Eneti
Cadeler A/S operates the world's largest fleet of jack-up offshore wind installation vessels, providing transportation, installation, and O&M services to major wind developers and turbine manufacturers globally.
- Company typePublic
- Founded2013
- HeadquartersNew York, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Eneti does
Cadeler A/S (formerly Eneti Inc.) operates the world's largest dedicated fleet of jack-up offshore wind installation vessels, providing transportation and installation (T&I) services for offshore wind turbines and monopile foundations. Founded in 2013 and dual-listed on NYSE (CDLR) and Oslo Stock Exchange (CADLR), the company serves major offshore wind developers and turbine manufacturers — including RWE, Ørsted, Siemens Gamesa, Vattenfall, ScottishPower Renewables, TotalEnergies, and Vestas — across Europe, North America, and Asia-Pacific. As of Q1 2026, the operating fleet numbered ten vessels with lifting capacities up to 1,600 metric tons and the ability to install turbines in water depths exceeding 55 meters. Fleet utilization in Q1 2026 stood at 47.6%.
Revenue is generated primarily through long-term charter contracts and project-based T&I engagements covering turbine installation, monopile foundation transport and installation, offshore accommodation, and operations and maintenance (O&M) services delivered through the dedicated Nexra platform. The 2025 revenue mix was weighted roughly 80% to T&I-style installation work and ~20% to O&M and ancillary services. Pricing is reached through private contract negotiations rather than public tariffs, and the business model relies on a small number of large enterprise contract counterparties. Full-year 2025 revenue was EUR 620 million (up from EUR 249 million in 2024) with EBITDA of EUR 425 million and net profit of EUR 280 million; Q1 2026 revenue was EUR 125 million. Forward 2026 guidance is EUR 854–944 million revenue and EUR 420–510 million EBITDA, supported by an order backlog of EUR 2,705 million as of 31 March 2026.
The asset base is highly capital-intensive — vessels are individually large CapEx commitments financed in part via a 2023 $436 million green credit facility and a March 2026 EUR 175 million private placement earmarked for T-class newbuilds (deliveries in 2030 and 2031) and a scour protection vessel acquisition. Corporate operations are run from Copenhagen (headquarters), with additional offices in Vejle, Norwich, Virginia Beach, Taipei City, and Tokyo. The company was rebranded from Eneti Inc. to Cadeler A/S in 2024 and completed a fleet-doubling expansion in 2025 alongside the launch of Nexra.
Eneti firmographics
Firmographics- Name
- Eneti
- Legal name
- Cadeler A/S
- Website
- https://eneti-inc.com
- Company type
- Public
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Cadeler A/S operates the world's largest fleet of jack-up offshore wind installation vessels, providing transportation, installation, and O&M services to major wind developers and turbine manufacturers globally.
- Ownership category
- akta.pro rank
Eneti industry classification
Industry- Product category
- Offshore Wind Installation Services
- NAICS
- Ship Building and Repairing (336611)
- SIC
- Services-Equipment Rental & Leasing, Nec (7359)
- akta.pro primary industry
- Marine Electrical Installation, Commissioning & Field Services (IMAJAJAL)
- akta.pro secondary industry
- Electrical, Automation & Control Systems (Power, PLC/SCADA, Navigation/Comms Integration) (TLAHAMAE)
Keywords
Where Eneti is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices6 records
Markets served
Eneti business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Supply Chain, Personnel, Technology or R&D, Infrastructure
Revenue model
- Offshore Wind Turbine Installation: Transportation and installation (T&I) contracts for offshore wind turbines, executed by Cadeler's fleet of jack-up installation vessels under long-term charter agreements with project developers and turbine manufacturers.
- Monopile Foundation Installation: Full-scope foundation transport and installation services, including monopile foundations and transition pieces, for offshore wind farm projects.
- Operations & Maintenance Services: O&M services provided through Nexra platform including turbine maintenance, major component exchanges, and service campaigns for operational offshore wind farms. Accounted for approximately one-fifth of revenue in 2025.
- Accommodation Services: Offshore accommodation services during construction and maintenance works on offshore wind farms using vessel capabilities.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Eneti product offering
Product offeringCore offering
Eneti Inc. has been rebranded and now operates as Cadeler A/S, a pure-play offshore wind installation company. Cadeler owns and operates the industry's largest fleet of jack-up offshore wind installation vessels and provides full-scope transportation and installation (T&I) services for offshore wind turbines and monopile foundations, along with operations and maintenance (O&M) services through its Nexra platform.
Differentiator
Problem solved
Functional benefit
Products and services
- Wind Turbine Transportation and Installation (T&I) Full-scope transportation and installation services for offshore wind turbines using Cadeler's fleet of jack-up vessels. Includes lifting capacities up to 1,600 metric tons and capability to install in water depths exceeding 55 meters. Serves offshore wind developers such as RWE, Ørsted, Vattenfall, and ScottishPower Renewables.
