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Cadeler
Cadeler was formed in 2020 from the combination of Swire Pacific Offshore's renewable energy division and Denmark's A/S Dan Viggo, a maritime service...
Cadeler
Cadeler was formed in 2020 from the combination of Swire Pacific Offshore's renewable energy division and Denmark's A/S Dan Viggo, a maritime service provider. The merged entity adopted a Copenhagen headquarters and a singular focus: owning and operating wind turbine installation vessels. CEO Mikkel Gleerup, who previously led Swire Blue Ocean, continued at the helm, bringing operational continuity to the combined fleet. Cadeler's core strategy rests on providing the specialized jack-up vessels that install next-generation offshore wind turbines. The company's asset class is physical maritime infrastructure — O-class and F-class vessels rated for turbines exceeding 14 MW — deployed on a contracted basis to major developers. In 2023, Cadeler ordered a series of newbuild A-class vessels designed for foundations installation, with delivery expected from 2025. The firm operates primarily across the North Sea and Baltic Sea for European projects and the Asia-Pacific region, most notably Taiwan, where it has secured multiple installation contracts. Cadeler operates a growing fleet of advanced jack-up vessels, including the Wind Orca, Wind Osprey, and Wind Scylla, with additional newbuilds under construction. In 2023, Cadeler agreed to merge with rival Eneti, creating a combined group with approximately 10 vessels by completion, including Eneti's wind turbine installation vessels. The merger, expected to close in 2024, would make the combined company the largest pure-play offshore wind installation operator by fleet count. The company is publicly listed on the Oslo Stock Exchange. Cadeler's structural differentiator is its status as a publicly traded, infrastructure-heavy, vessel-owning operator in a sector dominated by maritime contractors and energy conglomerates. By avoiding development risk and providing installation as a pure service to developers, Cadeler offers a direct exposure to offshore wind capex without the power price or permitting exposure of a project owner — a profile more akin to a shipping company than a traditional renewable energy developer.
General information
Firm type
Asset Manager
Year founded
2020
AUM
Undisclosed
Location
Region
Europe
Country
Denmark
City
Copenhagen
Corporate office
Copenhagen, Denmark
Principals
Mikkel Gleerup
CEO
Sector focus
Frequently asked questions
What does Cadeler actually own and operate?
Cadeler owns a fleet of self-propelled jack-up vessels specifically designed for installing offshore wind turbines and foundations. Its current operating vessels include Wind Orca, Wind Osprey, and Wind Scylla, with additional newbuild A-class and M-class vessels under construction. The company does not develop or own the wind farms themselves; it provides installation services on contract to major developers.
How does the Cadeler-Eneti merger reshape the competitive landscape?
The stock-for-stock merger announced in 2023, expected to close in 2024, combines Cadeler's existing O-class and F-class vessels with Eneti's wind turbine installation vessels to create a combined fleet of approximately 10 units. This scale would make the combined entity the largest pure-play offshore wind installation operator globally, with the capacity to install turbines exceeding 20 MW as the next generation of vessels enters service.
Which geographies does Cadeler primarily serve?
Cadeler's fleet operates predominantly in the European offshore wind market, including the North Sea and Baltic Sea, where it has long-term contracts with developers such as Ørsted. The company has also expanded into the Asia-Pacific region, securing multiple contracts for wind farm construction offshore Taiwan, one of the fastest-growing offshore wind markets outside Europe.
Is Cadeler a renewable energy developer or a maritime service company?
Cadeler is best understood as a maritime infrastructure service provider. It does not take development risk on wind farms, nor does it bear power price exposure. Its revenue model is based on chartering its specialized vessels — akin to a shipping company — though its end market is entirely renewable energy. The company is listed on the Oslo Stock Exchange under the ticker CADLR.
How are Cadeler's vessels financed, and what is the capex profile?
Cadeler funds its newbuild vessel program through a combination of equity issuance as a public company and vessel-specific project finance. The A-class newbuilds ordered in 2021 and 2023 represent significant capital commitments — each vessel costs several hundred million dollars — and are backed by long-term installation contracts that provide revenue visibility before delivery. The merger with Eneti also brings additional balance-sheet capacity and funded newbuilds into the combined group.
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