29 Mar 2022

Cadeler publishes its 2021 Annual Report, which shows an increase in revenue of 212%, EBITDA of EUR 28 million and a EUR 409 million order backlog, while outlook for 2022 looks promising.

Today, Cadeler A/S (The Company or Cadeler) published its annual report for 2021, stating that the Company has tripled its revenue during the past year and has returned to profitability.

The revenue for 2021 totaled EUR 61 million, an increase of 212% against EUR 19.5 million in 2020. The growth reflects an impressive 77% utilization rate of the vessels in the Cadeler fleet, at competitive market rates.

The realized EBITDA amounted to EUR 28 million, compared to EUR -10 million in 2020. The 2021 expected EBITDA was EUR 26-30 million.

For 2022, Cadeler expects significant improvements on key metrics. Based on the current contract coverage, the financial performance for 2022 is expected to result in a revenue in the range of EUR 96-110 million and an EBITDA in the range of EUR 56 million to EUR 70 million.

Mikkel Gleerup, CEO of Cadeler, says: “We delivered the results that we promised our investors, maintaining a leading position in a fast-growing, increasingly complex industry. Over the past year, we secured all contracts we were aiming to win. We believe this to be a strong endorsement of our business strategy, our culture, and our track record of collaborating closely with clients”.

The Company has signed contracts that will provide a steady, continuous flow of projects from 2022 to 2026. The strong contract pipeline amounts to a total value of EUR 409 million. Furthermore, the company is actively bidding on tenders up to 2030, which will continue to strengthen the contract pipeline.

Promising Outlook for 2022

The year 2022 promises to be another very busy period, according to Mikkel Gleerup.

“Our order book for 2022 is full, and we have many high-profile projects in the pipeline. We have already embarked on the Seagreen project in the North Sea off the east coast of Scotland. And soon, work will begin on installing 11 MW wind turbines on the Hollandse Kust Zuid project off the Netherlands – the first subsidy-free wind farm in the world and the largest in the world upon completion with the biggest and most powerful turbines ever installed on a commercial scale.”

Significant investments in state-of-the-art fleet and enlargement of capacity

In addition to the daily operations, the strategic focus is on growing and future-proofing the company by acquiring new equipment and recruiting qualified personnel. This includes major investments in new cranes for the existing two vessels in Q4/2023-Q1/2024, and the building of two new state-of-the-art X-class vessels – an investment of EUR 548 million, which will enable Cadeler to continuously support the largest and most advanced offshore projects into the foreseeable future.  The two X-class vessels are expected to be delivered in H2/2024 and the first quarter of 2025 respectively.

Mikkel Gleerup: “When our new vessels are operational, the Cadeler fleet will be the largest in the industry in terms of loading capacity. Based on current projections, we will have approximately 35% of the global market’s capacity to install the next generation of wind turbines, which gives us an important competitive advantage”.

The first X-class vessel has been contracted by Siemens Gamesa, even prior to signing the contract with the shipyard, to transport and install one hundred 14MW wind turbines at the Sofia wind farm in the North Sea (see company announcement from 30 June 2021).

These 14 MW turbines are expected to be the largest in the world at the time of installation. With a rotor diameter of 222 meter the turbines will be 252 meters tall, measured from sea level to the tip of the rotor blade.

Tailwind for an industry in transition

Current macroeconomic trends are favourable for the offshore renewable sector. The EU Strategy on Offshore Renewable Energy aims to increase the total offshore wind capacity to 60 GW by 2030, and 300 GW by 2050. Additionally, recent geopolitical events have increased European focus on the need for a further acceleration of the green transition to become less dependent on imported energy sources.  

Mikkel Gleerup states: “Europe remains the focus of our current operations as we are seeing a lot of activity in the area. However, we are naturally also cognizant of the potential opportunities outside of the region and we continuously investigate these opportunities to assess whether these are beneficial for Cadeler to engage in or not”.

Additional to the favourable tailwind for renewable energy at present, Cadeler is also assessing how emerging or disruptive technologies in the industry can serve as potential business opportunities of tomorrow.

Mikkel Gleerup continues: “Our industry is constantly evolving and Cadeler will adapt alongside. For example, we are seeing interesting technologies such as floating wind turbines being introduced – predicted to account for 10 to 20 percent of the total market. This will also offer attractive opportunities for Cadeler”.


