The Management Board of the company under the name of Polenergia S.A. (“Issuer”) hereby announces that the design companies MFW Bałtyk II sp. z o.o. and MFW Bałtyk III sp. z o.o. (“Project Companies”), in which the Issuer holds a 50% stake, developing – as part of a joint venture between the Issuer and Equinor Wind Power AS – projects for the construction of two offshore wind farms, i.e. MFW Bałtyk II and MFW Bałtyk III (“Projects”), signed on September 30, 2024 with Cadeler A/S with its registered office in Copenhagen (Denmark) (“Contractor”) (each Project Company separately) agreements for the charter of offshore wind turbine installation vessels, one for each of the Projects (“Final Agreements”). The conclusion of the Final Agreements was preceded by the signing of reservation agreements, about which the Issuer informed in current report No. 24/2024.
Under the Final Agreements, the Contractor undertook, among other things, to charter two offshore wind turbine installation vessels, load, transport and assemble offshore wind turbines together with the accompanying installation works.
The total remuneration of the Contractor under both agreements (i.e. for both Projects) has been initially estimated – as of the date of signing the Final Agreements – at approx. EUR 128 million, with the final Remuneration being updated to include fuel costs, port fees and emission charges (totalling approx. 4% of the value of the Final Agreements). The Contractor’s remuneration may also increase if the Project Companies start additional work.
The Final Agreements contain similar substantive provisions, standard for maritime contracts, including those concerning the detailed specification of the crew mobilization date and installation work schedule, as well as the principles of terminating the Final Agreements, the principles of liability, including contractual penalties. The Contractor will provide the Project Companies with a guarantee of proper performance of the Final Agreements and will provide a corporate guarantee. The content of the Final Agreements for both Project Companies is identical, considering the project differences of each of the Projects.
The Final Agreements were concluded under English law.
The conclusion of the Final Agreements allows for the installation of wind turbines in the Baltic Sea area in a dedicated location in accordance with the current schedule and while maintaining interfaces with other contractors in both Projects.
Legal basis: Article 17(1) of the Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (Journal of Laws of the EU, L. of 2014, No. 173, p. 1, as amended).
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