Offshore installation contractor Cadeler saw revenue in the first six months of 2023 hit EUR68 million (USD73.5 million), an increase of 57 percent against the same period last year.

Cadeler-installing-Siemens-Gamesa-11MW-turbines-in-Holland,-2023

Adjusted EBITDA for the first half of 2023 was EUR44 million (USD47.6 million), which is a EUR21 million (USD22.7 million) increase compared to the same period last year. 

Market demand, Cadeler added, continues to be strong and in the first half of 2023 the company’s fleet achieved 100 percent utilisation. Market rates, meanwhile, have been higher this year compared to last year.

Mikkel Gleerup, ceo at Cadeler, said: “In the first half of 2023, we delivered good financial results with earnings exceeding our expectations. New strategic partnerships have cemented our position as the preferred installation partner for the offshore wind industry, and revenue and EBITDA guidance for 2023 is being increased…We have seen strong market demand for our services and favourable macroeconomic trends within offshore wind.”

In June, Cadeler entered into a business combination agreement with Eneti. This, Cadeler said, will position the company as a robust player in the market, enabling the company to pursue larger and more complex projects in the offshore wind industry. The combined group will operate four existing vessels, with six newbuilds scheduled for delivery from 2024 to 2026.  

Gleerup said: ”Our strategic partnership with Eneti has cemented our position as the preferred partner for the offshore wind industry. The agreement will offer our customers access to the industry’s largest, most diverse, and modern fleet of next-generation offshore wind farm installation vessels.”

Throughout 2023, the company has witnessed favourable macroeconomic trends and a political environment promoting further expansion of the renewable energy sector, particularly within offshore wind. 

Contracts signed in the past year include two major contracts with Ørsted for the Hornsea 3 offshore wind farm and a contract with Siemens Gamesa to install 26 wind turbine generators at the Aflandshage wind farm in Denmark in 2026. 

 

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