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Cadeler A/S (NYSE:CDLR, OSE: CADLR) announced Tuesday it has received a notice of termination from Ørsted A/S regarding a previously disclosed long-term agreement for an A-Class windfarm installation vessel. The contract, which was set to provide vessel capacity from the first quarter of 2027 through the end of 2030, was ended following Ørsted’s decision to discontinue work on the Hornsea 4 Offshore Wind Farm.
According to a statement released by Cadeler, the company will receive agreed compensation as a result of the contract termination. Cadeler stated it is now able to allocate the vessel to alternative projects currently under discussion with third parties.
In connection with the termination, Cadeler has updated its financial guidance for the year ending December 31, 2025. The company now expects full-year revenue to be in the range of €588 million to €628 million, up from its previous estimate of €485 million to €525 million. Cadeler also revised its EBITDA guidance for the year to a range of €381 million to €421 million, compared to its prior range of €278 million to €318 million.
The company noted that the receipt of termination compensation will have a positive impact on its financial guidance for 2025. Cadeler stated it does not believe the termination will adversely affect its long-term financial performance.
This information is based on a press release statement included in a filing with the U.S. Securities and Exchange Commission.
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