Cadeler Ahead of Group Restructuring: Offshore Wind Specialist Plans UK Parent Company – Share Exchange Nears 90 Percent Threshold
Copenhagen – Offshore wind specialist Cadeler has reached an acceptance rate of 89.5 percent in the share exchange for the planned move of its parent company from Denmark to the United Kingdom. Completion requires 90 percent, and the offer period has therefore been extended to October 28, 2026.
Share Exchange: Cadeler Narrowly Misses 90 Percent Threshold – Deadline Extended
On October 21, 2026, shareholders had tendered around 345.5 million Cadeler shares for exchange, according to an interim count. This represented 89.5 percent of outstanding shares excluding treasury shares. The acceptance rate of 90 percent required for completion of the offer had therefore not yet been reached.
For each share of Danish Cadeler A/S, participating shareholders will receive one share of UK-based Cadeler plc. A further extension of the offer period is possible, but only until December 1, 2026.
Under the current timetable, final results are to be published by November 2 at the latest. Trading in the new shares in New York and Oslo is scheduled to begin around November 5. Following successful completion, remaining minority shareholders may face compulsory acquisition of their shares.
Cadeler Opts for UK Group Structure and Direct US Listing
Cadeler cited its international business activities as the reason for the restructuring. The UK parent company is intended to improve access to a broader international investor base. The company also pointed to the familiarity of international capital market participants with the UK legal and corporate governance system.
Cadeler plc shares are planned to be listed directly on the New York Stock Exchange. Depositary receipts (ADS) have so far been traded there. The shares of the new UK parent company are to be listed on the Oslo stock exchange at the same time.
The operating business is to remain unchanged. The current management and the members of the board of directors are also to continue in their roles within the new group structure.
Offshore Wind: Installation Vessel Utilisation Expected to Rise to 79 Percent in 2026
According to data from the Global Wind Energy Council (GWEC), around 9.3 GW of offshore wind capacity was newly installed worldwide in 2025, of which about 6.6 GW was in China. Europe accounted for just under 2 GW. In the first half of 2026, European offshore wind additions reached around 2.3 GW, according to WindEurope.
Westwood Global Energy Group expects market utilisation of around 79 percent in 2026 for specialist wind turbine installation vessels in the transport and installation business, compared with 64 percent in 2025. The forecast from May 2026 covers the relevant offshore markets outside mainland China. Over the medium term, Westwood sees shortages of suitable vessels.
Cadeler is also expanding its installation capacity. Following delivery of the Wind Ace in July 2026, the company has eleven installation vessels. In the first half, ten vessels were in operation, with a fleet utilisation of 66 percent. Cadeler has also ordered two additional T-class specialist vessels for foundation installation.
With the acquisition of offshore specialist Menck in August 2026, Cadeler has expanded its business to include technologies and services for the installation of offshore wind foundations.
The expansion of its fleet and service offering strengthens Cadeler’s position in the international offshore wind market. However, how heavily the additional capacity will be utilised in the future also depends on whether planned wind farms secure financing and are actually built.
Source: IWR Online, 26 Oct 2026
