Cadeler Fleet Update and 2024 Q1 Results and BackLog Inline with Outlook – Heavy Lift News
28 May 2024

Cadeler Fleet Update and 2024 Q1 Results and BackLog Inline with Outlook

Today, 28 May, Cadeler A/S has published its First Quarter 2024 Earnings Release, showcasing results and backlog aligned with outlook, renewal of its O-class cranes on budget and on time, and confirmation of its continued expectation for the timely delivery of its first P-class vessel and the placement of an order to build a third state-of-the-art A-class vessel – the eleventh vessel in Cadeler’s fleet. With the continuing renewal and expansion of the industry’s largest fleet of jack-up offshore wind installation vessels, Cadeler is ready to meet the increasing growth in market demand.

Cadeler’s order book now stands €1.8 billion (options included at 100%). Their guidance for both revenue and EBITDA remains unchanged for 2024: revenue is expected to range between EUR 225 million and EUR 245 million and EBITDA is expected to be in the range of EUR 105 million to EUR 125 million, as disclosed in the Group’s Annual Report 2023. Cadeler’s outlook for 2024 reflects the growth journey that Cadeler is currently on, with significant investments made this year towards Cadeler’s long term growth potential.

Benefitting from strong and increasing demand in the offshore wind industry, Cadeler’s order book for 2024 is substantially filled. As of 28 May 2024, notable contracts signed during 2024 include:

  • On 20 February 2024, Cadeler signed a contract with Ørsted and PGE Polska Grupa Energetyczna for the transport and installation of 14MW wind turbines supplied by Siemens Gamesa.
  • On 27 March 2024, Cadeler signed a contract with a value between USD 75 million and USD 150 million for offshore wind turbine installation using its vessel, Wind Scylla, with an undisclosed client.
  • On 8 April 2024, Ørsted and Cadeler signed a firm long-term lease agreement for a new-built Wind Farm Installation Vessel. With the agreement, Ørsted has secured installation vessel capacity from Q1 2027 to the end of 2030 for upcoming construction projects.

Vessel Reservation Agreements (VRAs) are noted included in the contract backlog. Since 31 December 2023, VRAs have been signed with:

  • MFW Bałtyk II Sp. z.o.o. and MFW Bałtyk III Sp. Z.o.o., each a joint venture project owned 50% by Equinor and 50% by Polenergia. The aggregate potential value of the contracts to be negotiated during the pendency of the vessel reservation agreements is anticipated to fall within the range of EUR 110-130 million.
  • An undisclosed customer, for a term of up to four years. The aggregate potential value of the projects to be executed under this vessel reservation agreement is anticipated to fall within the range of EUR 400-700 million.

The 17% utilisation in Q1 2024, compared to 75% in Q1 2023, reflects the fact that three of the Group’s four operating vessels were undergoing scheduled drydock and maintenance during that period.

The full Q1 report can be found on Cadeler’s website on this link.

Fleet Update

The Cadeler fleet including all vessels currently ordered and being built:

  • Wind Orca
  • Wind Osprey
  • Wind Scylla
  • Wind Zaratan
  • Wind Peak            under construction
  • Wind Pace            under construction
  • Wind Ally              under construction
  • Wind Ace              under construction
  • Wind Apex           ordered 22 May 2024
  • Wind Maker         under construction
  • Wind Mover         under construction

The hybrid design of Cadeler’s A-class vessels offers Cadeler’s clients unique flexibility, as each A-class vessel can convert from being a foundation installation unit to a wind turbine generator installation vessel within a short period of time

 

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The Cadeler fleet including all vessels currently ordered and being built.

 

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