Cadeler’s earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 129% in 2022 to €64m, compared with €28m in 2021.
The revenue for 2022 totalled €106.4m, an increase of 74% against €60.9m in 2021.
The growth is primarily attributed to a high utilisation rate of 87% for Cadeler’s two O-class vessels while executing contracts at higher rates than those performed during the previous year.
Based on the current contract coverage and a planned crane upgrade commencing in Q4 2023, the financial performance for 2023 is expected to result in an EBITDA ranging between €32m to €42m.
The outlook for 2023 reflects the growth journey that the company is on to support an upgraded and expanding fleet as well as the strategic move into transport and installation (T&I) projects for foundation installation, which requires further strengthening of the team.
The contracts that the company has signed will provide a steady, continuous flow of projects from 2023 to 2031. This strong pipeline will deliver a total value of €780m, including 50% options.
CEO of Cadeler Mikkel Gleerup said: “This is the second year in a row where Cadeler has reached positive results, built a strong backlog, and delivered on projects in line with our promises to our investors.
“In addition, we have taken important steps that have moved our company to the next level.
“We moved at pace in 2022, building an even stronger organisation, recruiting talents on all levels of the organisation while adding three key profiles to the senior management team and laying the groundwork for a new T&I team.
“We have widened our business scope to also include transport and installation of foundations and we have secured important contracts that will keep our fleet busy for years to come.
“Furthermore, we have been successful in completing two private placements, bolstering our capital base for our two newly ordered F-class vessels.”
Gleerup said the 2023 order book is full until the two O-class vessels will undergo a planned crane upgrade after the summer, which will enable them to execute more complex projects in the future.
“We have signed many high-profile projects during the past years, and we plan to deliver them in time, so having future-proof assets is imperative for a successful execution,” he added
Cadeler’s two O-class vessels are currently installing 114 turbines as part of the Seagreen project in the North Sea off the east coast of Scotland as well as 140 turbines at the Hollandse Kust Zuid project off the Dutch coast, both of which will be finalised during 2023.
The next project waiting in line is the execution of the Hollandse Kust Nord project, which will be finalised in time for the crane upgrades planned to be executed in Rotterdam, from end Q4 2023 until Q1 2024.