Cadeler

What Cadeler does

Cadeler A/S is a Copenhagen-based, publicly listed (NYSE: CDLR; Oslo: CADLR) pure-play offshore wind installation company that operates the world's largest fleet of heavy-lift jack-up vessels used to transport and install offshore wind turbine generators (WTGs) and foundations. Founded in 2008 (originally as Blue Ocean Ships A/S, later Swire Blue Ocean), the company became independent through a 2020 IPO and completed a strategic merger with Eneti Inc. in December 2023, consolidating the offshore wind installation market. As of 2025, Cadeler operates 10 vessels across four proprietary classes (O-class, P-class, M-class, A-class) with two additional A-class newbuilds (Wind Ace, Wind Apex) scheduled for delivery in 2026-2027, bringing the fleet to 12 vessels by mid-2027. Vessel specifications include crane capacities ranging from 800T to 3,300T+, deck spaces up to 5,600 m², and water-depth capabilities up to 65 meters, enabling installation of next-generation 15MW+ turbines and XXL monopile foundations.

The company generates revenue primarily through multi-year time charter contracts and project-based agreements with major offshore wind developers (Ørsted, RWE, ScottishPower Renewables, EnBW, Synera) and OEMs (Siemens Gamesa, Vestas), typically awarded via competitive tendering. Revenue streams include turbine installation (core), foundation transport and installation (T&I), and operations and maintenance (O&M) services through the Nexra platform launched in 2025. Cadeler reported FY2025 revenue of EUR 620 million (up 149% from EUR 249M in 2024), EBITDA of EUR 425 million, and net profit of EUR 280 million, supported by a EUR 2.8 billion order backlog. Operations span Europe (UK, Germany, Poland, Netherlands, Denmark, Belgium, Ireland), Asia-Pacific (Taiwan, Japan), and North America (USA), with offices in Copenhagen, Vejle, Norwich, Virginia Beach, Taipei, and Tokyo.

Name

Cadeler

Legal name

Cadeler A/S

Website

https://cadeler.com

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Cadeler is a Copenhagen-based offshore wind installation company operating the world's largest fleet of heavy-lift jack-up vessels, serving developers and OEMs like Ørsted, RWE, and Siemens Gamesa with turbine and foundation installation and O&M services globally.

Ownership category

akta.pro rank

Product category

Offshore Wind Installation Services

NAICS

Material Handling Equipment Manufacturing (33392), Ship and Boat Building (33661), Construction Machinery Manufacturing (33312)

SIC

Special Industry Machinery, Nec (3559), Ship & Boat Building & Repairing (3730), Construction Machinery & Equip (3531)

akta.pro primary industry

Wind Turbine Installation & Commissioning (Cranes, Vessels, Jack-ups) (EUAMACAG)

akta.pro secondary industry

Specialized Lifting Systems (Hydraulic Gantries, Strand Jacks, Jacking Systems) (IMAHAJAO)

Keywords

• Offshore wind installation
• Jack-up vessel services
• Turbine transport installation
• Foundation transport installation
• Offshore wind maintenance

Headquarters

HQ city

Copenhagen

HQ country

Denmark

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Marketing or Sales, Technology or R&D

Revenue model

1. Offshore Wind Turbine Installation: Time charter contracts and project-based contracts for transporting and installing offshore wind turbine generators using Cadeler's fleet of jack-up vessels. Revenue is generated through day rates and lump-sum installation fees for specific project scopes.
2. Foundation Transport and Installation (T&I): Full-scope foundation transportation and installation services including monopiles and transition pieces. This represents a strategic expansion of services, exemplified by the Hornsea 3 project where Cadeler handles complete foundation T&I scope.
3. Operations and Maintenance (O&M) Services via Nexra: Dedicated O&M service platform providing maintenance, upgrade, and optimization services for offshore wind assets throughout their operational lifetime. Accounted for approximately one-fifth of group revenue in 2025.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels7 records

Core offering

Cadeler operates the world's largest fleet of purpose-built heavy-lift jack-up vessels providing offshore wind turbine generator (WTG) transport and installation, foundation transport and installation (T&I), and operations and maintenance (O&M) services to offshore wind developers globally. With 10 operating vessels spanning O-class, P-class, M-class, and A-class configurations (plus 2 A-class newbuilds due 2026-2027), the company delivers integrated installation campaigns with crane capacities from 800T to over 3,300T for projects involving 15–20+ MW turbines and XXL monopile foundations.

