Cadeler has reported a slight increase in earnings for the first half of 2022, compared with the same period in 2021, in line with guidance presented in the beginning of the year.
Earnings before interest, tax depreciation and amortisation (EBITDA) saw a €7m increase to €23m in the reporting period, against the first half of 2021.
Revenue for the period totalled €43m, an increase of 33% compared to the same period last year.
Mikkel Gleerup, CEO of Cadeler, said: “In the first half of 2022, we delivered results in line with our expectations and took significant steps towards cementing our leading position in the fast-growing offshore wind installation market.
“We have seen a substantial growth in revenue compared to 2021, which is due to the high operational performance and increased rates.”
Looking ahead, the guidance for the rest of the year has been narrowed due to upstream delays and revenue is expected to range between €96-106m.
EBITDA guidance has also been narrowed and is now expected to be within the range of €56-65m, due to upstream delays in current projects, which has led to rephasing of revenue into 2023, said Gleerup.
“Our own operational performance has met or exceeded contractual expectations and hence our total revenue on current projects will exceed the original contracted values,” he said.
The company’s fleet continues to be in high demand and the capacity is fully booked until 2026. The order backlog currently amounts to €547m.
This summer, Cadeler secured three of the most significant agreements in its history.
The agreement with ScottishPower Renewables at the East Anglia Hub offshore wind farm is the largest Cadeler has ever had in terms of size and scale, with an estimated value of €90-225m.
Another agreement is with Baltic Power for installation of turbines in the Polish Baltic Sea, which is Cadeler’s first project in Poland.
To meet demand for turbine foundation installations, Cadeler has completed a private placement of E85m with the intent to add one more newbuild vessel to its fleet.
The amount has been used for down payment for the first new F-class vessel, which will be constructed by Cosco Heavy Industries, the same shipyard that is currently building Cadeler’s two X-class vessels.
The new hybrid vessel will be used for installation of foundations at the Hornsea 3 site owned by Ørsted.
The contract also contains a mutual commitment to develop the vessel hire agreement into a transportation and installation (T&I) contract for the entire foundation scope, widening the Cadeler’s involvement in the project.
Construction of the three newbuilds is running according to plan and expect to be delivered during 2024-2025.