Cadeler Completes Equity Raise to Fund Fleet Expansion

MT Newswires Live03-26

Cadeler (CDLR) said Thursday it completed a private placement raising about 175 million euros ($201.8 million) to fund initial commitments for the construction of two wind foundation installation vessels, and a potential purchase and upgrade of a scour protection vessel.

Discussions are ongoing for the two new vessels, with expected deliveries in 2030 and 2031, Cadeler said. Most spending is scheduled after 2029, with about 65% of costs expected to be financed with debt, the company added.

Cadeler said it is also assessing the potential vessel acquisition to expand its transport and installation capabilities and reduce reliance on third parties.

No final investment decisions have been made and terms remain preliminary, according to Cadeler.

The company said it does not expect to need additional equity to fund current plans.

Shares of the company were down 4.2% in Thursday's premarket activity.

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