Offshore installation contractor Cadeler has posted its preliminary financial results for 2024, with revenue up 128 percent on 2023 and EBITDA up 200 percent.
Cadeler’s preliminary results suggest that actual revenue for 2024 amounted to EUR249 million (USD268.9 million), an increase of EUR140 million (USD151.2 million) over 2023 figures. EBITDA jumped from EUR42 million (USD45.4 million) in 2023 to EUR126 million (USD136.1 million) in 2024.
The Denmark-based contractor puts its uptick in both metrics down to a successful business collaboration with Eneti – a deal that was completed in December 2023 and brought additions to the company’s fleet – along with overall success in project execution, including Wind Peak arriving in Europe and beginning operations in Q4 2024.
These results come against the backdrop of a 66 percent reduced utilisation rate due to main crane upgrades on both Wind Orca and Wind Osprey, along with planned maintenance on Wind Scylla and Wind Zaratan prior to commencing their respective installation operations.
For 2025, Cadeler projects a revenue of between EUR485 million (USD523.8 million) and EUR525 million (USD567 million) and EBITDA in the range of EUR278 million (USD300.2 million) to EUR318 million (USD343.4 million).
Cadeler has added a seventh vessel to its wind turbine installation fleet by taking delivery of Wind Pace. Earlier this month, a naming ceremony was held at the COSCO Shipping Heavy Industry shipyard in Qidong, China, where the vessel was built.
Wind Pace will initially be deployed in the USA under a contract from Q2 2025 to Q1 2026, where it will support a project at an offshore wind farm in the region. Part of Cadeler’s P-class fleet, the vessel is capable of transporting and installing up to seven complete 15 MW turbine sets per load or five 20+ MW turbines, improving time, cost, and energy efficiency.
Both Wind Peak and its sister vessel, Wind Pace, have a deck space of 5,600 sq m, a payload capacity of over 17,600 tonnes, and a main crane capable of lifting 2,600 tonnes at 47 m.
Last month, Cadeler signed a vessel reservation agreement (VRA) with Ocean Winds.
