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Denmark’s Cadeler has received a notice of termination from Ørsted in relation to the long-term agreement for one of its wind farm installation vessels.
A long-term charter agreement for an A-Class wind farm installation vessel was disclosed by Ørsted on April 8, 2024, securing operational capacity from the first quarter of 2027 through to the end of 2030.
The vessel was planned to be deployed at the 2.4 GW Hornsea Four offshore wind farm in the UK, but the project was discontinued in May 2025, leading to the termination of the vessel agreement.
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Cadeler said that the company is entitled to agreed compensation and is free to deploy the vessel on alternative projects currently under discussion with third parties.
Receipt of the termination compensation will positively impact guidance for the 2025 calendar year, said Cadeler. The company expects full-year revenue to be in the range of EUR 588 million to EUR 628 million, up from the previously expected range of EUR 485 million to EUR 525 million.
In May, Ørsted announced that it was cancelling the Hornsea Four offshore wind project, citing rising supply chain costs, higher rates, and increased construction risks as some of the problems. Ørsted was one of the developers who were awarded a Contract for Difference (CfD) in the UK’s Allocation Round 6 (AR6).