US wind faces another setback while Cadeler soars

The Revolution Wind offshore wind farm at Connecticut, which is 80% complete with 45 out of 65 wind turbines installed, received a Stop Work order from the Department of the Interior’s Bureau of Ocean Energy Management (BOEM) last week.

The Stop Work order was given even though the farm is fully permitted, having secured all required federal and state permits and 20-year power purchase agreements, and it resulted in a 16% crash in share value for co-owner Ørsted, according to the Financial Times. Revolution 1 is a 50/50 joint venture between Ørsted subsidiary Revolution Wind LLC and Global Infrastructure Partner’s Skyborn Renewables.

Ørsted says it is considering legal action, which energy giant Equinor threatened when it was also slapped with a Stop Work order in April. In that case, Trump U-turned and lifted the order, only for the wind farm to be contested by fisheries and seafood firms.

Good results for Cadeler

While offshore wind projects are suffering from the capriciousness of the US president, turbine installation vessel fleet owner Cadeler is having no such bad luck, recording better than expected results for the first half of this year.

“Revenue for the first six months of 2025 more than tripled to €299 million, (H1 2024: €82 million), marking an increase of €217 million (265%) compared to the same period in 2024,” its report said. “EBITDA rose to €213 million (H1 2024: €22 million) representing a year-on-year increase of €191 million. Profit for the period reached €168 million, compared to €0.2 million in the same period last year.”

Two installation vessels that were delivered in 2025 – Wind Maker and Wind Pace – have been deployed in Taiwan and North America, and a third, Wind Keeper, delivered in July, has been contracted for three years with Vestas from next year.

“The company is fully on track with its fleet expansion strategy and, by mid-2027, Cadeler will operate a 12-vessel fleet – the largest and most versatile in the offshore wind industry – offering greater flexibility and execution certainty for its global client base,” it says.

“This first half-year demonstrates the strength of our strategic focus and our ability to deliver, both operationally and financially, as we scale in a global market,” said CEO Mikkel Gleerup. “Our expanding fleet positions us to support the offshore wind sector’s growing need for both installation and long-term servicing. We are grateful to our partners, clients and shareholders for their trust in Cadeler’s vision, and above all, to our people, whose dedication drives every success we achieve.”