond.

What are the key takeaways from Cadeler’s Wind Mover fleet milestone?

• Cadeler has successfully taken delivery of Wind Mover, its tenth offshore wind installation vessel, ahead of schedule.

• The vessel is the second M-class ship and will immediately begin contracted offshore work in Europe.

• Cadeler has now doubled its fleet in one year, with five newbuilds delivered in 2025 alone.

• Q3 2025 financial results show 178% revenue growth and strong cash flow performance, with full-year guidance reaffirmed.

• Cadeler’s order backlog has grown to EUR 2.89 billion, supported by new contracts in Poland and broader foundation scope projects.

• Wind Mover and other new assets position the company for upcoming projects like Ørsted’s Hornsea 3 and further expansion through 2027.