Exhibit 10.24
Confidential
CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. REDACTED INFORMATION HAS BEEN MARKED AS “[REDACTED]”.
Increase Confirmation
To: The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch as Facility Agent
From: CADELER A/S as Borrower
Dated: 10 July 2026
Dear Sir / Madam
Cadeler - Facility Agreement dated 24 November 2025 (the Facility Agreement)
| 1 | We refer to the Facility Agreement. This agreement (the Agreement) shall take effect as an Increase Confirmation for the purpose of the Facility Agreement. Terms defined in the Facility Agreement have the same meaning in this Agreement unless given a different meaning in this Agreement. |
| 2 | We refer to Clause 2.2 (Increase) of the Facility Agreement. |
| 3 | The Increase Lender agrees to assume and will assume all of the obligations corresponding to €40,000,000.00 (the Increase Commitment) as if it was an Original Lender under the Facility Agreement. |
| 4 | The proposed date on which the increase in relation to the Increase Lender is to take effect (the Increase Effective Date) is 10 July 2026 or the date of confirmation of this Agreement by the Facility Agent, whichever is later. |
| 5 | On the Increase Effective Date, the Increase Lender becomes party to the relevant Finance Documents as a Lender. |
| 6 | The Increase Lender hereby appoints the Facility Agent to act as its agent under and in connection with the Finance Documents in accordance with Clause 29 (Roles of Facility Agent, Mandated Lead Arrangers and Green Loan Co-ordinator) of the Agreement. |
RESTRICTED
Confidential
| 7 | The administrative details of the Increase Lender for the purposes of this Agreement are set out below: |
| Legal name of Lender: | Banco Santander, S.A., Singapore Branch |
| Registered Address: | 50 Collyer Quay, #04-04 OUE Bayfront, Singapore 049321 |
| Contact details for Operational matters: | Name: [REDACTED] Address: 50 Collyer Quay, #04-04 OUE Bayfront, Singapore 049321 Tel. Number: [REDACTED] Fax Number: Email address: [REDACTED] |
| Contact details for Credit matters: | Name: [REDACTED] Address: 50 Collyer Quay, #04-04 OUE Bayfront, Singapore 049321 Tel. Number: [REDACTED] Fax Number: Email address: [REDACTED] |
| Standard Settlement Instructions | |
| Currency: Correspondence bank: | [REDACTED] [REDACTED] |
| Swift Code: | [REDACTED] |
| For account of (Beneficiary) | [REDACTED] |
| Swift Code: | [REDACTED] |
| Account No: | [REDACTED] |
| Ref: | [REDACTED] |
| 8 | The Increase Lender expressly acknowledges the limitations on the Lenders’ obligations referred to in Clause 2.2 (Increase). |
| 9 | This Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement. |
| 10 | This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law. |
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Confidential
| /s/ Mikkel Gleerup | /s/ Peter Brogaard Hansen | |
| Mikkel Gleerup | Peter Brogaard Hansen |
Cadeler A/S as Borrower
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Confidential
| /s/ Ivan Leung | /s/ Andrew Cha | |
| Ivan Leung | Andrew Cha | |
| Authorised Signatory | Authorised Signatory |
Banco Santander, S.A., Singapore Branch (a public limited liability company incorporated in Spain) as the Increase Lender
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Confidential
This Increase Confirmation is executed by the Facility Agent and the Increase Effective Date is confirmed 10 July 2026.
| /s/ Abdul Hakeem Bin Haji Osman | |
| Abdul Hakeem Bin Haji Osman |
Vice President
Issuer Services
For and on behalf of
The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch
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