Cadeler sees increase in revenue

4C Offshore | Tom Russell
By: 24/08/2021 Cadeler A/S
Cadeler A/S, a supplier of installation services as well as marine and engineering operations in the offshore wind industry, has released its H1 2021 interim report, presenting a revenue of €32 million compared to €9 million over the same period of 2020. It also recorded €16 million EBITDAR, an increase of €21 million when compared to H1 2020.

The revenue increase has led Cadeler to adjust its 2021 revenue guidance from €56-€63 million to €59-€63 million.

"Even though Covid-19 has continued to affect our business operations, we have still managed to achieve our expectations for the first half of this year. This is primarily due to the fact that our clients are calling more options within their contracts combined with improved rates driven by a high demand for our services,"
CEO Mikkel Gleerup commented.

According to Cadeler, it managed to reduce its cost of sales by 20% compared to the same period last year. It attributed this to the absence of bareboat charges, as the company recently acquiring two wind farm installation vessels,  
Wind Orca and Wind Osprey.

Expenses related to Covid-19 and safety requirements combined with the recruitment of key staff are expected to lead to increased costs for Cadeler. The company adjusted its 2021 EBITDAR guidance to €26-€30 million, compared to €26-€33 million stated in the 2020 Annual Report.

"We are operating in a market of strong growth powered by the energy transition that we continuously seek to support. In order to meet the rising demands for capacity and capabilities, Cadeler has continued to make timely investments in our company for instance by recruiting more specialists in our field, ordering new cranes for both of our O-class vessels and ordering the two new X-class vessels,"
Mikkel Gleerup added.

Cadeler also completed a private placement completed earlier this year. The NOK 794 million proceeds contributed to the down payment on the two new X-class vessels which will be operational from 2024.