<SEC-DOCUMENT>0001104659-24-038746.txt : 20240326
<SEC-HEADER>0001104659-24-038746.hdr.sgml : 20240326
<ACCEPTANCE-DATETIME>20240326080740
ACCESSION NUMBER:		0001104659-24-038746
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20240326
FILED AS OF DATE:		20240326
DATE AS OF CHANGE:		20240326

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Cadeler A/S
		CENTRAL INDEX KEY:			0001978867
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			G7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41889
		FILM NUMBER:		24780974

	BUSINESS ADDRESS:	
		STREET 1:		FAIRWAY HOUSE, ARNE JACOBSENS ALLE 7
		CITY:			COPENHAGEN S
		STATE:			G7
		ZIP:			DK-2300
		BUSINESS PHONE:		45 3246 3100

	MAIL ADDRESS:	
		STREET 1:		FAIRWAY HOUSE, ARNE JACOBSENS ALLE 7
		CITY:			COPENHAGEN S
		STATE:			G7
		ZIP:			DK-2300
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm248015d4_6k.htm
<DESCRIPTION>FORM 6-K
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13A-16 OR 15D-16 OF THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of March&nbsp;2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-41889</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CADELER A/S</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of registrant's name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Arne Jacobsens All&eacute; 7, 7th floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DK-2300 Copenhagen S, Denmark</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Form&nbsp;20-F <FONT STYLE="font-family: Wingdings">&#120;</FONT><FONT STYLE="font-family: Wingdings">
</FONT>Form&nbsp;40-F <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION CONTAINED IN THIS FORM&nbsp;6-K
REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On March&nbsp;26, 2024, Cadeler A/S (the &ldquo;Company&rdquo;) issued
an announcement regarding the publication of its Annual Report and results included therein. A copy of the stock exchange announcement
is attached hereto as Exhibit&nbsp;99.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit&nbsp;List</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 6%; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><B>Exhibit<BR>
No.</B></TD>
    <TD STYLE="width: 94%; border-bottom: black 1pt solid; font-size: 10pt"><B>Description</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><A HREF="tm248015d4_ex99-1.htm">99.1</A></TD>
    <TD STYLE="font-size: 10pt"><A HREF="tm248015d4_ex99-1.htm">Stock exchange announcement dated March&nbsp;26, 2024, regarding the Company&rsquo;s publication of its
    Annual Report and results included therein.</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 10pt"><B>CADELER A/S</B></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">(Registrant)</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt; width: 10%">Dated:</TD>
    <TD STYLE="font-size: 10pt; width: 40%">March&nbsp;26, 2024</TD>
    <TD STYLE="font-size: 10pt; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 47%">/s/ Mikkel Gleerup</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name: Mikkel Gleerup</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title: Chief Executive Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm248015d4_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><IMG SRC="tm248015d4_ex99-1img001.jpg" ALT=""></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stock Exchange Announcement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Annual Report 2023: Solid results alongside
strategic scale-up. Cadeler secured its place as a global leader in the offshore wind farm transportation and installation industry</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Key figures for 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT> EUR 1.8 billion
backlog (26 March&nbsp;2024, including 100% options) and EUR 1.6 billion backlog (26 March&nbsp;2024, including 50% options) (EUR 780
million, 28 March&nbsp;2023, including 50% options)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT> EUR 109 million
in revenues (EUR 106 million in 2022)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT> EUR 1.5 billion market capitalisation as of market closing 25
March&nbsp;2024 (in the report referred to as approximately EUR 1.3 billion)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Financial outlook for 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT> Expected revenue
EUR 225-245 million</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT> Expected EBITDA EUR 105-125 million</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Today, Cadeler A/S has published its annual
report for 2023, showcasing a solid revenue for the third consecutive year alongside a strategic scale-up in fleet size, ambitious investment
in decarbonizing vessel operations, strong investments in talent, and the accumulation of a record-breaking backlog of orders. Cadeler
is now a global leader in offshore wind farm transportation and installation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The story of the past year has been one of sustained
growth for Cadeler &ndash; both organically and through the merger with Eneti. This strategic combination, completed in December&nbsp;2023,
made Cadeler the world&rsquo;s leading offshore wind turbine transport and installation company, with a market capitalisation of approximately
EUR 1.5 billion, and a dual listing on the Oslo Stock Exchange and New York Stock Exchange. The order book now stands at close to EUR
1.8 billion (options included at 100%), with a very high percentage of this already at final investment decision stage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Despite a lower utilization rate of 75% due
to vessel upgrades of Wind Orca and Wind Osprey in Q4 2023, Cadeler saw a revenue growth of 2% in 2023, amounting to EUR 109 million.
Cost of sales for 2023 rose by 20% to EUR 60 million, up from EUR 50 million the previous year. This increase was largely due to the impairment
of the sold main crane for Wind Orca, costing EUR 5 million. Other contributing factors include an additional EUR 3.8 million from the
business combination. Cadeler provided a revised outlook for the Adjusted EBITDA in the range of EUR 47 million to EUR 52 million, with
the actual Adjusted EBITDA for the year coming in at EUR 50 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Based on the current contract coverage, increasing fleet size and upgrade of existing vessels, the financial performance for 2024 is expected
to result in a revenue in the range of EUR 225 million to EUR 245 million and an EBITDA ranging between EUR 105 million to EUR 125 million.
The outlook for 2024 reflects the growth journey that Cadeler is currently on.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">During 2023, Cadeler has ensured a record-breaking
