[SCHEDULE 13D/A] Cadeler A/S SEC Filing

Rhea-AI Filing Summary

BW Altor Pte. Ltd. reports beneficial ownership of 78,495,522 ordinary shares of Cadeler A/S, equal to approximately 22.4% of the outstanding share capital based on a 350,479,238 share base. The filing amends prior Schedule 13D disclosures and confirms the working capital used for the purchases came from an equity injection by Mr. Sohmen-Pao using his personal funds. Recent transactions disclosed include purchases of 2,239,501 shares on September 10, 2025 at $52.00 and 1,442,210 shares on September 30, 2025 at a weighted average of $49.9463. The Reporting Person states sole voting and dispositive power over the shares and otherwise affirms prior Schedule 13D information remains in effect.

Positive

• 78,495,522 shares beneficially owned (approx. 22.4%)
• Reporting Person asserts sole voting and sole dispositive power over the shares
• Working capital came from an equity injection by Mr. Sohmen-Pao (personal funds)
• Recent purchases disclosed: 2,239,501 shares on 10-Sep-2025 at $52.00 and 1,442,210 shares on 30-Sep-2025 at weighted average $49.9463

Negative

• None.

Insights

Corporate Ownership Analyst

TL;DR: BW Altor now holds a material 22.4% stake in Cadeler with sole voting control.

The Schedule 13D/A shows 78,495,522 shares owned, representing approximately 22.4% of Cadeler's outstanding ordinary shares based on the issuer's reported share count. The Reporting Person discloses sole voting and dispositive power, which indicates concentrated control over this position.

The filing also identifies the source of funds as a personal equity injection by Mr. Sohmen-Pao and lists recent purchases on September 10, 2025 and September 30, 2025 totaling 3,681,711 shares at prices around $49.95–$52.00. This is material to investors because it documents both the size of the stake and the funding source behind the accumulation.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

Cadeler A/S

(Name of Issuer)

Ordinary Shares, with a nominal value of DKK 1.00 per share

(Title of Class of Securities)

12738K109

(CUSIP Number)

Nicholas Fell
BW Maritime Pte. Ltd., #18-01, 10 Pasir Panjang Road
Mapletree Business City, U0, 117438
65 (0) 6434 5818

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/30/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 12738K109

1

Name of reporting person

BW Altor Pte. Ltd.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

SINGAPORE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 78,495,522.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 78,495,522.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

