Copenhagen, 21 May 2025: Cadeler today announces that it has agreed to acquire
the Boqiang 3060 - a newly-constructed jack-up wind turbine installation vessel
(WTIV) - from Shanghai Boqiang Heavy Industry Group Co., Ltd, expanding its
fleet and enhancing its capacity to meet the increasing global demand for
offshore wind turbine operations & maintenance (O&M) services.
The vessel will be renamed Wind Keeper, a name symbolising both the vessel's
position as a rare and valuable find - a true "keeper" - and her focus on
ensuring the up-keep of green energy generation through the provision of O&M
services to the offshore wind industry.
Completed in 2024 and fitted with advanced European equipment, including a
Huisman main crane with a 2,200 t lifting capacity, Kongsberg's DP2 dynamic
positioning system, MAN-supplied engines and a Siemens propulsion system, the
vessel is uniquely suited for the global offshore O&M market, with
120-meter-long jack-up legs that will enable her to work on the most challenging
offshore sites.
Cadeler expects to take delivery of the Wind Keeper in Q3 2025, for a purchase
price significantly below the vessel's estimated replacement cost. While the
vessel comes equipped to a high standard, Cadeler will invest in certain
upgrades to improve her operational capacity and align her onboard offering with
that of Cadeler's existing fleet. After the contemplated upgrades, the vessel
will be capable of supporting new installations in the 15 MW segment. Cadeler is
continuing to assess the cost to Cadeler of such upgrades and will communicate
its total investment in the vessel in due course.
The acquisition is fully debt financed on attractive terms, with a facility
provided by DNB Bank ASA.
Following a comprehensive review of available offshore assets globally, Cadeler
is pleased to have secured this unique asset, which will be capable of
delivering an immediate operational impact on a cost-effective basis.
"With the installed base of offshore wind turbines growing substantially, there
is a greater need than ever before for reliable and flexible O&M support to
ensure uptime and maximise energy production," said Mikkel Gleerup, Cadeler's
Chief Executive Officer. "As an installation-capable, service-oriented asset,
the Wind Keeper will be a valuable addition to our fleet. She strongly
complements our existing vessel portfolio, immediately permitting operational
synergies and allowing us to provide much-needed service support to our clients'
operating offshore assets."
"We scrutinised every available asset, and the Wind Keeper was the clear
standout as the only vessel with the technical capabilities and quality of
construction necessary to be adequately future-proofed. She is on the water
already and so will generate value and revenue much sooner than a newbuilding. I
want to thank Boqiang Heavy Industry Group and ABC Leasing for the great
collaboration, facilitating a smooth transaction process," Mikkel added.
Cadeler is currently assessing the positive impact of the Wind Keeper's delivery
on its 2025 revenue and EBITDA guidance.