Oslo-listed Cadeler has signed a newbuilding contract with Cosco Shipping Heavy Industry for the construction of two new X-class wind turbine installation vessels.

Cadeler said on Wednesday the vessels are worth $325.5m each, up from a previously estimated $300m, due to design improvements and a surge in raw material prices and changes in exchange rates.

The first X-class vessel will be delivered by Q3 2024 and has already been contracted by Siemens Gamesa to transport and install one hundred 14 MW wind turbines at the Sofia offshore wind farm in the North Sea. The second X-class vessel is planned to be fully ready and operational in Q1 2025.

The new X-class wind turbine installation vessels will, per load, be able to transport and install seven complete 15 MW turbine sets or five sets of 20+ MW turbines.

Cadeler said that, upon completion of the two new X-class vessels, it will operate the largest fleet in the industry in terms of loading capacity and ability to transport, service and install the next generation of offshore wind turbines.