diff --git a/README.rst b/README.rst
index f4a3c2c8..b3c7c4a4 100644
--- a/README.rst
+++ b/README.rst
@@ -4,7 +4,7 @@ ORBIT
 Offshore Renewables Balance of system and Installation Tool
 
 
-:Version: 0.4.3
+:Version: 0.5.0
 :Authors: `Jake Nunemaker <https://www.linkedin.com/in/jake-nunemaker/>`_, `Matt Shields <https://www.linkedin.com/in/matt-shields-834a6b66/>`_, `Rob Hammond <https://www.linkedin.com/in/rob-hammond-33583756/>`_
 :Documentation: `ORBIT Read the Docs <https://orbit-nrel.readthedocs.io/en/latest/>`_
 
diff --git a/docs/source/changelog.rst b/docs/source/changelog.rst
index ce321f98..245081e2 100644
--- a/docs/source/changelog.rst
+++ b/docs/source/changelog.rst
@@ -3,6 +3,17 @@
 ORBIT Changelog
 ===============
 
+0.5.0
+-----
+
+- Initial release of floating substructure functionality in ORBIT.
+- New design modules: ``MooringSystemDesign``, ``SparDesign`` and
+  ``SemiSubmersibleDesign``.
+- New installation modules: ``MooringSystemInstallation`` and
+  ``MooredSubInstallation``
+- Cable design and installation modules modified to calculate catenary lengths
+  of suspended cable at depths greater than 60m.
+
 0.4.3
 -----