In 2024, Cadeler has more than doubled its revenue to 249 million euros (approximately 1.86 billion kroner), an increase of 140 million euros (approximately 1.04 billion kroner) from the previous year. Cadeler writes this in a press release.
According to the company, the strong growth is due to a combination of high demand for the company's services, the merger with Eneti in December 2023 and successful project execution. However, the utilization rate was 66 percent, which is lower than the previous year. This is attributed, among other things, to main crane upgrades on the vessels Wind Orca and Wind Osprey as well as planned maintenance on Wind Scylla and Wind Zaratan.
Cadeler has a record high order backlog of 2.5 billion euros (approximately 18.7 billion kroner), including all contractual options.
- Cadeler is in a very strong position, delivering on our commitments while expanding our capabilities. Our versatile fleet, dedicated team and innovative approach continue to drive demand from customers seeking efficiency, flexibility and performance, says Cadeler CEO Mikkel Gleerup.
The company expects revenue in 2025 to be between 485 and 525 million euros (approximately 3.62 and 3.92 billion DKK).
Fleet expansion and new orders
In 2024, Cadeler continued its strategic fleet expansion, including upgrades to Wind Orca and Wind Osprey. In addition, the jack-up vessel Wind Peak was delivered on time and commissioned in Q3.
Cadeler also signed several major contracts in 2024, including an agreement with ScottishPower Renewables for the transport and installation of 64 offshore wind turbines on the East Anglia Two project. In addition, an agreement was signed with Inch Cape Offshore Ltd. for the installation of 72 turbines from 2026 and a long-term agreement with Ørsted for capacity from 2027 to 2030.
The company also secured financing through a private placement of EUR 152 million (approximately DKK 1.14 billion) and obtained more favorable loan terms for its vessels and newbuildings.
Operational highlights for 2024 included the installation of 60 x 14.7 MW Siemens Gamesa turbines on the Moray West project in Scotland, continued execution of Ørsted projects in Germany and the completion of the Yunlin project in Taiwan.
- Our record order backlog reflects our long-term strategy, where we take on increasingly complex and large-scale projects, says Mikkel Gleerup.
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