Cadeler profits fall but orderbook soars

The group attributed the sharp decline to decreased vessel utilisation. Three out of its four operating vessels have undergone scheduled drydock, crane upgrades and maintenance. Other contributing factors were an increase in headcount and vessel depreciation.

For H1 2024, the group’s EBITDA stood at EUR22 million (USD24.4 million), a decrease of EUR 20 million (USD22.2 million) compared to the same period in 2023. Cadeler’s revenue for H1 2024 was EUR82 million (USD90.9 million), an increase of EUR14million (USD15.5 million) over H1 2023.

The second half of the year is shaping up to be strong for the company. Each of its vessels on the water, other than the Wind Peak (delivery of which was taken on schedule in August 2024), are expected to be on hire for the remainder of 2024. Cadeler’s guidance for both revenue and EBITDA remains unchanged for 2024: revenue is expected to range between EUR225-245 million (USD249.6-271.9 million) and EBITDA is expected to be in the range of EUR105-125 million (USD116.5-138.7 million).

The company’s fleet modernisation continues with the delivery of its fifth jack-up vessel, Wind Peak, and the renewal of its O-class cranes. It also secured financing and ordered a third A-class vessel. The company said that it is realising synergies as its integrates Eneti, acquired in December 2023. Cadeler also expanded its project portfolio in Asia, the USA and Europe. Its orderbook now stands at EUR1.9 billion (USD2.1 billion), an increase of over EUR500 million (USD554.6 million) compared to H1 2023.

Mikkel Gleerup, Cadeler ceo, expressed confidence in the company’s strategic direction, highlighting the positive market outlook for offshore wind energy.

Cadeler owns and operates a large fleet of jack-up offshore wind installation vessels, with four in operation.

These results follow Kongsberg Maritime securing a contract from COSCO Shipping Heavy Industry to supply the complete electrical, automation and propulsion system for its latest wind turbine installation vessel. The jack-up vessel is currently under construction for Cadeler by COSCO.

The GUSTO NG-20000X design will be the third A-class vessel to join the Cadeler fleet, with a deck space of 5,600 sq m and a payload of over 17,600 tonnes.

Kongsberg Maritime landed a USD33 million contract to provide the complete electrical, automation and propulsion system. The package comprises four main propulsion thrusters, two retractable azimuth thrusters and two tunnel thrusters.

Cadeler already has two P-class, two M-class and three A-class vessels under construction, the last of which is due for delivery in the second half of 2027.

Gleerup said: “With the growing need for efficient offshore wind farms to support global sustainability goals, there is a demand for larger turbines and more advanced vessels to install them.”