78,495,522.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

22.4 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

(1) The CUSIP 12738K109 applies to Cadeler A/S's American Depositary Shares, each representing four ordinary shares of Cadeler A/S. BW Altor Pte. Ltd. (the "Reporting Person" or "BWA") holds 78,495,522.00 ordinary shares. (2) The working capital used to purchase the ordinary shares of Cadeler A/S originated from an equity injection by the Reporting Person's sole equityholder. (3) The response to Item 13 above, 22.4%, is based on a total of 350,479,238 outstanding ordinary shares of Cadeler A/S, which amount was calculated from Cadeler A/S' Report of Foreign Private Issuer on Form 6-K filed with the Securities and Exchange Commission on August 26, 2025, which disclosed 350,957,583 shares with 478,345 shares held in treasury.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Ordinary Shares, with a nominal value of DKK 1.00 per share
(b)	Name of Issuer: Cadeler A/S
(c)	Address of Issuer's Principal Executive Offices: KALVEBOD BRYGGE 43, COPENHAGEN V, DENMARK , DK-1560.
Item 1 Comment: This Amendment No. 2 to Schedule 13D (this "Amendment No. 2") relates to the shares, nominal value DKK 1 per share (the "Shares"), including Shares represented by American Depositary Shares ("ADSs", each representing 4 Shares) of Cadeler A/S (the "Issuer"), whose principal executive offices are located at Arne Jacobsens Alle 7, 7th floor DK-2300 Copenhagen S, Denmark. This Amendment No. 2 amends and supplements the statement on the Schedule 13D originally filed by BWA with the Securities and Exchange Commission (the "SEC") on February 19, 2025 (the "Original Schedule 13D") and amended on May 28, 2025 ("Amendment No. 1" and, together with the Original Schedule 13D and Amendment No. 1, the "Schedule 13D"). Except as specifically provided herein, this Amendment No. 2 does not modify any of the information previously reported in the Schedule 13D. Capitalized terms used herein and not otherwise defined in this Amendment No. 2 have the meanings set forth in the Original Schedule 13D. Except as otherwise stated in this Amendment No. 2, the Original Schedule 13D, as amended, remains in full force and effect.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is hereby supplemented as follows: The working capital funds used by BWA to make the acquisitions disclosed in this Amendment No. 2 came from an equity injection by Mr. Sohmen-Pao using his personal funds.
Item 5.	Interest in Securities of the Issuer
(a)	The Reporting Person may be deemed to beneficially own 78,495,522 Shares, representing approximately 22.4% of the outstanding Shares. The foregoing beneficial ownership percentage is based on a total of 350,479,238 outstanding ordinary shares of Cadeler A/S, which amount was calculated from Cadeler A/S' Report of Foreign Private Issuer on Form 6-K filed with the Securities and Exchange Commission on August 26, 2025, which disclosed 350,957,583 shares with 478,345 shares held in treasury.
(b)	The Reporting Person has sole voting power and sole dispositive power over 78,495,522 Shares, representing approximately 22.4% of the outstanding Shares. The foregoing percentage is based on a total of 350,479,238 outstanding ordinary shares of Cadeler A/S, which amount was calculated from Cadeler A/S' Report of Foreign Private Issuer on Form 6-K filed with the Securities and Exchange Commission on August 26, 2025, which disclosed 350,957,583 shares with 478,345 shares held in treasury.
(c)	Except as described in the following chart, to the best of the Reporting Person's knowledge, there have been no transactions in the Shares effected by the Reporting Person or, to the best of the knowledge of the Reporting Person, without independent verification, any of the other persons with respect to whom information is given in response to Item 2, during the past 60 days. The below chart reflects the transactions in Common Stock effected by BWG during the past 60 days: Trade date No. of Shares Purchased Average Price Transaction Price Range 10-Sept-25 2,239,501 $ 52.0000 $52.00 30-Sept-25 1,442,210 $49.9463(1) $49.46 to $50.80 (1) Reflects the weighted average purchase price per Share sold in multiple transactions. The Reporting Person undertakes to provide the SEC staff, upon request, all information regarding the number of shares sold at each separate price within the ranges set forth above.
(d)	As of the date hereof, no other person is known to have the right to receive or the power to direct the receipt of dividends from, or any proceeds from the sale of, the securities beneficially owned by the Reporting Person.
(e)	Not applicable.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BW Altor Pte. Ltd.

Signature:	/s/ Nicholas John Oxleigh Fell
Name/Title:	Nicholas John Oxleigh Fell/Authorized Signatory
Date:	10/02/2025

FAQ

What stake does BW Altor hold in Cadeler (CDLR)?

BW Altor reports beneficial ownership of 78,495,522 ordinary shares, representing approximately 22.4% of Cadeler's outstanding shares.

Who funded BW Altor's purchases of CDLR shares?

The filing states the working capital used was an equity injection by Mr. Sohmen-Pao using his personal funds.

Does the Reporting Person have voting control over the shares of CDLR?

Yes. The Reporting Person reports sole voting power and sole dispositive power over the 78,495,522 shares.

Were there recent transactions in Cadeler shares disclosed?

Yes. Purchases of 2,239,501 shares on September 10, 2025 at $52.00 and 1,442,210 shares on September 30, 2025 at a weighted average of $49.9463 are disclosed.

Is the Schedule 13D/A replacing prior filings for CDLR?

This Amendment No. 2 amends and supplements the Original Schedule 13D filed February 19, 2025 and Amendment No. 1 filed May 28, 2025; other previously reported information remains in effect except as modified here.