Oslo and New York-listed wind turbine installation vessel owner Cadeler says it is ready for growth following its $1.2bn merger with Scorpio Group’s Eneti.
The BW Group-backed company’s deal created the world’s biggest WTIV owner in December, with four vessels operational and another seven on order.
Net profit for 2023 fell to €11.5m ($12.5m), from €35.5m in 2022, the shipowner said.
Revenue was up at €109m, compared with €106m the last year.
But costs rose by 20% to €60m, largely due to a €5m impairment on the sale of the main crane from the 161-loa Wind Orca (built 2012).
The company called the results “solid” as it continues with its plans to scale up the business.
The group now has a €1.5bn market capitalisation and a €1.8bn contract backlog, including options.
For 2024, Ebitda is forecast in the range of €105m to €125m. Revenue is expected to be between €225 and €245m.
The company said it had grown both organically and through the merger.
Cadeler scooped two major contracts with Orsted for the Hornsea 3 offshore wind farm, in North Sea off the UK, with a total value of between €500m and €700m.
This represents the biggest deal in Cadeler’s history.
Chief executive Mikkel Gleerup said: “I am pleased to see a solid result for 2023 where Cadeler has focused on strategic scale-up to prepare for the future.”
“We have now built a solid foundation along with the accumulation of a record-breaking backlog of orders in line with our promises to our investors,” he added.
While Europe continues to remain the focus of the current operations, Cadeler has also identified Asia as a region of interest — especially Taiwan and Korea.
“Cadeler’s strategy is to build a real pipeline of work in the region, rather than doing so on a project-by-project basis,” the company said.
The owner argued its cautious approach to the US proved to be correct so far, but it now holds a more optimistic view and will be involved in the US market this year.
“As a global company, Cadeler is continuously looking into other markets, such as South America,” it added.
Additional financing of about €450m will be required from 2025 for newbuilding payments.
