Offshore Installation Firm Cadeler Returns to Profit as Annual Revenue Triples

Credit: Cadeler
Credit: Cadeler

Offshore wind installation company Cadeler said its 2021 revenue had tripled compared to 2020. The Danish firm also said it had returned to profitability.

The revenue for 2021 totaled EUR 61 million, an increase of 212% against EUR 19.5 million in 2020. 

"The growth reflects an impressive 77% utilization rate of the vessels in the Cadeler fleet, at competitive market rates. The realized EBITDA amounted to EUR 28 million, compared to EUR -10 million in 2020," Cadeler, which has two next-gen offshore wind vessels on order, said.

For 2022, Cadeler said it expected significant improvements in key metrics. 

"Based on the current contract coverage, the financial performance for 2022 is expected to result in a revenue in the range of EUR 96-110 million and an EBITDA in the range of EUR 56 million to EUR 70 million," the company said.

Mikkel Gleerup, CEO of Cadeler, said: “We delivered the results that we promised our investors, maintaining a leading position in a fast-growing, increasingly complex industry. Over the past year, we secured all contracts we were aiming to win. We believe this to be a strong endorsement of our business strategy, our culture, and our track record of collaborating closely with clients”.

The company also said it had signed contracts that "will provide a steady, continuous flow of projects from 2022 to 2026."

"The strong contract pipeline amounts to a total value of EUR 409 million. Furthermore, the company is actively bidding on
tenders up to 2030, which will continue to strengthen the contract pipeline," Cadeler said.

Gleerup also touched upon the company's newbuild vessel program: "When our new vessels are operational, the Cadeler fleet will be
the largest in the industry in terms of loading capacity. Based on current projections, we will have approximately 35% of the global market’s capacity to install the next generation of wind turbines, which gives us an important competitive advantage."


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