Cadeler’s headquarters unlikely affected by UK re-domiciliation
It is unlikely that wind carrier Cadeler will move its head office if the parent company ends up following through with a UK move next year, Cadeler chief executive Mikkel Gleerup tells ShippingWatch.
“If we decide to move the top company, it will have no impact on the Copenhagen office,” says Mikkel Gleerup with reference to Cadelers headquarters in the Danish capital.
The announcement that Cadeler might move its parent company to the UK came at the end of June.
The purpose of the parent company’s possible move to the UK is to optimize company structure following Cadeler’s merger with rival Eneti Inc. in late 2023.
Investigating tax and legal issues
Cadeler has initiated a detailed feasibility analysis, “including review of legal, tax and other considerations,” according to the stock exchange announcement.
The wind carrier estimates that a possible re-domiciliation of the parent company could take effect in the first half of 2025 upon obtaining shareholder and other necessary approvals.
But this move will not necessarily affect Copenhagen head quarters, according to the CEO, who has little to add on the matter.
“What we have to say about it, we published in our July announcement to the market. We have nothing more to add. We will continue to communicate about it.”
When do you expect to have clarification on whether head office will remain in Copenhagen?
Cadeler will maintain its current listing on the Oslo Stock Exchange and New York Stock Exchange if the company makes the move to the UK.
The wind carrier has hired several hundred employees over the past six months, according to Cadeler’s half-year report.
The company has gone from 295 employees at the beginning of the year to 573 employees as of June 30 this year. Almost a doubling in six months. Of the 573 employees, 230 are employed onshore at head offices in Copenhagen among other places.
This article was provided by our sister media, ShippingWatch.
English edit: Simon Øst Vejbæk
