Business is going well at the Danish shipping company Cadeler, which mainly works with installation services in the offshore wind industry. The company has thus experienced an increase in revenue in 2021 of a whopping 212 percent to 61 million euros (453.78 million kroner)
The increase in revenue has resulted in a profit of 28 million euros (208 million kroner), which met Cadeler's expectations, but the profit shows that there is progress to be made. 2020 thus featured a deficit of 10 million euros, the company states in a press release.
- We delivered the results we promised our investors and have maintained a leading position in a rapidly growing and increasingly complex sector. Over the past year, we have secured the contacts we aimed to win. We see this as a clear endorsement of our business strategy, says Mikkel Gleerup, CEO of Cadeler.
Large order book
The future also looks bright for the company, which can note an order backlog of 409 million euros (approximately three billion kroner), which is the largest order book in the company's history.
Based on the current contract scope, Cadeler expects revenue in the range of 96-110 million euros and an EBITDA in the range of 56 to 70 million euros in 2022.
- Our order book for 2022 is full, and we have many high-profile projects in the pipeline. We have already started the Seagreen project in the North Sea off the east coast of Scotland. And soon work will begin on installing 11 MW of wind turbines for the Kust Zuid project off the Netherlands – the first subsidy-free wind farm in the world, says Mikkel Gleerup.
To keep up with the growth, Cadeler plans to invest in, among other things, crane upgrades on ships, just as two new X-class ships worth 548 million euros will join the company's fleet in late 2024 and early 2025.
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