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Interim report H1 2021
Cadeler delivers 253% growth in revenue and returns to profitability during first half of 2021

24 Aug 2021

Cadeler A/S announces its results for the first half of 2021, showing a return to profitability driven by high utilization of its fleet combined with improved rates.

Today, Cadeler A/S, a leading supplier of installation services as well as marine and engineering operations in the offshore wind industry, has released its H1 /2021 interim report, presenting a revenue of €32 million compared to €9 million over the same period of 2020. The revenue increase has led Cadeler to adjust its 2021 revenue guidance from €56-€63 million to €59-€63 million. CEO Mikkel Gleerup is thus content with the recent results which follow the company’s forecasts. 

- Even though Covid-19 has continued to affect our business operations, we have still managed to achieve our expectations for the first half of this year. This is primarily due to the fact that our clients are calling more options within their contracts combined with improved rates driven by a high demand for our services, he says and adds that the company’s fleet reached a high level of utilization in the first six months of 2021.

According to the interim report, Cadeler has managed to reduce its cost of sales by 20% compared to the same period last year. The cost reduction is mainly caused by the absence of bareboat charges, as the company recently acquired its two windfarm installation vessels, named the Wind Orca and Wind Osprey, which today are fully owned by Cadeler. 

Expenses related to Covid-19 and safety requirements combined with accelerated investments in the planned organizational development including recruitment of key staff to ensure a strong level of support for daily operations and new key projects have been the reason for the increase in cost. The company has therefore adjusted its 2021 EBITDAR guidance to €26-€30 million, compared to €26-€33 million stated in the 2020 Annual Report.

- We are operating in a market of strong growth powered by the energy transition that we continuously seek to support. In order to meet the rising demands for capacity and capabilities, Cadeler has continued to make timely investments in our company for instance by recruiting more specialists in our field, ordering new cranes for both of our O-class vessels and ordering the two new X-class vessels, Mikkel Gleerup explains. He adds that Cadeler currently has a steady flow of projects in its pipeline and that they are also working on securing several new projects.

 Cadeler strengthened its financial position with a private placement completed earlier this year. The NOK 794 million proceeds of the private placement contributed to the down payment on the two new X-class vessels, thus growing the Cadeler fleet significantly from 2024.

 

Summary of the interim report H1 2021:

  • €32 million in revenues – 253% increase compared to H1/2020

  • €16 million EBITDAR –  €21 million increase compared to H1/2020

  • NOK 794 million raised through Private Placement

  • Fleet utilization of 87%

  • 40+ offshore sites served since 2012

  • 497 foundations installed since 2013

  • 362 wind turbines installed since 2014

For further information, please contact:

Mikkel Gleerup
CEO
Cadeler A/S

Tel: +45 3246 3102
E-mail: mikkel.gleerup@cadeler.com

News and Press releases

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  16 Jun 2021
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
Swire Blue Ocean enacts precautions against COVID-19 (1)  16 Jun 2021
Pacific Osprey’s new upgraded crane boom is on its way to Denmark for installation (1)  24 Jan 2020
Vattenfall and Swire Blue Ocean sign final contract for transportation and installation of turbines in the Hollandse Kust Zuid wind farm (1)  14 Jan 2020
Press Update – 27th August 2018, 11:00 CET (1)  16 Jun 2021
Press Update – 24th August 2018, 14:00 CET (1)  24 Aug 2018
Grand Opening Event (1)  16 Jun 2021
Appointment of Mikkel Gleerup as Chief Executive Officer (1)  16 Jun 2021
Lars Blicher retires from Swire Blue Ocean A/S (1)  16 Jun 2021
Offices

DENMARK

COPENHAGEN

Cadeler
Fairway House
Arne Jacobsens Allé 7
DK-2300 Copenhagen S


VEJLE

Cadeler
Enghavevej 9D, 1st Floor, Right
DK-7100 Vejle

Tel : +45 3246 3100
Email: enquiry.DNK@cadeler.com 

  

TAIWAN

Cadeler
12th Floor, No. 129, Minsheng E. Rd, Section 3
Songshan District
Taipei City

Tel: +886 9 5583 9202
Email: enquiry.TWN@cadeler.com