On the occasion of the publication of the 2024 half-year financial report, Cadeler reports that the company achieved results in line with expectations and reached a record order backlog.
The world’s largest operator of offshore wind installation, operation and maintenance services also states that, in addition to progress in integrating the Eneti business, synergies have been achieved that exceed expectations.
In addition to Europe, Cadeler has also added projects in Asia and the USA to its order book.
The renewed O-Class cranes were delivered on time and within budget. Cadeler has also secured additional financing and commissioned the construction of a third A-Class vessel.
Cadeler has four offshore wind turbine installation vessels in operation, with a fifth vessel (Wind Peak) scheduled to enter service in the second half of the year. Wind Peak joined the fleet in August 2024 and, with a deck area of 5,600 m2, a payload of over 17,600 tonnes and a main crane capacity of over 2,500 tonnes at 53 metres, is specifically designed to meet the growing demand and increasing size, range and complexity of future wind farm projects.
The vessel has already been commissioned by Siemens Gamesa to transport and install 100 14-megawatt wind turbines in the North Sea for RWE’s Sofia project, located 195 kilometers off the northeast coast of Great Britain.
With six newbuildings under construction, Cadeler’s order book now stands at €1.9 billion ($2.1 billion) (including 100% options), an increase of over €500 million compared to the first half of 2023.
With the completion of major crane upgrades on Wind Orca and Wind Osprey and the ongoing renewal and expansion of its fleet, Cadeler says it is ready to meet increasing market demand.
Mikkel Gleerup, CEO of Cadeler, said: “In an industry accustomed to delays and budget constraints, Cadeler has always achieved what it sets out to achieve. In the first half of 2024, key maintenance and crane upgrade projects were completed on time and within budget. With four vessels now fully operational and a fifth about to start work, Cadeler is well positioned for further growth. The growing demand in our market is evidenced by our record high order book. Securing additional financing and officially ordering our third A-class vessel are important milestones that I am very proud of.”
Cadeler’s forecast for sales and EBITDA remains unchanged for 2024: sales are expected to be between EUR 225 and 245 million and EBITDA in the range of EUR 105 to 125 million.
For the first half of 2024, the Group reported a profit of EUR 153,000, a decrease of EUR 29 million compared to the profit of EUR 30 million achieved in the same period in 2023. The result is mainly due to lower gross profit, with a decrease in vessel utilization as three of the Group’s four operational vessels were in dry dock as scheduled during the first quarter of 2024, carrying out crane upgrades and maintenance, as well as an increase in the number of employees and vessel depreciation.
The Company states that the outlook for the offshore wind sector and Cadeler remains positive through 2024 due to favorable macroeconomic trends and unprecedented political momentum globally. Policies such as the EU Offshore Renewable Energy Strategy and increased efforts by other governments will accelerate the deployment of wind energy to meet climate goals. Europe in particular will remain the driver of offshore wind energy and is expected to experience significant growth, while new regions are also poised for market expansion. Despite continued volatility in inflation and interest costs, the outlook for Cadeler is expected to remain unchanged through 2024, underscoring the Company’s resilience.
