Cadeler Acquires Newly-Built Chinese WTIV Citing Strong Market Demand
Citing increasing global demand for offshore wind turbine services including operations and maintenance, and a strong orderbook, Denmark’s Cadeler has agreed to acquire a newly-built Chinese wind turbine installation vessel. It is in addition to two new vessels delivered to the company in 2025 and two more also scheduled for this year.
The company reported yesterday, May 21, that revenues for the first quarter had more than tripled to €65 million ($73 million) and that it has a contract backlog of nearly €2.5 billion ($2.8 billion). CEO Mikkel Gleerup said that the company’s investment in fleet expansion and project execution “are delivering tangible results.”
The company reports it is acquiring the Boqiang 3060, built for Shanghai Boqiang Heavy Industry Group by CIMC Raffles for a purchase price “significantly below the vessel’s estimated replacement cost.” Delivery is expected in the third quarter and the vessel will be renamed Wind Keeper.
“With the installed base of offshore wind turbines growing substantially, there is a greater need than ever before for reliable and flexible O&M support to ensure uptime and maximize energy production,” said Gleerup. “As an installation-capable, service-oriented asset, the Wind Keeper will be a valuable addition to our fleet.”
The vessel had been highlighted as an achievement for China’s offshore industry with new capabilities including the capacity to move and install towers as a single unit. It is unclear why the Chinese, which has a fast-moving installation market, decided to sell the vessel.
Cadeler highlights the vessel has a 2,200-ton Huisman main crane, Kongsberg’s DP2 dynamic positioning system, MAN-supplied engines, and a Siemens propulsion system. It has nearly 400-foot (120-meter) long jack-up legs. The company reports it will make further upgrades to improve the vessel’s operating capacity including the capability of supporting new installations in the 15 MW segment.
The company in March took delivery of its seventh operating vessel, Wind Pace, which along with its sister Wind Peak delivered in August 2024, are the largest vessels in its fleet. Built by COSCO Shipping Heavy Industry (COSCO) shipyard in Qidong, China, they can transport and install up to seven complete 15 MW turbine sets per load or five 20+ MW turbines. They have 5,600 square meters of deck space, a payload capacity of over 17,600 tonnes, and a main crane capable of lifting 2,600 tonnes at 47 meters. Additionally, each vessel can accommodate up to 130 crew members and installation technicians.
Wind Maker was delivered in January built at Hanwha Ocean Shipyard in South Korea. It is the first of two M-class wind installation vessels for the company with Wind Mover scheduled for delivery in the fourth quarter of 2025. They each have 2,600-tonne main cranes designed to install some of the heaviest foundations and wind turbine components and are designed to operate in water depths of up to 65 meters (213 feet).
The company reports it achieved a combined utilization rate of 55.3 percent in Q1 2025, which was in line with the expectations and reflected the scheduled drydocking and planned maintenance work scopes, plus time in transit for the new vessel deliveries. With a strong orderbook and growing global demand, Cadeler cites strong opportunities in the market despite recent reports of market troubles.