Danish offshore wind installation firm Cadeler has received a notice of termination for its wind turbine installation vessel (WTIV) from Ørsted which was booked for work for the now discontinued 2.4 GW Hornsea 4 offshore wind farm in United Kingdom.
The long-term agreement for an A Class WTIV was first announce in April 8, 2024, under which Ørsted secured the vessel capacity from the first quarter of 2027 through the end of 2030.
The vessel was supposed to be deployed at Ørsted’s Hornsea 4 offshore wind farm, which has been officially discontinued in May 2025, resulting in the termination of the long-term WTIV agreement.
According to Cadeler, it is entitled to agreed compensation as a consequence of the termination the agreement.
In addition, Cadeler is now free to deploy the vessel on alternative projects currently under discussion with third parties.
“Cadeler does not believe that the termination of the long-term agreement will adversely affect Cadeler’s long-term financial performance. Receipt of the termination compensation noted above will positively impact financial guidance for the 2025 calendar year,” the company said.