Copenhagen-based Cadeler A/S, an offshore wind turbine transportation and installation specialist, reported strong third quarter results backed by solid client demand and high utilisation of its growing, modern and flexible fleet.
The company said its total revenue for the quarter stood at €81m (euros), versus €23m earned in the comparative period in 2023. Ebitda for the third quarter of 2024 rose to €48m, compared to €8m in the same period of 2023.
Cadeler increased its 2024 revenue guidance, now expecting full-year revenue to fall within the range of €243m to €253m. It also expects full-year Ebitda to range between €115m and €125m (euros).
The company in the third quarter welcomed the Wind Peak, the latest addition to its fleet. Delivered on time and within budget, Wind Peak was promptly deployed for its first project in Europe.
The Group’s revenue in the first nine months of 2024 was €163m, an increase of €72m compared to a revenue of €91m for the comparative period in 2023.
Furthermore, the Group’s Ebitda reflected a €70m profit for the first nine months of 2024, an increase of €21m compared to an Ebitda of €49m for the same period in 2023.
The order book stands at EUR 2,386 million, having increased by EUR 478 million from 30 June 2024 with several substantial orders signed, including firm contracts with the offshore wind farms Bałtyk 2 and Bałtyk 3 (EUR 120-144m) and contracts for the transportation and installation of 64 x 15MW offshore wind turbine generators as well as the foundations for the East Anglia TWO Offshore Wind Farm (EUR 360-382m).
Mikkel Gleerup, CEO of Cadeler, said: “We continue to meet our ambitious 2024 targets, reaffirming our guidance for the year while showcasing a record-breaking order backlog exceeding EUR 2.3 billion.
“Demand remains strong, particularly in Asia and Europe, with the UK reinforcing offshore wind as a pillar of decarbonisation. Cadeler is proud to play a central role in key UK projects, including East Anglia Two, awarded in Q3—our second full-service T&I project following Hornsea 3.
“Q3 also marked a milestone with the delivery of Wind Peak, a cutting-edge vessel completed on time and within budget. Her early arrival in Europe allowed us to deploy her on a short-term contract before she commences work next year on the Sofia project for Siemens Gamesa and RWE.”
