Cadeler has had a good start to 2022, but delays outside its control could affect its second-half results (source: Cadeler)
Cadeler has published an interim report for the first half of 2022 that is in line with guidance presented at the beginning of the year
Revenue for the period was €43M (US$43M), an increase of 33% compared with the same period last year. EBITDA was €23M, a €7M increase compared with H1 2021.
Cadeler chief executive Mikkel Gleerup said, “In the first half of 2022, we delivered results in line with our expectations and took significant steps towards cementing our position in the fast-growing offshore wind installation market.
“We have seen a substantial growth in revenue compared with 2021, which is due to high operational performance and increased rates.”
However, guidance for the rest of the year has been reduced due to upstream delays. Revenue is expected to range between €96M and €106M. EBITDA guidance has narrowed and is now expected to be within the range of €56M to €65M.
Mr Gleerup continued, “We have narrowed our guidance due to upstream delays in projects, which has led to rephasing revenue into 2023. Our own operational performance has met or exceeded contractual expectations and hence our total revenue on current projects will exceed the original contracted values.”
The company said its fleet continues to be in demand and capacity is fully booked until 2026. The company’s order backlog is €547M.
“Demand for our services continues to be very strong,” said Mr Gleerup, “and with the support of our customers, we now have a contract pipeline covering our vessels until the end of 2026.
“So far this year, we have secured a number of large-scale agreements, affirming our ability to offer a combination of vessels and capabilities that meet market needs.
“We have three best-in-class vessels on order, in addition to enhancements planned for our current units. This will enable us to install turbines and foundations even as they grow in size and scale.”
Cadeler has recently secured three of the most significant agreements in its history. This included an agreement with ScottishPower Renewables for the East Anglia Hub, which is the largest Cadeler has secured in terms of size and scale, with an estimated value of €90M to €225M.
The company also completed a private placement of €85M to add a newbuild vessel to its fleet.
The funds have been used as a down payment for the first of the company’s new F-class vessels, which will be constructed by Cosco Heavy Industries, the same shipyard that is currently building Cadeler’s X-class vessels.
The hybrid F-class will enable Cadeler to target the evolving segment for foundation installation.
The new vessel will be used to install foundations at the Hornsea Three site owned by Ørsted. The contract also contains a commitment to develop the vessel hire agreement into a transport and installation contract for the entire foundation scope, widening the group’s involvement in the project.
Construction of the three newbuilds is running according to schedule and they are due to be delivered 2024-2025.
