Cadeler has reported a loss of €21m for the first quarter of 2024, €23m lower than the €2m profit earned in the comparative period in 2023.
The result was principally driven by the fact that three of Cadeler’s four operating vessels were undergoing scheduled drydock and maintenance during the first quarter of 2024 resulting in a combined 17% utilisation in first quarter, compared to 75% in 2023.
Both Wind Orca and Wind Osprey underwent crane renewals during the period in 2024 that were delivered on budget and on time, while Wind Zaratan underwent scheduled maintenance.
Cadeler chief executive Mikkel Gleerup said: ”Our results for the first quarter of 2024 reflect the closing of important orders and a strategic focus on renewing and expanding our fleet.
“We have prepared for increasing demand with the expansion of the offshore wind industry globally, as well as the growth in size and capacity of offshore wind turbines.
“Our focus this quarter has been on delivering the renewal of our O-class cranes on budget and on time, ensuring that our P-class new builds will be delivered on time and securing the investment needed to order our third state-of-the-art A-class wind farm installation vessel: our seventh new build and eleventh vessel.
“We’re now ready to meet a fast-growing and dynamic market demand – in line with the promises we have made to our investors.”