Cadeler has reported an increase in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) to €44m in the first half of 2023, compared with €21m in the same period in 2022.
Revenue rose by 57% in the period to €68m.
Profit for the half is €29m, which is €19m higher than the same period in 2022, mainly driven by the growth in revenue, partly offset by the increase in headcount, transaction costs and investments in vessel upgrades.
The positive result exceeds the guidance projected for the fiscal year 2023, Cadeler said in its interim financial report 2023.
EBITDA for first half 2023 was €42m, compared with €30m in the same period in 2022.
Market demand continues to be strong and in the first half of 2023, the company’s fleet achieved 100% utilisation.
Market rates have been higher this year compared to last year and the gross margin for the first half of 2023 was 63%, compared to 46% for the same period last year.
Cadeler chief executive Mikkel Gleerup said: “In the first half of 2023, we delivered good financial results with earnings exceeding our expectations.
“New strategic partnerships have cemented our position as the preferred installation partner for the offshore wind industry, and revenue and EBITDA guidance for 2023 is being increased.
“Growth has further intensified, and we have achieved a 100% vessel utilisation rate.
“We have seen strong market demand for our services and favourable macroeconomic trends within offshore wind.”
In June, Cadeler entered into a business combination agreement with Eneti.
Cadeler, as the continuing company, will be listed on both the New York Stock Exchange (NYSE) and the Oslo Stock Exchange (OSE).
This will enable the company to pursue larger and more complex projects in the offshore wind industry.
The combined group will operate four existing vessels, with six newbuilds scheduled for delivery from 2024 to 2026.
Gleerup added: “Our strategic partnership with Eneti has cemented our position as the preferred partner for the offshore wind industry.
“The agreement will offer our customers access to the industry’s largest, most diverse, and modern fleet of next-generation offshore wind farm installation vessels.”
Cadeler has increased revenue guidance for 2023, expected to be between €95m-€103m, which is due to clients calling more options within the contracts.
Guidance for adjusted EBITDA is expected to be within the range of €41m-€49m.