Cadeler's backlog is growing but the company's results are dragged down by dry dockings.
The world’s biggest owner of wind turbine installation vessels saw its orderbook increase to a record €1.925bn ($2.1bn) at the end of the first half of this year.
Chief executive Mikkel Glerup said: “The growing demand in our market is evidenced by our record-high order backlog. Securing additional financing, and placing the official order for our third A-Class vessel, are significant milestones of which I am very proud.”
Of the total backlog, 86% relates to projects for which the counterparty has taken a positive final investment decision.
Revenue was €82m in the first half compared with €68m in the same period last year.
Net profit plunged to €153,000 from €30m.
“The group’s result was principally driven by lower gross profit, with a decrease in vessel utilization as three out of the Group’s four operating vessels were undergoing scheduled drydock, crane upgrades and maintenance during the first quarter of 2024, and an increase in headcount and vessel depreciation,” the report said.
Utilisation was 47% compared with 75% in the first half of 2023.
Cadeler’s newest vessel, the Wind Peak, joined the fleet in August as the firm’s fifth vessel on the water.
Wind Peak is the first of seven new builds to be joining Cadeler’s fleet in the coming years.
“The first half of 2024 saw key maintenance and crane upgrade projects completed on time and within budget, and with four vessels now fully operational and a fifth set to commence work, Cadeler is well-positioned for continued growth,” Gleerup said.
The vessel has already been contracted by Siemens Gamesa for the transportation and installation of 100 14-megawatt wind turbines in the North Sea for the Sofia Project.
Cadeler’s guidance for both revenue and Ebitda remains unchanged for 2024.
Revenue is expected to range from €225m to €245m. Ebitda is expected to be between €105m and €125m.
“Throughout 2024, the outlook for the offshore wind energy sector and Cadeler remain positive due to favorable macroeconomic trends and unprecedented policy momentum globally,” the company said.
According to Cadeler, especially Europe will remain the driver of offshore wind and is expected to experience substantial growth, while new regions are also poised for market expansion.
