2.5 billion yuan for one vessel! COSCO SHIPPING Heavy Industry is expected to receive another large order for wind power installation vessels

2022-10-18 09:00

Demand for the European offshore wind power market remains strong. Cadeler, a Danish offshore wind power operating company, has secured a four-year contract for its first F-class wind turbine installation vessel, built at China COSCO Shipping Heavy Industry, even before delivery. Following market acceptance, Cadeler's planned optional orders are also about to take effect.

On October 12, Cadeler announced that it is currently in advanced discussions with China COSCO Shipping Heavy Industry regarding the construction of a second F-class wind turbine foundation installation vessel. If the optional order is confirmed, this new vessel will be delivered in July 2026, with a construction cost between US$335 million and US$355 million (approximately RMB 2.41 billion to RMB 2.554 billion).

Meanwhile, if Cadeler decides to execute the optional order and signs a final contract, the company will also reach a new optional order with China COSCO Shipping Heavy Industry for an additional F-class or X-class installation vessel.

In May of this year, Cadeler signed an order with China COSCO Shipping Heavy Industry for 1+1 F-class wind turbine foundation installation vessels. The first vessel cost US$345 million and is expected to be delivered in the fourth quarter of 2025. This state-of-the-art F-class vessel can meet the needs of the largest projects in the offshore industry.

Cadeler stated that it continues to see strong potential demand for offshore wind turbine foundation installation services, with limited vessel supply. The F-class vessel has good market prospects and is optimized for the transport and installation of offshore wind turbine foundations.

Earlier on October 12, Cadeler announced that it had signed a four-year agreement with an unnamed client to secure work for its first F-class installation vessel between 2027 and 2030. The agreement is worth over €330 million. The vessel's first task will be to install wind turbine foundations for the Hornsea 3 offshore wind farm starting in 2026. After completing this work, the vessel will begin work under the newly signed agreement.

Cadeler CEO Mikkel Gleerup said: “We are very pleased that our state-of-the-art F-class vessel is secured for long-term use until 2030. This clearly demonstrates that our vessels are well-suited to the market, in high demand, and that Cadeler is a valuable business partner for our clients.”

The F-class vessel is similar to the two X-class wind turbine installation vessels (WTIVs) that Cadeler previously had built at Qidong COSCO Shipping Offshore Engineering, a subsidiary of China COSCO Shipping Heavy Industry, but will feature a unique hybrid design allowing the vessel to quickly convert from a wind turbine foundation installation vessel to a WTIV in a short time.

Most specifications of the F-class vessel are the same as the X-class vessel, both with a deck area of 5600 square meters, a payload of over 17600 tons, and a crew of 200. However, the main crane capacity of the F-class vessel will be greater than the 2600 tons of the X-class vessel. The X-class and F-class vessels will be the most powerful installation vessels on the market, capable of transporting and installing seven sets of 15MW turbine combinations or five sets of over 20MW turbine combinations per load, reducing the number of trips required for each project. The F-class vessel can transport up to six XL monopiles (each weighing 2300-2600 tons) per trip, significantly improving operational efficiency.

According to International Ship Network, Cadeler, formerly known as Swire Blue Ocean (SBO), currently operates two O-class installation vessels, the Pacific Osprey and the Pacific Orca. In 2020, the company planned to upgrade its two existing O-class vessels by installing new cranes with a lifting capacity of up to 1600 tons, enabling the vessels to meet the installation requirements of all currently developed wind turbine models.

In 2021, Cadeler ordered two X-class WTIVs from China COSCO Shipping Heavy Industry, doubling the size of its fleet. With the addition of the first F-class wind turbine foundation installation vessel ordered in May of this year, the company will operate the industry's most powerful wind turbine installation fleet in terms of loading capacity and the ability to transport, service, and install the new generation of offshore wind turbines once these three new vessels are completed and delivered.

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