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Windtech International May June 2024 issue

 

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Cadeler has published its annual report for 2022. The revenue for 2022 totalled EUR 106.4 million, an increase of 74 % against EUR 60.9 million in 2021. The growth is primarily attributed to an utilisation rate of 87% for the two O-class vessels while executing contracts at higher rates than those performed during the previous year.
 
The realised EBITDA for 2022 reached an increase of 129% compared to 2021, amounting to EUR 63.9 million and in line with the guidance of EUR 60-69 million. Based on the current contract coverage and a planned crane upgrade commencing in Q4/2023, the financial performance for 2023 is expected to result in a revenue in the range of EUR 84 to EUR 94 million and an EBITDA ranging between EUR 32 million to EUR 42 million.
 
During 2022, Cadeler has signed several large-scale contracts with key customers that will provide an uninterrupted flow of projects until 2031. Furthermore, Cadeler is actively bidding on tenders beyond 2031. The current pipeline has a total value of EUR 780 million including 50% options.
 
Cadeler’s two O-class vessels are currently installing 114 Wind Turbine Generators (WTGs) as part of the Seagreen project in the North Sea off the east coast of Scotland as well as 140 WTGs at the Hollandse Kust Zuid project off the Dutch coast, both of which will be finalised during 2023. The next project waiting in line is the execution of the Hollandse Kust Noord project, which will be finalized in time for the crane upgrades planned to be executed in Rotterdam, NL from end Q4/2023 until Q1/2024.
 
In 2022 the Company made the strategic decision to expand horizontally by adding the transport and installation (T&I) of foundations to the existing business scope. This has also led to the ordering of two new F-class foundation installation vessels, designed with flexibility to perform both foundation work as well as transport and installation of wind turbines.
 
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