Exhibit 10.23

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]”.

Form of Increase Confirmation

To:

The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch as Facility Agent

From:	CADELER A/S as Borrower

Dated:	21 May 2026

Dear Sirs

Cadeler - Facility Agreement dated 24 November 2025 (the Facility Agreement)

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.

We refer to Clause 2.2 (Increase) of the Facility Agreement.

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.

The proposed date on which the increase in relation to the Increase Lender is to take effect (the Increase Effective Date) is 22 May 2026 or the date of confirmation of this Agreement by the Facility Agent, whichever is later.

On the Increase Effective Date, the Increase Lender becomes party to the relevant Finance Documents as a Lender.

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 28 (Roles of Facility Agent, Mandated Lead Arrangers and Green Loan Co-ordinator) of the Agreement.

The administrative details of the Increase Lender for the purposes of this Agreement are set out below:

Legal name of Lender:	KfW IPEX-Bank GmbH
Registered Address:	Palmengartenstraße 5-9 60325 Frankfurt am Main German
Contact details for Operational matters:	Name: [REDACTED] Address: see above Tel. Number: [REDACTED] Email address: [REDACTED]
Contact details for Credit matters:	Name: [REDACTED] Address: see above Tel. Number: [REDACTED] Email address: [REDACTED]

Standard Settlement Instructions

Currency:

Correspondent Bank Name / SWIFT/ Sort Code:

Intermediary Bank Name / SWIFT / Sort Code:

Beneficiary name / SWIFT / Sort Code:

Beneficiary account name:

Beneficiary IBAN / Account Number:

Please refer to the Admin Details form provided

The Increase Lender expressly acknowledges the limitations on the Lenders' obligations referred to in Clause 2.2 (Increase).

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.

This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

/s/ Peter Brogaard Hansen
Cadeler A/S as Borrower

/s/ Clare Shanahan		/s/ Delphine Deroche
Clare Shanahan		Delphine Deroche
Vice President		Director

KfW IPEX-Bank GmbH as the Increase Lender

This Increase Confirmation is executed by the Facility Agent and the Increase Effective Date is confirmed on

/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