NOV Announces Contract to Design and Equip Two Offshore Wind Installation Vessels for Cadeler

Rhea-AI Summary

NOV Inc. (NYSE: NOV) has signed a contract with COSCO SHIPPING Heavy Industry and Cadeler to provide designs for two GustoMSC™ NG-20000X self-propelled wind turbine installation jack-up vessels, the Cadeler X-Class. With 5,600 m² deck space and a carrying capacity of over 17,600 tons, these vessels are the largest in the industry, capable of handling multiple turbine sets. The first vessel is contracted for the 1.4 GW Sofia wind park, to be delivered in Q3 2024. NOV will also supply jacking systems that promise fuel savings and reduced emissions.

Positive

• Signing of a significant contract with COSCO and Cadeler boosts NOV's market positioning in offshore wind energy.
• The Cadeler X-Class vessels feature the largest carrying capacity in the industry, enhancing project economics.
• Introduction of advanced regenerative power systems in jacking technology promises fuel savings and emission reductions.
• Partnership with Cadeler is strategically important for NOV in expanding its portfolio in renewable energy sectors.

Negative

• None.

NOV Inc. (NYSE: NOV) today announced the signing of a contract with COSCO SHIPPING Heavy Industry and Cadeler to supply two GustoMSC™ NG-20000X self-propelled wind turbine installation jack-up vessel designs, which will be known as the Cadeler X-Class.

The Cadeler X-Class is designed with 5,600 m² of deck space and a carrying capacity of more than 17,600 tons, the largest in the industry. This new hybrid, DNV-certified, cyber-secure jack-up vessel is designed to transport and install seven complete 15 MW turbine sets or five sets of 20-plus MW turbines, a significant upgrade from prior designs. This expanded carrying capacity will reduce the number of vessel trips required per development and accelerate installation speed, thereby improving project economics while reducing the total carbon footprint of the installation process.

In addition to the overall jack-up design, NOV will supply the jacking system that lifts the vessel and cargo above the waterline to safely install wind turbines. The jacking systems will incorporate NOV’s proprietary advanced regenerative power system technology that will provide fuel savings and emission reductions.

The first NG-20000X jack-up vessel is contracted for one of the largest offshore windfarms in the world—RWE’s 1.4 GW Sofia wind park – and is scheduled for delivery in the third quarter of 2024.

Mikkel Gleerup, CEO of Cadeler A/S, says: “The expansion of our fleet is an important strategic priority for Cadeler to ensure that we can meet the demand we are seeing from clients for greater installation capacity. In order to provide energy efficient vessels with very advanced technical specifications, we need to ensure that the new vessels will be as cutting-edge as the turbines we will be installing. Therefore, we have chosen to collaborate with the best sub-suppliers in the market. NOV has proven to be a good partner in connection with other projects in the past and we are therefore confident that NOV will provide the right jacking systems for the new X-class vessels, to support the current and future demand of the industry.”

Clay Williams, Chairman, President, and CEO, added, “NOV is honored to partner with Cadeler and COSCO as we design and deliver the next generation of wind turbine installation jack-up vessels. These vessels, which will be a key part of the next stage in the evolution of offshore wind energy, are a perfect example of what comes from close collaboration with our customers and an unending desire to seek improvement.”

In parallel, NOV is supplying new heavy-lift cranes for Cadeler’s existing O-Class vessels, Wind Orca and Wind Osprey, to upgrade the existing fleet’s capabilities to handle the next-generation of turbines. With the upgraded O-Class and new X-Class vessels, Cadeler’s fleet will lead the industry in both loading capacity and the ability to transport, service, and install the next-generation offshore wind turbines.

About NOV

NOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world.

Visit www.nov.com for more information.

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FAQ

What is the significance of the contract signed by NOV with COSCO SHIPPING and Cadeler?

The contract for two GustoMSC™ NG-20000X vessels enhances NOV's positioning in the offshore wind market, offering significant capacity upgrades.

When is the first Cadeler X-Class vessel scheduled for delivery?

The first vessel is scheduled for delivery in the third quarter of 2024.

What are the key features of the Cadeler X-Class vessels?

The vessels have 5,600 m² of deck space and a carrying capacity exceeding 17,600 tons, making them the largest in the industry.

How does NOV's technology contribute to environmental benefits?

NOV's advanced regenerative power system technology in jacking systems offers fuel savings and reduces emissions during wind turbine installations.

What offshore wind project will the first NG-20000X vessel support?

The first NG-20000X vessel is contracted for RWE’s 1.4 GW Sofia wind farm.