Cadeler’s Interim Financial Report 2024 Confirms Expectations and Record High Order Book at €1,925 million

Cadeler A/S  has published the group’s Interim Financial Report for the first half of 2024, showcasing results in line with guidance and a record order backlog.

In addition to progress on the integration of the Eneti business following the completion of Cadeler’s acquisition of Eneti Inc. in December 2023, achieving synergies above expectations, Cadeler has added projects in Asia and the US – as well as Europe – to its order book. The renewed O-class cranes were delivered on time and on budget.

Cadeler has also secured additional financing and placed an order to build a third state-of-the-art A-class vessel.

Cadeler owns and operates the industry’s largest and most versatile fleet of jack-up offshore wind installation vessels, with four vessels in operation, a fifth vessel (the Wind Peak) delivered on time and on budget earlier this month and expected to commence operations in the second half of this year, and six newbuilds under construction. Cadeler’s order book now stands at EUR 1.9 billion (options included at 100%), an increase of over EUR 500 million compared to H1 2023.

Mikkel Gleerup, CEO of Cadeler, said: “I am pleased to report that, once again, our results align with expectations, demonstrating our strategic focus on fleet modernization and expansion in sync with growing customer demand and project complexity. In an industry accustomed to delays and budget constraints, Cadeler has consistently achieved what it has said it will achieve. The first half of 2024 saw key maintenance and crane upgrade projects completed on time and within budget, and with four vessels now fully operational and a fifth set to commence work, Cadeler is well-positioned for continued growth. The growing demand in our market is evidenced by our record-high order backlog. Securing additional financing, and placing the official order for our third A-Class vessel, are significant milestones of which I am very proud.”

The Group’s revenue in the first half year of 2024 was EUR 82 million, which is an increase of EUR 14 million compared to revenue of EUR 68 million in H1 2023. This performance aligns with the revenue range projected for the fiscal year 2024, as disclosed in the Group’s Annual Report 2023. Each of the Group’s 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.

Source