Cadeler A/S : signs agreement with Ørsted for Hornsea 3 offshore project

Cadeler signs agreement with Ørsted for Hornsea 3 offshore project

Subscribe

01 Aug 2022 11:51 CEST

Company Name

CADELER A/S

ISN

DK0061412772

Market

Oslo Børs

Symbol

CADLR

Cadeler A/S signs new agreement with Ørsted to execute the installation of
turbine foundations at the Hornsea 3 offshore wind farm. This agreement engages
the parties to develop Cadeler's foundation competencies.

Cadeler has signed an important agreement with Ørsted for the transport and
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 turbine foundations
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 the 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.
***

For further information, please contact:

Mikkel Gleerup
CEO, Cadeler
[phone]
[e-mail]

Paul Haines
Head of UK Media Relations, Ørsted
[phone]
[e-mail]

About Cadeler A/S:
Cadeler A/S is a key supplier within the offshore wind industry for installation
services and marine and engineering operations with a strong focus on safety and
the environment. Cadeler's experience as provider of high-quality offshore wind
support services, combined with innovative vessel design, positions the company
to deliver premium services to the industry. Cadeler facilitates the global
energy transition towards a future built on renewable energy.
Cadeler is listed on the Oslo Stock Exchange (ticker CADLR).
Visit www.cadeler.com for more information.

About Ørsted:
The Ørsted vision is a world that runs entirely on green energy. Ørsted
develops, constructs, and operates offshore and onshore wind farms, solar farms,
energy storage facilities, renewable hydrogen and green fuels facilities, and
bioenergy plants. Moreover, Ørsted provides energy products to its customers.
Ørsted is the only energy company in the world with a science-based net-zero
emissions target as validated by the Science Based Targets initiative (SBTi).
Ørsted ranks as the world's most sustainable energy company in Corporate
Knights' 2022 index of the Global 100 most sustainable corporations in the world
and is recognised on the CDP Climate Change A List as a global leader on climate
action. Headquartered in Denmark, Ørsted employs more than 7,000 people.
Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2021, the group's
revenue was DKK 77.7 billion (EUR 10.4 billion). Visit www.orsted.co.uk or
follow us on Facebook, LinkedIn, Instagram, and Twitter.

More information:
Access the news on Oslo Bors NewsWeb site

567681_Stock_Exchange_Press_release_Cadeler_Hornesea_3.pdf

Source

Cadeler A/S

Provider

Oslo Børs Newspoint