2021 key figures

  • EUR 409 million backlog (EUR 310 million in 2020)

  • EUR 60.9 million in revenues (EUR 19.5 million in 2020)

  • EUR 27.6 million in EBITDAR (EUR -10.4 million in 2020)

  • 40+ offshore sites served since 2012

  • 528 foundations installed since 2013

  • 384 wind turbines installed since 2014

  • Seafaring staff 160 people, onshore 58 employees

For further information, please contact:

Mikkel Gleerup
+45 32463102

News and Press releases

Interim Financial Report 2023: Cadeler presents positive results and an outlook exceeding expectations  29 Aug 2023
Cadeler enters Polish offshore wind market with the installation of 76 Vestas 15MW wind turbines  03 Jul 2023
Cadeler and Eneti announce agreement to combine and create a leading offshore wind turbine and foundation installation company  16 Jun 2023
Cadeler signs two contracts with Ørsted and enters a new strategic direction in the foundations space  25 Apr 2023
Cadeler is back on home ground and ready to install offshore wind turbines at the Aflandshage wind farm in Denmark  17 Apr 2023
Cadeler signs key contract with ScottishPower Renewables for East Anglia THREE  29 Mar 2023
Annual Report 2022: Cadeler continues to grow for the 2nd consecutive year while building strong order backlog and tripling fleet size  28 Mar 2023
Cadeler triples fleet after ordering second hybrid jack-up installation vessel  22 Nov 2022
Cadeler strengthens Senior Management team with three key profiles  17 Nov 2022
Letter of Intent signed with blue chip client  21 Oct 2022
Cadeler’s F-class vessel booked until 2030  12 Oct 2022
Interim Report 2022: Cadeler presents results for the first six months of 2022 and outlook for the full year in line with expectations  23 Aug 2022
Cadeler signs agreement with Ørsted for Hornsea Three offshore project  01 Aug 2022
Cadeler enters Polish offshore wind market after securing reservation agreement  18 Jul 2022
Cadeler signs its first agreements with ScottishPower Renewables for the East Anglia Hub project  13 Jul 2022
Cadeler signs firm contract with Siemens Gamesa to transport and install 60 offshore wind turbines off the coast of Scotland  23 Jun 2022
Cadeler A/S signs contract with Vestas to support the transportation and installation of 15 MW offshore turbines  07 Jun 2022
Cadeler signs 345 million USD contract with Cosco Heavy Industries to deliver a new jack-up foundation installation vessel  09 May 2022
Cadeler raises 86 million Euro to build a new foundation installation vessel  05 May 2022
Cadeler A/S is now ISO 45001 certified  28 Apr 2022
Cadeler A/S appoints new CFO as of 1 June 2022  31 Mar 2022
Annual Report 2021: Cadeler triples revenue, returns to profitability and builds strong order backlog  29 Mar 2022
Cadeler strengthens order backlog by securing important strategic contract with Vestas and an additional preferred supplier agreement with undisclosed client  27 Jan 2022
Cadeler chooses Dutch designed Leg Encircling Cranes for the two future X-class vessels  01 Dec 2021
Cadeler reflags: Fleet of advanced wind installation vessels will onwards be sailing under Danish flag  29 Nov 2021
Cadeler A/S signs firm contract with Ørsted for execution of joint German offshore wind projects  11 Nov 2021
Cadeler A/S secures preferred supplier agreement for undisclosed project  04 Nov 2021
Cadeler A/S signs key contract with Dutch contractor Van Oord to assist in executing Dutch offshore wind project “Hollandse Kust Noord”  11 Oct 2021
Cadeler A/S is chosen as preferred supplier by Ørsted for installation of German projects  07 Oct 2021
Interim report H1 2021: Cadeler delivers 253% growth in revenue and returns to profitability during first half of 2021  24 Aug 2021
Cadeler signs USD 651 million contract with COSCO SHIPPING Heavy Industry to deliver two new X-class vessels  30 Jun 2021
Cadeler A/S calls option for replacement of crane on Wind Osprey  17 Jun 2021
Cadeler A/S announces significant fleet expansion due to strong market demand  29 Apr 2021
Cadeler publishes Annual Report 2020  06 Apr 2021
Cadeler A/S announces largest contract in company history  10 Mar 2021
Cadeler A/S expands with new office in Vejle  22 Dec 2020
Cadeler A/S contracts new and improved crane to meet future offshore wind market demand  18 Dec 2020
Cadeler A/S to host online presentation in connection with its first day of listing on Oslo Børs  26 Nov 2020
