Offshore wind vessel heavyweight Cadeler has raised around $203m in fresh equity as it lines up its next round of fleet expansion.

The Copenhagen-based, Oslo- and New York-listed company said the private placement was priced above its five-day volume-weighted average, with strong backing from existing investors including BW Altor and Scorpio-linked interests.

BW Altor, tied to BW Group chairman Andreas Sohmen-Pao, and Scorpio were among the key names supporting the raise, with $70m and $40m, respectively, underlining continued investor appetite for offshore wind tonnage as the sector gears up for its next growth phase. Following the issuance of the new shares, BW Altor and Scorpio will hold roughly 108.3m and 49.4m shares, respectively, in Cadeler, or about 28.1% and 12.8% of the outstanding shares in the company.

Cadeler said the proceeds will go towards initial commitments for two proposed T-class wind foundation installation vessels, as well as a potential acquisition and conversion of a scour protection vessel to strengthen its transport and installation offering.

The company is already in advanced talks with COSCO Shipping Heavy Industry for the two T-class newbuilds with delivery slated for 2030 and 2031, and a similar cost to a $400m-unit booked in 2024. Cadeler noted payment terms are expected to be back-loaded, with most capex falling due after 2029 and around 65% financed through debt — limiting near-term cash strain.

The move positions Cadeler ahead of what it sees as a tightening vessel market later in the decade, with no new wind foundation installation vessels ordered globally since its last deal in mid-2024.

The owner, now the world’s largest operator of wind turbine installation vessels, has been expanding rapidly to keep pace with offshore wind demand. Its fleet has grown from five to nine vessels this year and is expected to reach 12 units by mid-2027.

Alongside newbuilds, Cadeler is also weighing a move into scour protection through vessel conversion — a step that would reduce reliance on subcontractors, improve pricing control and keep more margin in-house. The company, however, said no final investment decisions have been made on the newbuilds or conversion project, and no additional equity is expected to fund its current pipeline.