Posted on December 22, 2020
Cadeler has signed a contract to install a new crane on the vessel ‘Wind Orca’ and retain the option for delivery of a crane on vessel ‘Wind Osprey’.
The Danish manufacturer has contracted NOV to upgrade Wind Orca with a new and improved crane that meets the future offshore market demand for best-in-class installation vessels. The offshore market is moving towards installation of larger next generation wind turbines with capacity ratings exceeding 14MW, which requires improved crane lifting capacity from the vessels used to install, operate, and maintain offshore wind turbines.
The crane replacement on Wind Orca is expected to be initiated in October 2023 with completion in March 2024. As part of the contract Cadeler has also secured an option in the contract to replace the crane on vessel Wind Osprey. The total sum of the contract for replacement of both cranes is 102 million USD, including decommissioning of the old cranes, as well as the design, manufacturing, and installation of the new cranes. The cost will be financed by the Company’s cashflow over the years from 2021 to 2024.
The new crane will have a lifting capacity of 1600 metric tons at a radius of 40 metres, with the main hook at a height of 159.7 metres above the main deck. This is a substantial upgrade of the vessel capacity today (1200 metric tons lifting capacity at a radius of 31 metres) and will enable installation of next generation offshore wind turbines.
The market for offshore wind turbine installation is evolving rapidly, with an expected compound annual growth rate exceeding 13 percent through 2030.
Cadeler successfully raised NOK 883 million in connection with the Oslo Stock Exchange listing in November 2020. As communicated, proceeds are to be used to finance the initial instalment for the planned order of the Cadeler X-class new-build vessel, with remaining proceeds expected to be used for working capital, general corporate purposes, repayment of any outstanding intercompany balances and repayment of any amounts under the overdraft tranche of the Company’s EUR 95 million debt facility.
By Jake Frith