Oslo-listed wind vessel player Cadeler has increased its earnings forecast for 2023 as it prepares to take over Scorpio Group’s Eneti in a $1.2bn deal.
The BW Group and Swire-backed owner said results in the second quarter were “good”, and that the market is experiencing high demand.
Net profit was €29m ($31.4m), up €19m from the same period in 2022, Cadeler said.
Revenue grew 57% to €68m, which is an increase of 57% from last year.
The revenue boost was partly offset by the increase in staff numbers, transaction costs and investments in vessel upgrades, the shipowner added.
“Market demand continues to be strong and in the first half of 2023, the company’s fleet achieved 100% utilisation,” Cadeler said.
“Market rates have been higher this year compared to last year and the gross margin for the first half of 2023 was 63%, compared to 46% for the same period last year,” the company added.
Ebitda for the whole of 2023 will be in the €36m to €44m range, higher than previously estimated.
About €5m of transaction expenses related to the Eneti takeover will be booked in 2023.
Another €5m in costs will be incurred by issuing shares in connection to the deal.
The merger is still expected to be completed in the fourth quarter.
More revenue expected
The revenue forecast has been raised to between €95m and €103m for the year, as clients declare more options in contracts.
Chief executive Mikkel Gleerup said: “New strategic partnerships have cemented our position as the preferred installation partner for the offshore wind industry.
“Through 2023, we have seen favourable macroeconomic trends and a political environment that promotes further expansion of the renewable energy sector, particularly within offshore wind,” he added.
Gleerup argued this has been accelerated by the war in Ukraine and the need to establish safe and clean energy sources to battle climate change and eliminate dependency on fossil fuels.
