Annual Report 2022: Cadeler continues to grow for the 2nd consecutive year while building strong order backlog and tripling fleet size

28 Mar 2023

Today, Cadeler A/S has published its annual report for 2022, showcasing continuous growth for the second consecutive year and tripling its fleet. The revenue for 2022 totalled EUR 106.4 million, a significant increase of 74 % against EUR 60.9 million in 2021. The growth is primarily attributed to a high utilization rate of 87% for the two O-class vessels while executing contracts at higher rates than those performed during the previous year.

The realized EBITDA for 2022 reached an impressive increase of 129% compared to 2021, amounting to EUR 63.9 million and in line with the guidance of EUR 60-69 million.

Based on the current contract coverage and a planned crane upgrade commencing in Q4/2023, the financial performance for 2023 is expected to result in a revenue in the range of EUR 84 to EUR 94 million and an EBITDA ranging between EUR 32 million to EUR 42 million. The outlook for 2023 reflects the growth journey that the Company is currently on to support an upgraded and expanding fleet as well as the strategic move into transport and installation (T&I) projects for foundation installation, which requires further strengthening of the team. 

The contracts that the Company has signed will provide a steady, continuous flow of projects from 2023 to 2031. This strong pipeline will deliver a total value of EUR 780 million including 50% options.

Mikkel Gleerup, CEO of Cadeler, says: “I am pleased to see a strong full-year result for 2022 where Cadeler has reached its highest ever EBITDA of close to EUR 64 million. This is the second year in a row where Cadeler has reached positive results, built a strong backlog, and delivered on projects in line with our promises to our investors. In addition, we have taken important steps that have moved our company to the next level. We moved at pace in 2022, building an even stronger organisation, recruiting talents on all levels of the organisation while adding three key profiles to the Senior Management Team and laying the groundwork for a new T&I team. We have widened our business scope to also include transport and installation of foundations and we have secured important contracts that will keep our fleet busy for years to come. Furthermore, we have been successful in completing two private placements, bolstering our capital base for our two newly ordered F-class vessels.”

During 2022, Cadeler has signed several large-scale contracts with key customers that will provide an uninterrupted flow of projects until 2031. Furthermore, Cadeler is actively bidding on tenders beyond 2031, which will continue to strengthen the contract backlog even further.

Recognizing that the right workforce is the key to success, Cadeler has ensured that its employees are ready to meet the challenges of operating in a fast-paced business environment. Following an ambitious recruitment plan, which will extend well into the future, the Company has strengthened the Senior Management Team by adding three key profiles during 2022 and is continuously working towards attracting the right talent to support clients and to ensure that future projects will be timely executed. 

Outlook for 2023
While looking at the development of the business in the future, Mikkel Gleerup states: “Our 2023 order book is full until the two O-class vessels will undergo a planned crane upgrade after the summer, which will enable them to execute more complex projects in the future. We have signed many high-profile projects during the past years, and we plan to deliver them in time, so having future-proof assets is imperative for a successful execution.”

Cadeler’s two O-class vessels are currently installing 114 Wind Turbine Generators (WTGs) as part of the Seagreen project in the North Sea off the east coast of Scotland as well as 140 WTGs at the Hollandse Kust Zuid project off the Dutch coast, both of which will be finalized during 2023. The next project waiting in line is the execution of the Hollandse Kust Nord project, which will be finalized in time for the crane upgrades planned to be executed in Rotterdam, NL from end Q4/2023 until Q1/2024.

Successful private placements finance two new state-of-the-art foundations vessels
As a result of growing client demand for specialized services, in 2022 the Company made a strategic decision to expand horizontally by adding the transport and installation (T&I) of foundations to the existing business scope. In order for Cadeler to offer the important T&I services in the future, the Company has already now started developing a specialized team that possess both the right know-how and competences.

This has also led to the ordering of two new F-class foundation installation vessels, designed with flexibility to perform both foundation work as well as transport and installation of wind turbines. To help fund this major expansion project, two private placements were successfully completed: the first one in May (approx. EUR 85 million gross proceeds) and the second one in October (approx. EUR 98 million gross proceeds). The two new F-class vessels, which are being built in conjunction with the two X-class vessels at the COSCO Heavy Industries shipyard, are expected to be delivered late 2025 and the mid 2026 respectively which will triple the Cadeler fleet.

Mikkel Gleerup continues: “When our new vessels are operational, Cadeler will have the largest jack-up fleet in the industry. Based on current projections, we will have the needed capacity to install the next generation of wind turbines, allowing us to provide our clients with unrivalled flexibility”.

While Europe continues to remain the focus of the current operations, Cadeler is also scouting potential opportunities outside of the region on e.g. Asian and South American opportunities and is continuously investigating any possible business opportunity. 


Key figures for 2022

  • EUR 780 million backlog (EUR 409 million in 2021) – an increase of 91 % compared to 2021

  • EUR 106.4 million in revenues (EUR 60.9 million in 2021) – an increase of 74 % compared to 2021

  • EUR 63.9 million in EBITDA (EUR 27.6 million in 2021) – an increase of 129 % compared to 2021

  • 39 offshore sites served since 2013

  • 528 foundations installed since 2013

  • 540 wind turbines installed since 2014

  • Seafaring staff 162 people and 70 employees onshore

For further information, please contact:

Mikkel Gleerup
+45 3246 3102

News and Press releases

Cadeler announces signing of EUR 550 million Green Loan and Guarantee Facilities  08 Dec 2023
Cadeler secures capital to boost offshore wind transport and installation  15 Nov 2023
Cadeler announces Launch of Share Exchange Offer for all of the Outstanding Shares of Common Stock of Eneti  07 Nov 2023
Combination process of Cadeler and Eneti remains on track: Key filing submitted to SEC  19 Oct 2023
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