Cadeler has reported €28m in EBITDA in 2021 compared with €10m in 2020, achieving its guidance of €26-30m.
Revenue rose 212% to €61m in 2021 and the offshore wind vessels outfit has recorded a €409m order backlog, while outlook for 2022 looks promising.
The growth reflects a 77% utilisation rate of the vessels in the Cadeler fleet, at competitive market rates, it said.
For 2022, based on the current contract coverage, the financial performance for 2022 is expected to result in a revenue in the range of €96-110m and an EBITDA in the range of €56m to €70m.
Cadeler chief executive Mikkel Gleerup said: “We delivered the results that we promised our investors, maintaining a leading position in a fast-growing, increasingly complex industry.
“Over the past year, we secured all contracts we were aiming to win.
“We believe this to be a strong endorsement of our business strategy, our culture, and our track record of collaborating closely with clients.”
The company has signed contracts that will provide a steady, continuous flow of projects from 2022 to 2026.
The contract pipeline amounts to a total value of €409m.
The company is actively bidding on tenders up to 2030, which will continue to strengthen the contract pipeline.
Gleerup added: “Our order book for 2022 is full, and we have many high-profile projects in the pipeline. We have already embarked on the Seagreen project in the North Sea off the east coast of Scotland.
“And soon, work will begin on installing 11MW wind turbines on the Hollandse Kust Zuid project off the Netherlands – the first subsidy-free wind farm in the world and the largest in the world upon completion with the biggest and most powerful turbines ever installed on a commercial scale.”
In addition to the daily operations, the strategic focus is on growing and future-proofing the company by acquiring new equipment and recruiting qualified personnel.
This includes major investments in new cranes for the existing two vessels in 2023 and in 2024, and the building of two X-class vessels, which will enable Cadeler to support the largest offshore projects into the foreseeable future.
The two X-class vessels are expected to be delivered in the second half of 2024 and the first quarter of 2025 respectively.
Gleerup said: “When our new vessels are operational, the Cadeler fleet will be the largest in the industry in terms of loading capacity.
“Based on current projections, we will have approximately 35% of the global market’s capacity to install the next generation of wind turbines, which gives us an important competitive advantage.”
The first X-class vessel has been contracted by Siemens Gamesa.