Swire Blue Ocean renamed Cadeler and goes public

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Swire Pacific Offshore ("SPO") has rebranded its Copenhagen-headquartered subsidiary, Swire Blue Ocean as Cadeler and has listed the company on the Oslo Stock Exchange. The new name was selected to reflect the company's Scandinavian maritime heritage and its commitment to excellence in maritime operations. SPO remains a key shareholder in Cadeler. This move has positioned the company for the next phase of its growth and will ensure it remains a market leader in an exciting and rapidly expanding sector.

A portion of the proceeds from the IPO will be used to finance the initial instalment for the planned Cadeler X-class vessel. Cadeler has shortlisted several leading international shipyards for the order of a new Wind Farm Installation Vessel ("WIV"), plus option for a second newbuild. The bespoke vessel design, created in partnership with GustoMSC, is based on Cadeler's decade of experience in the industry; it will be able to work in the most difficult locations and will be equipped with the largest capacity equipment in the industry.

Cadeler will also invest in new cranes for its existing WIVs, Wind Osprey and Wind Orca. The new crane design is expected to meet the requirements for installation of all turbine models currently under development and allow for continued growth of turbine components. The installation of the new cranes is scheduled to commence in the fourth quarter of 2023.
New specialist project division

New specialist project division

New fortnightly service

New fortnightly service

Name change reflects diversified interests

Name change reflects diversified interests

Swire Blue Ocean renamed Cadeler and goes public

Swire Blue Ocean renamed Cadeler and goes public

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