A method for installation of a pile adapted to support an offshore wind turbine, comprising the following steps: a. transporting the pile in a horizontal orientation to an offshore installation site; b. positioning the pile in a pile holder on an installation vessel while being in a horizontal orientation parallel to a longitudinal axis of the vessel, wherein the pile holder engages with a circumference of the pile at a lower side thereof to hold the pile in order to limit movement of the lower side of the pile in a direction perpendicular to a longitudinal axis of the pile, and wherein the pile holder engages with a lower end of the pile in order to limit movement of the pile in a direction parallel to the longitudinal axis of the pile; c. lifting an upper end portion of the pile with the lower side in the pile holder thereby rotating the pile from a horizontal orientation to a vertical orientation about a substantially horizontal rotation axis perpendicular to the longitudinal axis of the vessel, wherein after rotating the pile from the horizontal orientation to the vertical orientation the pile is located outside the contour of the vessel seen from above to be lowered into the water; d. disengaging the pile holder from the lower end of the pile; e. lowering the pile into the water while being held by the pile holder, wherein during steps b. to e. the vessel is in a floating condition, and wherein during step e. the pile holder is compensated for wave-induced motion of the vessel to maintain a predetermined X-Y location of the pile holder independent of the wave-induced motion of the vessel, wherein step b. and/or step c. are carried out by a crane on the installation vessel, and wherein the pile holder is mounted on the vessel to rotate relative to the vessel about the horizontal rotation axis between a receiving position to receive the pile in a horizontal orientation and a lowering position in which the pile can be lowered into the water while being in a substantially vertical orientation, wherein in step b. the pile holder is in the receiving position, and wherein in step c. the pile holder is moved along with the pile to the lowering position. a. transporting the pile in a horizontal orientation to an offshore installation site; b. positioning the pile in a pile holder on an installation vessel while being in a horizontal orientation parallel to a longitudinal axis of the vessel, wherein the pile holder engages with a circumference of the pile at a lower side thereof to hold the pile in order to limit movement of the lower side of the pile in a direction perpendicular to a longitudinal axis of the pile, and wherein the pile holder engages with a lower end of the pile in order to limit movement of the pile in a direction parallel to the longitudinal axis of the pile; c. lifting an upper end portion of the pile with the lower side in the pile holder thereby rotating the pile from a horizontal orientation to a vertical orientation about a substantially horizontal rotation axis perpendicular to the longitudinal axis of the vessel, wherein after rotating the pile from the horizontal orientation to the vertical orientation the pile is located outside the contour of the vessel seen from above to be lowered into the water; d. disengaging the pile holder from the lower end of the pile; e. lowering the pile into the water while being held by the pile holder, wherein during steps b. to e. the vessel is in a floating condition, and wherein during step e. the pile holder is compensated for wave-induced motion of the vessel to maintain a predetermined X-Y location of the pile holder independent of the wave-induced motion of the vessel, wherein step b. and/or step c. are carried out by a crane on the installation vessel, and wherein the pile holder is mounted on the vessel to rotate relative to the vessel about the horizontal rotation axis between a receiving position to receive the pile in a horizontal orientation and a lowering position in which the pile can be lowered into the water while being in a substantially vertical orientation, wherein in step b. the pile holder is in the receiving position, and wherein in step c. the pile holder is moved along with the pile to the lowering position.