Danish offshore wind developer Orsted has cancelled a long-term vessel agreement with Cadeler after halting its Hornsea 4 project in the UK, the companies said on Tuesday.
The contract, originally announced in April 2024, secured one of Cadeler’s A-Class wind turbine installation vessels for Orsted from the first quarter of 2027 through to the end of 2030.
Cadeler said it will receive compensation as outlined in the agreement and is now free to offer the vessel to other clients. The company noted that the cancellation is not expected to impact its long-term financial outlook.
“Discussions are already underway with third parties to utilise the vessel slot,” the company said in a statement, adding that the termination would have a positive financial effect in the near term.
As a result, Cadeler has raised its full-year 2025 revenue forecast to between €588 million and €628 million, up from prior guidance of €485 million to €525 million. EBITDA guidance for the year was also revised upward to between €381 million and €421 million, compared to an earlier estimate of €278 million to €318 million.
Orsted has not disclosed specific reasons for scrapping Hornsea 4, but the offshore wind sector has faced increasing financial pressure in recent quarters due to rising costs and supply chain delays.