Product overview

Cadeler is a pure-play offshore wind installation company operating the world's largest fleet of heavy-lift jack-up vessels. The company offers offshore wind turbine generator (WTG) transport and installation services, foundation transport and installation, and operations & maintenance (O&M) services through its dedicated Nexra platform. Cadeler's fleet consists of 10 operating vessels (O-class: Wind Orca, Wind Osprey; P-class: Wind Peak, Wind Pace; M-class: Wind Maker, Wind Mover; A-class: Wind Ally; plus Wind Scylla, Wind Zaratan, Wind Keeper) with 2 additional A-class newbuilds (Wind Ace, Wind Apex) under construction for delivery in 2026-2027. The fleet ranges from legacy vessels with 800t-1,600t crane capacity to next-generation vessels with 2,600t-3,300t+ lifting capabilities, serving projects across Europe, Asia-Pacific, and North America.

Differentiator

Problem solved

Functional benefit

Brands

• Nexra: Dedicated Operations & Maintenance (O&M) service platform for offshore wind aftermarket, established in 2025 to support the growing global offshore wind aftermarket with maintenance, upgrade and optimisation services.

Products and services

• Wind Installation Vessel Services End-to-end offshore wind turbine generator (WTG) and foundation transport and installation (T&I) services delivered through Cadeler's fleet of 10 heavy-lift jack-up vessels (plus 2 A-class newbuilds), serving offshore wind developers globally.
• Nexra Operations & Maintenance Platform Dedicated Operations & Maintenance (O&M) service platform established in 2025 to support the growing global offshore wind aftermarket with maintenance, upgrade, and optimisation services throughout the operational lifetime of offshore wind assets. Accounted for approximately one-fifth of group revenue in 2025.
• Wind Orca O-class wind turbine installation vessel with 1,600t lifting capacity crane, 4,300 m² deck space, operates in water depths 8-60 metres, DP2 positioning, 6-leg design for challenging seabed conditions, capable of handling 8-14MW+ turbines.
• Wind Osprey O-class wind turbine installation vessel with upgraded 1,600t lifting capacity crane, designed for next-generation turbines, operates in water depths 8-60 metres.
• Wind Peak P-class vessel delivered August 2024 with 5,600 m² deck space, 17,600+ tonnes payload, 2,600+ tonne main crane at 47 meters, cyber-secure, accommodates 130 people. Installed 100 SG 14MW turbines at RWE's Sofia Offshore Wind Farm.
• Wind Pace P-class vessel delivered March 2025 with 5,600 m² deck space, 17,600+ tonnes payload, 2,600+ tonne main crane, cyber-secure, accommodates 130 people.
• Wind Maker M-class vessel delivered January 2025 with 2,600-tonne main crane, DP2 capability, operates in water depths up to 65 metres, purpose-built for next-generation offshore wind turbines.
• Wind Mover M-class vessel delivered November 2025 with 2,600-tonne main crane, DP2 positioning system, operates in water depths up to 65 metres.
• Wind Ally A-class foundation vessel delivered September 2025 with 5,600 m² deck space, 18,000+ tonnes payload, 3,300+ tonne main crane, hybrid design for foundation and turbine installation, accommodates 130 crew.
• Wind Ace A-class newbuild vessel scheduled for delivery H2 2026 with 5,600 m² deck space, 17,600+ tonnes payload, designed for next-generation foundation installation.
• Wind Apex A-class newbuild vessel scheduled for delivery H1 2027 with 5,600 m² deck space, 17,000+ tonnes payload, hybrid design for foundation and turbine installation.
• Wind Scylla Wind turbine installation vessel with 1,540t leg crane, 5,000+ m² deck space, 8,000+ tonnes available variable load, 105m legs for installation in water depths up to 65m, transit speed of 12+ knots, delivered 2015.
• Wind Zaratan Modified NG5500X design vessel with DP2 propulsion, 800T leg encircling crane, 2,000 m² main deck. Specifically designed for harsh operating environments with HSE accepted Safety Case under UK regulations.
• Wind Keeper Jack-up vessel delivered July 2025 with 2,200t lifting capacity Huisman crane, Kongsberg DP2 system, 120-meter jack-up legs, suited for O&M market.

Quantifiable outcome

• Doubled fleet capacity in 2025 from 5 to 10 vessels, with 12 vessels planned by 2027
• +4 more outcomes

Named customers9 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Eight partnerships are on record, tiered flagship and core.

