Cadeler has raised NOK 1.76bn ($166m) in a private placement to finance an offshore wind installation vessel newbuilding.

The Oslo-listed owner sold about 39.5m shares at NOK 44.50 a piece, according to a statement.

Its two major shareholders, BW Group and Scorpio, put fresh capital into the pot.

The placement occurred following the market’s closure on Thursday through an accelerated book-building process managed by DNB Markets and Jefferies.