IPO - Result of the Offering - New director appointed  26 Nov 2020
Update on status of bookbuilding and expiry of the bookbuilding/application period  24 Nov 2020
Update on Offer Price and Status of Bookbuilding  24 Nov 2020
Announcement of terms for the initial public offering  16 Nov 2020
Intention to Float  05 Nov 2020
Meet Cadeler's Board of Directors  05 Nov 2020
Swire Blue Ocean is becoming Cadeler  08 Oct 2020
Cadeler A/S signs contract with DEME for installation campaign on Hornsea 2  20 Oct 2020
Swire Blue Ocean intends to order new build vessel and invest in upgraded cranes for Pacific Orca and Pacific Osprey  16 Sep 2020
Pacific Osprey and Pacific Orca received their best eCMID inspection results since construction  20 Apr 2020
Swire Blue Ocean enacts precautions against COVID-19  26 Mar 2020
New workshop installed on Pacific Orca to facilitate onboard maintenance of nacelles  04 Mar 2020
Pacific Osprey’s new upgraded crane boom is on its way to Denmark for installation  24 Jan 2020
Vattenfall and Swire Blue Ocean sign final contract for transportation and installation of turbines in the Hollandse Kust Zuid wind farm  14 Jan 2020
WindEurope Offshore 2019 is over, see you soon!  16 Dec 2019
Meet us at WindEurope Offshore 2019  18 Nov 2019
SBO exhibits at Offshore Energy 2019 in Amsterdam  30 Oct 2019
SBO participates in the Danish Royal visit to France  28 Oct 2019
SBO Area Manager in Taiwan, Matt Bowden, speaks at the 7th Asia Offshore Wind Day.  24 Oct 2019
Pacific Orca passes by Copenhagen on her way to Wikinger Offshore Windfarm  24 Sep 2019
Let’s stay safe together  28 Sep 2019
SBO has started maintenance and service following recent agreement with Siemens Gamesa Renewable Energy  22 Jul 2019
Exhibiting at the Offshore Energy exhibition, Amsterdam  17 Oct 2018
SBO strengthens business presence in Taiwan with the appointment of new Area Manager, Matt Bowden  30 Apr 2019
Pacific Osprey chartered by GeoSea NV for transport of OTM  27 Mar 2019
SBO installing deepest fixed turbine  25 Feb 2019
Swire Blue Ocean employee killed in Great Belt train accident  11 Jan 2019
Halfway on Beatrice Offshore Wind Farm  21 Dec 2018
A milestone reached on Beatrice Offshore Wind Farm  31 Oct 2018
Press Update – 27th August 2018, 11:00 CET  27 Aug 2018
Press Update – 24th August 2018, 14:00 CET  24 Aug 2018
Beatrice project kicked off to a successful start  03 Jul 2018
Pacific Orca completes installation on the EOWDC  06 Jun 2018
Grand Opening Event  20 Apr 2018
New headquarters  15 Feb 2018
Appointment of Mikkel Gleerup as Chief Executive Officer  16 Jun 2021
Lars Blicher retires from Swire Blue Ocean A/S  16 Nov 2017
SBO moves to new and bigger facilities  30 Oct 2017
Gemini Offshore Wind Park Completion  01 Sep 2016
Swire Blue Ocean A/S signs contract with Siemens for Beatrice Offshore Windfarm Ltd (BOWL) project  02 Jun 2016
Congrats to Bilfinger with completing Sandbank foundation installation  12 Feb 2016
Milestone reached on Gemini. Congrats to Van Oord  31 Aug 2015
UK Rampion Offshore Wind Farm – we are proud to have been chosen for foundation installation  01 Jun 2015
Decommissioning now also of the Gas Booster Platform B11  23 Feb 2015
New key contract signed with Bilfinger for the Sandbank project  29 Sep 2014
New key contract signed with EPCI contractor Van Oord  19 Sep 2014
Pacific Osprey setting efficiency records with WTG installation on the DanTysk wind farm  30 Aug 2014
Pacific Orca safely completes foundation installation on the Borkum Riffgrund 1 wind farm  29 Jul 2014
First complete WTG installed on DanTysk  10 Apr 2014
BR1 Foundation Installation  27 Jan 2014
Swire Blue Ocean successfully completes H7 decommissioning job  22 Aug 2013
Swire Blue Ocean naming ceremony for Pacific Osprey at Fayard in Denmark  02 Apr 2013
Swire Pacific Offshore takes delivery of world's largest Windfarm Installation Vessel  30 Jul 2012
Second Windfarm Installation Vessel ordered for Swire Blue Ocean A/S  09 Mar 2011
Swire Pacific Offshore acquires Blue Ocean Ships A/S  09 Feb 2011
Swire Blue Ocean is awarded a contract for turbine installation on the DanTysk project  17 Feb 2011
First Windfarm Installation Vessel ordered for Swire Blue Ocean A/S  10 Aug 2010
Swire Blue Ocean clinches contract with MHI Vestas Offshore Wind for the transportation and installation of wind turbine generators at Seagreen offshore windfarm  16 Jun 2021
Pacific Osprey’s upgraded crane is now fully operational  03 Jun 2020