Cadeler has reported €153,000 in profit for the first half of 2024, a decrease of €29m, compared with €30m, in the same period in 2023.
Decreased vessel utilisation is behind the reduced profit.
Three out of the group’s four operating vessels were undergoing scheduled drydock, crane upgrades and maintenance during the first quarter of 2024.
An increase in headcount and vessel depreciation also contributed to the results.
For the first half of 2024 Cadeler also reported €22m in earnings before interest, depreciation and amortisation (EBITDA), a decrease of €20m compared with €42m in EBITDA for the same period in 2023.
In addition to progress on the integration of the Eneti business following the completion of Cadeler’s acquisition of Eneti in December 2023, it 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 A-class vessel.
Cadeler owns one of the offshore wind 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 €1.9bn (options included at 100%), an increase of over €500m compared to the first half of 2023.
Cadeler chief executive Mikkel Gleerup said: “I am pleased to report that, once again, our results align with expectations, demonstrating our strategic focus on fleet modernisation 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.”
Cadeler’s guidance for both revenue and EBITDA remains unchanged for 2024, with revenue expected to range between €225m and €245m and EBITDA is expected to be in the range of €105m to €125m.