backlog of orders. The contracts that Cadeler has signed will provide a steady, continuous flow of projects towards 2030.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Highlights of the past year include signing
two major contracts with &Oslash;rsted for the Hornsea 3 offshore wind farm, with a total value of EUR 500-700 million. The combined contracts
represent the biggest deal in Cadeler&rsquo;s history.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm248015d4_ex99-1img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mikkel Gleerup, CEO of Cadeler, says:&nbsp;&ldquo;I am pleased to see
a solid result for 2023 where Cadeler has focused on strategic scale-up to prepare for the future. We have now built a solid foundation
along with the accumulation of a record-breaking backlog of orders in line with our promises to our investors. We have taken important
steps that have moved Cadeler to the next level. In 2023 we merged with Eneti, building an even stronger organisation, along with strategic
scale-up in fleet size, and investments in talents. Furthermore, we have taking important steps in securing attractive debt financing
for our operating vessels and newbuilds.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>The recent merger with Eneti Inc. has extended
Cadeler&rsquo;s global reach</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">While Europe continues to remain the focus
of the current operations, Cadeler has also identified Asia as a region of interest &ndash; especially Taiwan and Korea. Cadeler&rsquo;s
strategy is to build a real pipeline of work in the region, rather than doing so on a project-by-project basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">While Cadeler&rsquo;s cautious approach to
the United States proved to be correct so far, Cadeler now holds a more optimistic view, and will be involved in the American market this
year. As a global company, Cadeler is continuously looking into other markets, such as South America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Outlook for 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Looking at the future business potential,
Mikkel Gleerup states: &ldquo;<I>Cadeler owns the largest jack-up fleet in the industry and is well positioned to provide partners with
access to a still wider and more flexible fleet of next-generation offshore windfarm installation vessels. This will enable the construction
of larger and more complex projects to address the growing global demand for offshore wind power.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Fleet</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">As of 31 December&nbsp;2023, Cadeler&rsquo;s
fleet consists of four operating vessels, Wind Orca, Wind Osprey, Wind Scylla and Wind Zaratan. In addition, Cadeler has orders for six
new builds, two P-Class, two A-Class&nbsp;and two M-Class&nbsp;vessels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">During 2023, significant resources were allocated
to ensure Cadeler&rsquo;s newbuild vessels are prepared to run on alternative fuels. Cadeler also started to explore the uptake of certified
biofuels and renewable diesel in our operating fleet in 2023. These initiatives, together with improving energy efficiency during operations,
will form the foundation of a future low-carbon fleet for Cadeler. Cadeler will continue to work towards the long-standing goal of reducing
emissions, optimising energy consumption and adopting green power sources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Backlog</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Cadeler is positioned to benefit from the
strong demand growth in the offshore wind industry. The contract backlog, as of 26 March&nbsp;2024 has a total value of EUR 1,8 billion,
including 100% options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In February&nbsp;2024, Cadeler signed a transport
and installation contract with &Oslash;rsted and Polska Grupa Energetyczna for the Baltica 2 offshore wind farm in the Baltic Sea. Furthermore,
Cadeler is actively bidding on tenders beyond 2031, which will continue to strengthen the contract backlog even further.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Investments in talent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Cadeler is committed to attracting and retaining
highly skilled professionals to meet the needs of our partners and provide exceptional service. This includes recruiting experienced engineers
to keep Cadeler at the technical forefront of the industry, as well as commercial experts with relevant industry knowledge. The ongoing
investment in talent enables Cadeler to maintain a competitive edge in the market and position itself for long-term success.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">***</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The annual report can be downloaded <U>here</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In conjunction with the release of the 2023
Annual Report a webcast presentation for the investment community will be held. The webcast will be streamed on Tuesday 26 March&nbsp;from
09.00 - 10.00 from Kalvebod Brygge, Copenhagen. Live participation will also be possible. Please find the link for the webcast <U>here</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>For further information, please contact:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mikkel Gleerup, CEO, Cadeler</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+45 3246 3102</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>mikkel.gleerup@cadeler.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Karen Roiy, Vice President - Marketing&nbsp;&amp; Communication</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+45 6020 8706</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>karen.roiy@cadeler.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Cadeler:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cadeler is a key supplier of offshore wind installation, operations,
and maintenance services. Cadeler is a pure play company, solely operating in the offshore wind industry with an uncompromising focus
on safety and the environment. Cadeler&rsquo;s experience as provider of high-quality offshore wind support services, combined with innovative
vessel designs, positions the company to deliver exceptional services to the industry. Cadeler is committed to enabling the global energy
transition towards a future built on renewable energy. Cadeler is listed on the Oslo Stock Exchange (ticker: CADLR) and the New York
Stock Exchange (ticker: CDLR). For more information, please visit <U>www.cadeler.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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