- Monopile Foundation Transportation and Installation Complete T&I scope for offshore monopile foundations and transition pieces, including transport, installation, and commissioning of XXL monopile foundations. Wind Ally and Wind Orca coordinate multi-vessel operations. Serves clients like Ørsted at Hornsea 3 (197 monopile foundations).
- Nexra Operations & Maintenance (O&M) Services Dedicated operations & maintenance (O&M) service platform for offshore wind farms, including turbine maintenance, major component exchanges, and service campaigns for operational offshore wind farms. Accounted for approximately one-fifth of revenue in 2025.
- Offshore Accommodation Services Offshore accommodation services provided during construction and maintenance works on offshore wind farms, using Cadeler's vessel capabilities.
Quantifiable outcome
- Installed 100th turbine at Sofia Offshore Wind Farm in June 2026
- +3 more outcomes
Companies that use Eneti
Customer profileNamed customers14 records
Segments2 records
Ideal customer profiles2 records
Eneti technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Eneti partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered strategic.
- ESVAGTstrategicESVAGT operated service vessel ESVAGT FROUDE was used for full commissioning scope of monopile foundations at Hornsea 3 project.
- Boston EnergystrategicBoston Energy delivered post-installation commissioning and completion scope for foundations at Hornsea 3 project.
Scale indicators16 records
Recent moves10 records
Expansion highlights5 records
Eneti competitors and assessment
Company assessmentDirect peers
- Royal Boskalis Westminster: Dutch marine services group with offshore wind installation capabilities (e.g., Bokalift 2) competing for wind turbine and foundation installation contracts in the same European and North American markets as Cadeler.
- Seaway 7: Subsidiary of Subsea 7 operating wind turbine and foundation installation vessels (e.g., Seaway Strashnov); competes with Cadeler on European and U.S. offshore wind T&I scopes.
- Van Oord: Dutch marine contractor with dedicated offshore wind installation and cable-lay vessels (e.g., Aeolus, MPI Resolution) directly competing for foundation and turbine installation scopes across Northwest Europe.
- Jan De Nul Group: Privately held Belgian maritime contractor with offshore wind installation vessels (Voltaire, Les Alizés) competing for major European and Taiwan offshore wind T&I scopes similar to Cadeler.
- DEME Group: Belgian marine contractor operating one of the world's largest fleets of offshore wind installation vessels, including own 'Orion' class. Direct competitor to Cadeler on European offshore wind T&I and foundation installation projects.
Emerging players
- Penta-Ocean Construction: Japanese marine and offshore contractor working on Asian offshore wind installation (e.g., Akita projects) where Cadeler also operates, making them a relevant emerging-market peer.
Broad incumbents
- Saipem: Italian oil-and-gas engineering contractor broadening into offshore wind foundations and floating wind; competes with Cadeler on substructures and fixed/floating installation work.
- McDermott International: Global offshore engineering, procurement and construction firm with growing offshore wind capabilities; potential competitor for foundation and substation installation scopes overlapping with Cadeler.
Others
- ZPMC (Shanghai Zhenhua Heavy Industries): Chinese heavy equipment and vessel builder playing a role in supplying the next generation of offshore wind installation vessels; relevant as a supply-side participant rather than a direct install-services competitor.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Eneti social profiles
Digital presenceEneti financial estimates
Financial estimateRevenue estimate
Valuation estimate
Eneti leadership team
Management profileNumber of profiles
Profiles11 records
Eneti subsidiaries and ownership
Company hierarchySubsidiaries1 record
Eneti funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Eneti M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Eneti
What does Eneti do?
Eneti Inc. has been rebranded and now operates as Cadeler A/S, a pure-play offshore wind installation company. Cadeler owns and operates the industry's largest fleet of jack-up offshore wind installation vessels and provides full-scope transportation and installation (T&I) services for offshore wind turbines and monopile foundations, along with operations and maintenance (O&M) services through its Nexra platform.
Is Eneti a public or private company?
Eneti is a public company. It is classified as public and is currently operating.
When was Eneti founded?
Eneti was founded in 2013. It employs 51 to 100 people.
Where is Eneti based?
Eneti is headquartered in New York, United States, in the North America region.
How does Eneti make money?
Four revenue lines are on record. Offshore Wind Turbine Installation is the primary driver. The others are monopile Foundation Installation, operations & Maintenance Services and accommodation Services.
Who are Eneti's main competitors?
Direct peers on record are Royal Boskalis Westminster, Seaway 7, Van Oord, Jan De Nul Group and DEME Group. Penta-Ocean Construction is listed as an emerging player. Broad incumbents are Saipem and McDermott International. ZPMC (Shanghai Zhenhua Heavy Industries) is listed as an others.
Does Eneti have an API?
No public API is recorded for Eneti.
What industry is Eneti in?
Eneti's product category is Offshore Wind Installation Services. Its primary akta.pro industry code is IMAJAJAL, Marine Electrical Installation, Commissioning & Field Services, with a secondary code of TLAHAMAE, Electrical, Automation & Control Systems (Power, PLC/SCADA, Navigation/Comms Integration). Its NAICS code is 336611 and its SIC code is 7359.