Cadeler returned to profitability in the first half of 2021 after banking earnings of €16m, €21m up on the same period last year.
The offshore wind installation firm reported revenues of €32m compared to €9m over the same period of 2020.
The revenue increase has led Cadeler to adjust its 2021 revenue guidance from €56-€63m to €59-€63m.
Chief executive Mikkel Gleerup said: “Even though Covid-19 has continued to affect our business operations, we have still managed to achieve our expectations for the first half of this year.
“This is primarily due to the fact that our clients are calling more options within their contracts combined with improved rates driven by a high demand for our services.”
Cadeler has managed to reduce its cost of sales by 20% compared to the same period last year.
The cost reduction is mainly caused by the absence of bareboat charges, as the company recently acquired its two wind farm installation vessels, named the Wind Orca and Wind Osprey, which are now fully owned by Cadeler.
Expenses related to Covid-19 and safety requirements combined with accelerated investments in the planned organisational development including recruitment of key staff to ensure a strong level of support for daily operations and new key projects have been the reason for an increase in costs.
The company has therefore adjusted its 2021 EBITDAR guidance to €26-€30m, compared to €26-€33m stated in the 2020 Annual Report.
Gleerup added: “We are operating in a market of strong growth powered by the energy transition that we continuously seek to support.
“In order to meet the rising demands for capacity and capabilities, Cadeler has continued to make timely investments in our company for instance by recruiting more specialists in our field, ordering new cranes for both of our O-class vessels and ordering the two new X-class vessels.”
He said that Cadeler currently has a steady flow of projects in its pipeline and that they are also working on securing several new projects.
Cadeler strengthened its financial position with a private placement completed earlier this year.
The NOK 794m (€76m) proceeds of the private placement contributed to the down payment on the two new X-class vessels, thus growing the Cadeler fleet significantly from 2024.
Meanwhile, NOV has signed a contract with COSCO SHIPPING Heavy Industry and Cadeler to supply two GustoMSC NG-20000X self-propelled wind turbine installation jack-up vessel designs, which will be known as the Cadeler X-Class.
The Cadeler X-Class is designed with 5,600 m2 of deck space and a carrying capacity of more than 17,600 tons, the largest in the industry.
This new hybrid, DNV-certified, cyber-secure jack-up vessel is designed to transport and install seven complete 15MW turbine sets or five sets of 20-plusMW turbines, a significant upgrade from prior designs.
This expanded carrying capacity will reduce the number of vessel trips required per development and accelerate installation speed, thereby improving project economics while reducing the total carbon footprint of the installation process.