Cadeler A/S — Capital/Financing Update 2021

Jul 26, 2021

Cadeler signs 651 million USD contract with COSCO SHIPPING Heavy Industry to deliver two new X-class vessels

30 June 2021

Referring to company announcement issued on 28 April 2021: Cadeler A/S (The Company or Cadeler), a key supplier within the offshore wind industry for installation services and operation and maintenance works, listed on the Oslo Stock Exchange (ticker CADLR), announces signing of a contract with COSCO SHIPPING Heavy Industry Co., Ltd. to build two new X-class wind turbine installation vessels.

Following detailed consultations with clients and partners, the capabilities of the jacking system and the main crane have been improved during the final design phase. This, together with a surge in raw material prices and changes in exchange rates, has had an impact on the total cost associated with the new vessels. Thus, the investment for each of the two X-class vessels has been revised, now totaling 325.5 million USD per vessel. In the IPO prospectus (November 2020), the investment for the first X-class vessel was reported to be 300 million USD.

The new X-class wind turbine installation vessels will, per load, be able to transport and install seven complete 15MW turbine sets or five sets of 20+ MW turbines, thus increasing productivity, energy efficiency and minimizing environmental impact on future offshore installations.

The first X-class vessel will be delivered by Q3/2024 and has already been contracted by Siemens Gamesa to transport and install one hundred 14MW wind turbines at the Sofia Offshore Wind Farm in the North Sea (the contract was announced – at the time without disclosing the project name – in a company announcement, issued on 10 March 2021).

The second X-class vessel is planned to be fully ready and operational in Q1/2025.

Upon completion of the two new X-class vessels, Cadeler will operate the largest fleet in the industry in terms of loading capacity and ability to transport, service and install the next generation offshore wind turbines. The new vessels represent state-of-the-art technology in all aspects, including optimization of energy efficiency and minimization of emissions and environmental impact.

About Cadeler A/S

Cadeler A/S is a key supplier within the offshore wind industry for installation services, and for 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).

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Contact:

Mikkel Gleerup
CEO
mikkel.gleerup@cadeler.com
+45 3246 3102

Mark Konrad
Chief Financial Officer
mark.konrad@cadeler.com
+45 2849 6990

Investor call:

A webcast for the investment community to talk through the X Class vessels will be held on 1 July 2021 at 9:00 CET time. Webcast registration:
https://attendee.gotowebinar.com/register/7472311125171259405