BW-backed Cadeler is expecting higher profits for 2024 as its contract backlog grows.
The Copenhagen-based owner of the world’s biggest wind turbine installation vessel fleet said growth continued in the third quarter, with Ebitda of €48m ($50.3m) up from €8m a year ago.
Cadeler did not give a net figure for the period, but nine-month net earnings were €27.8m, down from €30.2m in 2023.
Revenue jumped to €81m, compared to €23m earned in the comparative period in 2023.
The vessel charter backlog is approaching €2.4bn, underscoring consistently strong market demand, the company added.
This has risen by €478m from 30 June, with several substantial orders.
Cadeler now has five vessels in operation with six newbuildings still to come.
Utilisation was 86.5%, impacted by keeping ships available for more flexible deployments to clients with “acute needs” of Cadeler’s services.
Vessel use will now be higher as a result of the group having secured contracts for the provision of operations and maintenance services between installation projects.
Chief executive Mikkel Gleerup said: “We continue to meet our ambitious 2024 targets, reaffirming our guidance for the year while showcasing a record-breaking order backlog exceeding €2.3bn.”
UK offshore wind a pillar of decarbonisation
“Demand remains strong, particularly in Asia and Europe, with the UK reinforcing offshore wind as a pillar of decarbonisation,” he added.
Guidance has been increased for the full year.
Ebitda has been narrowed to the upper range of previous estimates and is now forecast to be between €115m and €125m.
Revenue will grow further and is expected to come in between €243m and €253m.
The group’s total assets amounted to €1.8bn at 30 September, up 46% as one more WTIV was delivered in China.
