Cadeler chief executive Mikkel Gleerup is not resting on his laurels after steering the $1.2bn merger with Scorpio Group’s Eneti safely into port.
“We actually had a plan already when we announced the business combination agreement between the two companies and we have followed that plan since,” he told TradeWinds.
The Danish company, backed by BW Group, is now the world’s biggest owner of wind turbine installation vessels after sealing the transaction in December.
“We see very strong progress on the integration, and we have announced a new organisation where we see people from both organisations in roles across all levels of the company, so I would say we are in a very good place,” Gleerup said.
“We are looking for a full integration and I think that is beneficial to both sides of the equation,” he added.
But Gleerup explained: “I think we are where we want to be, but integration is probably something that never ends.
“I think you’re working with culture. One should not too early say now we are done and now we can just move on, because I think that that would not be the right decision,” he continued.
“For us, it is a long-term thing and we will continue to work on it to ensure that we have one culture in safety, in people management, in happiness at work,” Gleerup said.
“It’s the Cadeler governance that will be guiding the future combined company going forward, but it is continued work and you have to continuously monitor where we want to be,” Gleerup added. “If we are not, then we have to make small tweaks along the road and we will continue to do that for the years ahead,” he told TradeWinds.
The Oslo and New York-listed shipowner said net profit for 2023 fell to €11.5m ($12.5m), from €35.5m in 2022, due to a crane sale impairment.
Revenue was up at €109m, compared with €106m the previous year.
“We believe that at the moment we are in good shape in terms of delivering what both our clients and investors can expect from us,” Gleerup said.
“It is a fast-growing industry and it would be wrong just to sit back and relax and say now we are where we should be,” he added.
