Cosco Shipping Heavy Industry wins another order for wind turbine installation vessels from a returning customer, totaling nearly 10 billion yuan.
2022-11-28 09:00
Danish offshore wind operations company Cadeler decided to order a fourth wind turbine installation vessel from COSCO Shipping Heavy Industry, doubling its fleet size in just one and a half years.
On November 22, Cadeler announced that the company has ordered a second F-class wind turbine foundation installation vessel from COSCO Shipping Offshore (Qidong), with the new vessel expected to be delivered and operational in the second half of 2026. This will be Cadeler's 6th installation vessel, tripling its fleet size and making it the most powerful jack-up vessel fleet in the offshore wind industry, ready to meet the growing market demand.
As wind turbine sizes continue to grow, the offshore wind industry requires large installation vessels. In response to this demand, Cadeler ordered two X-class wind turbine installation vessels (WTIVs) from COSCO Shipping Heavy Industry in June 2021, and then the first F-class wind turbine foundation installation vessel in May this year. Including this latest one, all four vessels will be built by COSCO Shipping Offshore (Qidong) and will fly the Danish flag.
Cadeler stated that the company has established a strong cooperative relationship with COSCO Shipping Heavy Industry, achieving synergy from the construction of previous similarly designed installation vessels, and having negotiated the optional order for the second F-class vessel seven months ago, thus being able to obtain a very competitive price. Due to these special circumstances, both parties agreed not to disclose the final amount of the contract.
However, according to Cadeler's announcement in October, the construction cost for the second F-class vessel is between 335 million and 355 million US dollars (approximately 2.397 billion to 2.541 billion RMB). In comparison, Cadeler's first F-class vessel cost approximately 345 million US dollars to build.
According to reports, the F-class vessel is similar to the two X-class wind turbine installation vessels (WTIVs) previously built by Cadeler at COSCO Shipping Offshore (Qidong) under 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 identical to the X-class vessel, with a deck area of 5600 square meters, payload capacity over 17600 tons, and a crew of 200 people. However, the F-class vessel's main crane capacity will be greater than the X-class vessel's 2600 tons. The X-class and F-class vessels will be the most powerful installation vessels currently on the market, capable of transporting and installing either seven 15 MW turbine sets or five 20 MW+ turbine sets per load, thereby reducing the number of trips required for each project. The F-class vessel can transport up to six XL monopiles (each weighing 2300-2600 metric tons) per round trip, significantly improving operational efficiency.
Although not yet delivered, Cadeler has already secured work contracts for its first F-class installation vessel until 2030. The vessel's first task, starting in 2026, will be to install wind turbine foundations for Orsted's Hornsea 3 offshore wind farm. After completing this work, the vessel will begin another 4-year contract, lasting from 2027 to 2030, with a potential agreement value of over 330 million Euros.
Mikkel Gleerup, CEO of Cadeler, stated: "The decision to build a second F-class vessel is based on the strong market demand for vessel assets specifically designed for wind turbine foundation installation. Our uncompleted F-class vessels have already received significant interest from clients... Our clients trust that we have the ability to meet their needs with greater flexibility and provide state-of-the-art vessels to meet the demands of a rapidly growing market."
According to International Shipnet, Cadeler was formerly known as Swire Blue Ocean (SBO). Its fleet currently operates two O-class installation vessels, "Pacific Osprey" and "Pacific Orca". In 2020, the company planned to upgrade its two existing O-class vessels by installing new cranes with lifting capacities of up to 1600 tons, enabling the vessels to meet the installation requirements of all currently developing wind turbine models.
In 2021, Cadeler further ordered two X-class WTIVs from COSCO Shipping Heavy Industry, doubling its fleet size. With the addition of the two F-class wind turbine foundation installation vessels ordered this year, upon completion and delivery of these four new vessels, the company will operate the most powerful wind turbine installation fleet in the industry in terms of loading capacity and the ability to transport, service, and install next-generation offshore wind turbines.
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