Cadeler expects the years 2029 and 2030 to be particularly busy for offshore wind installations and vessel operators, CEO Mikkel Gleerup said during the company’s third-quarter earnings call.
“I think the confidence level is primarily built on the number of projects we are bidding at the moment, but also how our clients are willing to commit to these bids if they can secure capacity,” Gleerup said.
The company has a €2.9 billion backlog of projects across Europe, East Asia, and the United States, with 78% of those projects having reached final investment decision (FID). Cadeler also holds an undisclosed client contract for a foundation and turbine installation programme in 2029, as well as a vessel reservation agreement for a 2028 turbine installation project not included in its backlog.
Despite a lower-than-expected budget for the UK’s AR7 auction, Gleerup said “a significant amount of projects can be approved.” He expressed optimism for Denmark’s upcoming auction, noting that combined with AR7-funded projects, it is likely to create strong demand in the offshore wind vessel market.
“We do expect a vessel undersupply towards the end of the decade and the beginning of the next decade,” Gleerup said, adding that developers are likely “willing to pay top dollar to get projects built.”
He emphasized the company’s confidence in its position, noting: “I think that we are getting this confidence from the projects we are bidding, and also the clients that are willing to put money where their mouth is, so to speak, on their projects.”
