Offshore wind turbine and foundation installation companies Cadeler and Eneti have entered into an agreement to establish a new company.
The combined group will be named Cadeler and will be headquartered in Copenhagen, Denmark.
The combination is subject to customary conditions including approval from relevant authorities. Until the combination has closed, both companies will continue operations as two separate entities.
Eneti said the combination will result in a large diversified fleet owned and operated by a single pure-play offshore wind turbine and foundation installation company.
The Cadeler fleet consists of two wind turbine installation vessels (WTIVs) currently on the water, two WTIVs scheduled for delivery by the second quarter of 2025, and two wind foundation installation vessels scheduled for delivery by the third quarter of 2026.
The Eneti fleet consists of five WTIVs currently on the water and two WTIVs scheduled for delivery by the second quarter of 2025. Of the five vessels on the water, three of the vessels are non-core assets and subject to divestment before or after completion of the combination.
Eneti said that, upon delivery of the six vessels under construction and disposition of the three non-core assets, the combined company will have a fleet of 10 vessels.
