Cadeler A/S announced the delivery of its tenth wind turbine installation vessel, Wind Mover, on 28 November 2025. The vessel was built at Hanwha Ocean Shipyard in South Korea and entered service ahead of schedule and within budget. Wind Mover is a next‑generation jack‑up vessel equipped with a 2,600‑tonne main crane, a DP2 positioning system, and the capability to operate in water depths of up to 65 metres, enabling it to install and maintain the largest offshore wind turbines and foundations.
The delivery doubles Cadeler’s fleet from five to ten vessels in just twelve months, a key milestone in the company’s aggressive expansion plan. By adding Wind Mover, Cadeler now has the capacity to handle larger, more complex projects and to meet the growing demand for high‑capacity turbines in Europe and beyond. The company’s strategy to reach a 12‑vessel fleet by mid‑2027 is now on track, positioning Cadeler as one of the most advanced WTIV operators in the industry.
Cadeler’s record‑high backlog of €2.5 billion—up from €2.887 billion in November 2025—provides strong revenue visibility. In the first nine months of 2025, the company generated €453 million in revenue, a 178% increase from the same period in 2024, and €109.1 million in EBITDA, reflecting the operational leverage gained from the new vessel and the growing backlog. The backlog growth is driven by a mix of installation and O&M contracts, including two undisclosed contracts announced in February 2025 with a combined value of up to €75 million.
Wind Mover has already secured contracts for work in Europe immediately upon delivery. The vessel’s advanced specifications give Cadeler a competitive edge over rivals, allowing it to service the largest turbines and deeper water sites that many other WTIVs cannot reach. The company’s ability to deploy Wind Mover on high‑capacity projects strengthens its market position and supports its strategy to capture a larger share of the expanding offshore wind market.
CEO Mikkel Gleerup highlighted the delivery as a “step in our long‑term strategy to operate the most advanced and versatile fleet in the offshore wind sector.” The announcement was well received by the market, with Cadeler’s shares rising 0.37% to €43.38 following the release, reflecting investor confidence in the company’s fleet expansion and robust backlog.
The delivery of Wind Mover signals Cadeler’s continued momentum in the offshore wind sector. With a doubled fleet, a growing backlog, and a clear plan to reach 12 vessels by mid‑2027, the company is well positioned to capture larger, more complex projects and to maintain its competitive advantage in a market facing vessel shortages and rapid turbine upscaling. The expansion enhances Cadeler’s ability to deliver on its strategic vision of becoming a leading provider of high‑capacity offshore wind installation services.
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