A pile upending and holding system configured to be mounted on a vessel, e.g. for installation of a pile adapted to support an offshore wind turbine, comprising: - a support assembly configured to be mounted on the vessel, e.g. on a deck of the vessel, - a pile holder tiltable mounted on the support assembly, wherein the pile holder is tiltable about a substantially horizontal tilt axis relative to the support assembly between a horizontal orientation, in which the pile holder is able to hold a pile in a substantially horizontal orientation, and a vertical orientation, wherein the pile holder comprises: - a lower ring, - an upper ring, - a pile holder frame supporting the lower ring and upper ring, the upper ring being vertically above the lower ring when the pile holder is in substantially vertical orientation, wherein each of the lower ring and the upper ring comprises multiple pile engaging devices (56,61) distributed about the circumference of the respective ring, each pile engaging device being adapted to engage an exterior of a pile extending through the lower and upper ring (55,60), e.g. each pile engaging device (56,61) comprising one or more pile guiding rollers, wherein each of the lower ring and upper ring comprises a ring base fixed to the pile holder frame and one or more movable jaws (58,59,62,63), e.g. two semi-circular jaws, each jaw being movable between a closed position, wherein the respective ring (55,60) forms a closed annulus, and an opened position, wherein the pile holder is provided, below the lower ring thereof, with a pile foot end support that is secured to the pile holder frame and that is configured to engage with the foot end of a pile in order to limit longitudinal movement of the pile, at least during upending of the pile, characterised in that: the support assembly is configured to provide compensation for motion of the vessel to maintain a predetermined X-Y location of the pile holder independent of the motion, e.g. wave and/or current induced motion, of the vessel. - a support assembly configured to be mounted on the vessel, e.g. on a deck of the vessel, - a pile holder tiltable mounted on the support assembly, wherein the pile holder is tiltable about a substantially horizontal tilt axis relative to the support assembly between a horizontal orientation, in which the pile holder is able to hold a pile in a substantially horizontal orientation, and a vertical orientation, wherein the pile holder comprises: - a lower ring, - an upper ring, - a pile holder frame supporting the lower ring and upper ring, the upper ring being vertically above the lower ring when the pile holder is in substantially vertical orientation, - a lower ring, - an upper ring, - a pile holder frame supporting the lower ring and upper ring, the upper ring being vertically above the lower ring when the pile holder is in substantially vertical orientation, wherein each of the lower ring and the upper ring comprises multiple pile engaging devices (56,61) distributed about the circumference of the respective ring, each pile engaging device being adapted to engage an exterior of a pile extending through the lower and upper ring (55,60), e.g. each pile engaging device (56,61) comprising one or more pile guiding rollers, wherein each of the lower ring and upper ring comprises a ring base fixed to the pile holder frame and one or more movable jaws (58,59,62,63), e.g. two semi-circular jaws, each jaw being movable between a closed position, wherein the respective ring (55,60) forms a closed annulus, and an opened position, wherein the pile holder is provided, below the lower ring thereof, with a pile foot end support that is secured to the pile holder frame and that is configured to engage with the foot end of a pile in order to limit longitudinal movement of the pile, at least during upending of the pile, characterised in that: the support assembly is configured to provide compensation for motion of the vessel to maintain a predetermined X-Y location of the pile holder independent of the motion, e.g. wave and/or current induced motion, of the vessel.