The agreement is subject to Ørsted taking a positive final investment decision (FID) on Hornsea 3. Mikkel Gleerup, CEO of Cadeler, said, "The decision of initiating and later successfully completing a private placement for our F-class vessel was based on an increased market demand for assets specializing in the complexity of installing a new generation of XL foundations. We have proved time and again that we possess the knowhow and the equipment needed to be successful in this specialized realm, which requires a high level of expertise.