BW Altor Files Exit Schedule 13D/A for Cadeler A/S Following Redomiciliation Exchange Offer

Executive Summary

On November 4, 2026, BW Altor Pte. Ltd. filed Amendment No. 5 to Schedule 13D for Cadeler A/S, reporting that it ceased beneficial ownership of all ordinary shares of the Issuer effective November 2, 2026. This amendment serves as an exit filing.

Transaction Overview

• Corporate Action: The Issuer completed a redomiciliation from Denmark to the United Kingdom, structured via a registered exchange offer by Cadeler plc (incorporated in England and Wales).
• Exchange Terms: Under the terms of the offer, each validly tendered ordinary share of Cadeler A/S was exchanged on a 1:1 basis for one newly issued ordinary share of Cadeler plc ($1.00 nominal value).
• Shares Tendered: BW Altor tendered all 109,352,091 of its ordinary shares of Cadeler A/S.
• Resulting Stake: BW Altor now holds 0 shares (0.00%) of Cadeler A/S, transferring its equity stake to Cadeler plc.

Market and Trading Impact

• Significance: Low.
• Context: The disposition represents a technical transfer under a corporate reorganization rather than an open-market divestment or reduction of economic exposure to the underlying business.