CANCELLATION OF THE AFLANDSHAGE WIND FARM IN DENMARK TRIGGERS TERMINATION FEES WITH A POSITIVE IMPACT ON THE GUIDANCE FOR THE FINANCIAL YEAR 2023

Today, Cadeler has received notice of termination of the Aflandshage offshore
wind project in Øresund, Denmark. Cadeler regrets the cancellation of the
project - however the cancellation will not impact Cadeler's long-term financial
performance, but will have a positive impact on the guidance provided for the
financial year 2023.

The contract awarded to Cadeler by Siemens Gamesa for the transportation and
installation of 26 11MW wind turbines, set to begin in 2026, has been cancelled.
The contract was originally announced by Cadeler in April 2023. As Cadeler has
replacement projects lined up and in general operates with mutual termination
fees when entering into contracts with partners, the decision will not change
Cadeler's long-term financial performance and will not have a material negative
impact on Cadeler's backlog, but it will impact the guidance provided for the
financial year 2023 positively.

In the 2023 Interim Financial Report published on 29 August 2023, Cadeler
provided guidance for the financial year ending 31 December 2023 that revenue
was expected to be in the range between EUR 95 to 103 million while adjusted
EBITDA was expected to be in the range EUR 41 to 49 million.

Cadeler now increases the revenue guidance for the financial year 2023 which is
expected to be between EUR 100 to 105 million. Due to the business combination
agreement with Eneti Inc. the Company is also providing guidance for adjusted
EBITDA, which excludes transactional costs as defined in the 2023 Interim
Financial Report, and is expected to be within the range of EUR 47 to 52
million. 

EBITDA guidance has also been narrowed and is now expected to be within the
range of EUR 40 to 45 million after transactional costs. 

The Company estimates that approximately EUR 7 million of transaction costs will
be incurred in 2023 in relation to the execution of the contemplated combination
with Eneti Inc., which is still expected to be completed in Q4-2023. Reference
is also made to the stock exchange announcement published by Cadeler on 7
November 2023, regarding launch of the share exchange offer for all of the
outstanding shares of common stock of Eneti Inc. In addition to this, the
company estimates that EUR 5 million in costs related to the issuance of shares
connected to the exchange offer will be reflected in equity.  	

In response to today´s announcement, CEO Mikkel Gleerup, Cadeler, says:

"We naturally regret the decision to cancel Aflandshage, a Danish project we had
looked forward to supporting with all our expertise. However, the decision to
cancel Aflandshage will not affect our long-term financial performance, as we
see a strong demand in the market for our services. We expect back-to-back
utilisation of vessels on other projects".


For further information, please contact:

Mikkel Gleerup, CEO
+45 3246 3102
mikkel.gleerup@cadeler.com

About Cadeler A/S: 
Cadeler A/S is a key supplier within the offshore wind industry for installation
services and marine and engineering operations with a strong focus on safety and
the environment. Cadeler's experience as provider of high-quality offshore wind
support services, combined with innovative vessel designs, positions the company
to deliver premium services to the industry. Cadeler facilitates the global
energy transition towards a future built on renewable energy. Cadeler is listed
on the Oslo Stock Exchange (ticker CADLR).

Forward-looking information
Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect", "anticipate",
"strategy", "intends", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believe that these assumptions were reasonable
when made, these assumptions are inherently subject to significant known and
unknown risks, uncertainties, contingencies and other important factors which
are difficult or impossible to predict, and are beyond their control. Actual
events may differ significantly from any anticipated development due to a number
of factors, including without limitation, changes in public sector investment
levels, changes in the general economic, political and market conditions in the
markets in which the Company operates, the Company's ability to attract, retain
and motivate qualified personnel, changes in the company's ability to engage in
commercially acceptable acquisitions and strategic investments, and changes in
laws and regulation and the potential impact of legal proceedings and actions.
Such risks, uncertainties, contingencies and other important factors could cause
actual events to differ materially from the expectations expressed or implied in
this release by such forward-looking statements. The Company does not make any
guarantee that the assumptions underlying the forward-looking statements in this
announcement are free from errors nor does it accept any responsibility for the
future accuracy of the opinions expressed in this announcement or any obligation
to update or revise the statements in this announcement to reflect subsequent
events. You should not place undue reliance on the forward-looking statements in
this announcement. The information, opinions and forward-looking statements
contained in this announcement speak only as at its date, and are subject to
change without notice. The Company does not undertake any obligation to review,
update, confirm, or to release publicly any revisions to any forward-looking
statements to reflect events that occur or circumstances that arise in relation
to the content of this announcement.

Inside information
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading
Act. This stock exchange announcement was published by Mikkel Gleerup at Cadeler
A/S on 13 November 2023 at 11:20 PM (CET).

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