• RWEflagshipStrategic or Co-development Partner · 12 June 2026Partnership for Sofia Offshore Wind Farm (1.4 GW) where Cadeler completed turbine installation campaign using Wind Peak vessel. Sofia is one of the largest single offshore wind farms in the world.
• ScottishPower RenewablescoreStrategic or Co-development Partner · 21 April 2026Partnership for East Anglia THREE (1.4 GW) using Wind Osprey and Wind Pace vessels. First project for Cadeler with ScottishPower Renewables, Iberdrola, and Masdar.
• VestascoreStrategic or Co-development Partner · 29 January 2026Partnership for turbine installation using Vestas V236-15.0 MW platform at projects including Baltic Power and He Dreiht. Cadeler supports Vestas turbine deployment across European offshore wind projects.
• ØrstedflagshipStrategic or Co-development Partner · 23 January 2026Major strategic partnership on multiple projects including Hornsea 3 (2.9 GW foundation T&I), Sunrise Wind (924 MW turbine installation), Greater Changhua 2b and 4 (920 MW completed), and Borkum Riffgrund 3/Gode Wind 3. Represents long-standing collaborative relationship across multiple offshore wind projects globally.
• Siemens GamesacoreStrategic or Co-development Partner · 23 January 2026Long-standing partnership for turbine installation across multiple projects. Cadeler installs Siemens Gamesa turbines including SG 14-236, SG 11-236, and SG 14-222 models. Partnership covers turbine installation and O&M services.
• COSCO QidongcoreOthers · 19 December 2025Chinese shipbuilder constructing A-class vessels including Wind Ally (delivered September 2025), Wind Ace (due H2 2026), and Wind Apex (due H1 2027).
• Hanwha Ocean ShipyardcoreOthers · 28 November 2025South Korean shipbuilder that constructed and delivered Wind Maker (January 2025) and Wind Mover (November 2025), both M-class vessels, on schedule and within budget.
• Synera Renewable EnergycoreStrategic or Co-development Partner · 22 August 2025Firm contract for transportation and installation of 35 Siemens Gamesa 14MW wind turbines at Formosa 4 Offshore Wind Farm in Taiwan. Operations scheduled to begin March 2028 with expected revenue of USD 82-94 million.

Scale indicators15 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Van Oord: Dutch marine contractor with offshore wind installation capabilities, operating the Boreas and other jack-up vessels for transport and installation of foundations and turbines. Van Oord directly competes with Cadeler across European and US offshore wind projects with comparable fleet capabilities.
• Saipem: Italian offshore engineering and construction company with capabilities in offshore wind installation, particularly through its heavy-lift vessels and offshore operations. Saipem competes with Cadeler in the broader offshore installation market and is expanding into wind farm services.
• DEME: Belgian marine contractor operating the Orion and Innovation vessels for offshore wind installation. DEME competes directly with Cadeler in foundation T&I and turbine installation, particularly across the European offshore wind market and increasingly in the US.
• Boskalis: Dutch marine services and offshore contractor with growing offshore wind capabilities including cable installation, foundation T&I, and rock placement. Boskalis is expanding into vessel-based turbine installation, partially overlapping with Cadeler's full-scope T&I offering.
• Jan De Nul: Belgian marine contractor operating the Voltaire, a next-generation jack-up WTIV comparable to Cadeler's P-class vessels. Jan De Nul directly competes with Cadeler for offshore wind turbine installation contracts across Europe and increasingly in the US and Asia-Pacific.
• Heerema Marine Contractors: Dutch heavy-lift and offshore construction company with mega-vessels used for offshore installations. While primarily focused on oil & gas decommissioning and fixed platforms, Heerema has expanded into offshore wind foundation and substation installation, competing with Cadeler in foundation T&I.

Broad incumbents

• ZPMC: Shanghai-based heavy equipment manufacturer that builds offshore wind installation vessels and is developing its own fleet. ZPMC both competes with Cadeler as a fleet operator and is a key shipyard supplier, building some of Cadeler's A-class vessels at COSCO Qidong facilities.

Others

• Eneti (Seajacks): Acquired by Cadeler in December 2023. Seajacks' vessels (including Scylla and Zaratan, now part of Cadeler's fleet) historically competed directly in WTIV services. While now a subsidiary, it represents Cadeler's historical peer set and competitive context.

Regional players

• Penta-Ocean Construction: Japanese marine contractor with growing offshore wind installation capabilities focused on Asia-Pacific markets (Japan, Taiwan). Penta-Ocean operates installation vessels for Japanese offshore wind and partially competes with Cadeler in the APAC region.

Emerging players

• OHT (Offshore Heavy Transport): Norwegian-based heavy-lift vessel operator with semi-submersible heavy transport ships used for offshore wind foundation installation. OHT is expanding into the foundation T&I segment with new vessels like Alfa Lift, partially overlapping with Cadeler's A-class foundation work.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/71148716/admin
• Instagraminstagram.com/cadeleroffshore
• Facebookfacebook.com/CadelerOffshore

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries1 record

Funding overview

Funding rounds6 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cadeler