Eneti

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.

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

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

• Offshore wind installation
• Wind turbine transport
• Jack-up vessel services
• Monopile foundation installation
• Offshore operations maintenance

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. 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.
2. Monopile Foundation Installation: Full-scope foundation transport and installation services, including monopile foundations and transition pieces, for offshore wind farm projects.
3. 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.
4. 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

Core 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

Named customers14 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered strategic.

• ESVAGTstrategicStrategic or Co-development PartnerESVAGT operated service vessel ESVAGT FROUDE was used for full commissioning scope of monopile foundations at Hornsea 3 project.
• Boston EnergystrategicStrategic or Co-development PartnerBoston Energy delivered post-installation commissioning and completion scope for foundations at Hornsea 3 project.

Scale indicators16 records

Recent moves10 records

Expansion highlights5 records

Direct 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

• Xtwitter.com/cadeler_as
• LinkedInlinkedin.com/company/scorpiobulkers

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

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

M&A

Investments

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

Frequently asked questions about Eneti