Cadeler signs agreement with Ørsted for Hornsea 3 offshore project

Cadeler has signed an important agreement with Ørsted for the installation of offshore foundations at the Hornsea 3 offshore windfarm, off the east coast of the UK. Offshore installation for the wind farm project is expected to begin in 2026. It will be the first time Cadeler will make use of its F-class vessel which, by the time of the execution, will be the latest addition to the fleet. The F-class vessel is specifically built to excel in the transportation and installation of foundations and will be a perfect fit for this project.

Widening the Business Scope

As indicated in our previous announcement from 9 May 2022, Cadeler and Ørsted have worked closely together to conclude this agreement for use of the F-Class vessel on the Hornsea 3 project. The contract contains a further mutual commitment to develop the vessel hire agreement into a transportation and installation (T&I) contract for the entire foundation scope, widening Cadeler’s involvement in the project. The agreement is subject to Ørsted taking a positive Final Investment Decision on Hornsea 3.

Cadeler has been actively involved in the building of wind turbines in connection with the Hornsea 2 project, and this third phase of the massive-scale wind farm Hornsea zone will therefore be a natural continuation of the work done by Cadeler in the past.

“The decision of initiating and later successfully completing a private placement for our F-class vessel was based on an increased market demand for assets specialising in the complexity of installing a new generation of XL foundations. We have proved time and again that we possess the know-how and the equipment needed to be successful in this specialised realm, which requires a high level of expertise. It is therefore a great opportunity for us to continue executing projects in the North Sea, but this time focusing on foundation installations in a wider offering, while building further on the strong partnership we already have with Ørsted,” says Mikkel Gleerup, CEO of Cadeler.

 The wind farm will be located in the North Sea, about 121 km off the Norfolk coast, and 160 km off the Yorkshire coast, spreading across an area of 696 square kilometres. Once the project is completed, the offshore wind turbines will be able to generate up to 2.852 GW of energy, enough to meet the average daily needs of more than 3 million UK homes.