Cadeler Receives Notice of Termination for WTIV from Ørsted

Danish offshore wind installation company Cadeler recently received a notice of termination for its wind turbine installation vessel (WTIV) from Ørsted. The vessel was initially booked for work on the now discontinued 2.4 GW Hornsea 4 offshore wind farm in the United Kingdom.

The long-term agreement for an A Class WTIV was announced on April 8, 2024. Ørsted had secured the vessel capacity from the first quarter of 2027 through the end of 2030. The vessel was intended to be deployed at Ørsted’s Hornsea 4 offshore wind farm, which was officially discontinued in May 2025, leading to the termination of the agreement.

Cadeler has stated that it is entitled to compensation as a result of the termination of the agreement. The company is now free to deploy the vessel on alternative projects that are currently being discussed with third parties.

Despite the termination of the long-term agreement, Cadeler remains optimistic about its long-term financial performance. The receipt of the termination compensation will have a positive impact on the company’s financial guidance for the 2025 calendar year.