Wind Energy – Notice of Termination
Danish offshore wind company Cadeler has received notice of termination of a long-term contract by Ørsted.
The agreement, originally signed in April 2024 with the Danish energy group, covered the deployment of one of Cadeler’s A-class wind installation vessels from the first quarter of 2027 through the end of 2030.
The termination is related to Ørsted’s May 2025 announcement to discontinue development of the 2.4 GW Hornsea 4 offshore wind project in the UK in its current form and to cease work on the site.
Ørsted cited increased supply chain costs, higher interest rates, and elevated execution risk as factors that had reduced the project’s expected value creation.
As a result of the termination, Cadeler is entitled to a contractually agreed compensation payment. The company is currently evaluating alternative deployment options for the vessel and is in discussions with potential project partners.
