Cadeler has reported an annual revenue of €20m in 2020, compared with €38m in 2019, with an “unprecedented” €310m order backlog positioning it for a 2021 revenue increase of €56-63m.
Revenue for 2020 was impacted by upgrades to the fleet which lowered short-term operational capacity, but with the whole fleet again fully operational, Cadeler said it expects a “significantly increased” revenue for 2021.
Chief executive Mikkel Gleerup said: “We are operating in a rapidly growing market and by virtue of our successful IPO and subsequent substantial fleet upgrades, Cadeler is poised to deliver strong growth in 2021.
“The past year was an unprecedented one in many ways, but our strategic vision and the outstanding efforts of our crew and staff ensures that we are ready to deliver our best-in-class offshore services at a much greater volume.”
In June 2020, Cadeler completed the installation of a new crane boom on the vessel Wind Osprey.
The boom, with a 132-meter hook height above deck, was installed on schedule and at a lower cost than anticipated. With Wind Osprey again fully operational, Cadeler is even better placed to meet the demands of clients.
Gleerup said: “We are set for a year with greater utilisation of our fully operational fleet. We have contracted higher yielding projects that will lead to much greater profitability and revenue.
“However, we have only seen the beginning of Cadeler’s long-term growth trajectory fuelled by a historically strong backlog over €310m. I have never been more excited about Cadeler’s prospects.”
He added: “As a company, we came into 2021 with a tailwind, and many of our strategic focus areas in 2020 will no doubt prove valuable in years to come.
“Today, we are backed by strong shareholders who share our belief that societies of tomorrow will be powered largely by renewable energy.
“As such, the market for our services is growing rapidly, and, with our upgrades to the current fleet and planned new-built X-class vessel, we are very well positioned to grow even further in the coming years.”