Cadeler A/S (NYSE: CDLR / OSE: CADLR) has announced that Ørsted A/S has terminated its long-term contract for the charter of a new A-class offshore wind turbine installation vessel.
The agreement, initially signed on April 8, 2024, was set to utilize the vessel from Q1 2027 through the end of 2030 but was canceled after Ørsted decided to halt the development of the Hornsea 4 offshore wind farm. The 2,400 MW project was canceled in May due to rising supply chain costs, higher interest rates, and increased construction and operational risks within the planned timeline.
Despite the termination of the expected four-year charter, Cadeler will receive agreed compensation and is already in discussions with alternative clients regarding the vessel’s deployment. The company emphasized that the contract termination will not negatively impact its long-term financial performance.
In fact, Cadeler has revised its 2025 financial outlook upward due to the compensation received, now expecting full-year revenue of €588–628 million (previously €485–525 million) and EBITDA of €381–421 million (previously €278–318 million).
Cadeler remains a leading player in offshore wind turbine installation, operating what it describes as the industry’s largest fleet of self-propelled jack-up vessels for offshore wind projects, and continues to be listed on both the New York Stock Exchange and the Oslo Stock Exchange.
