Offshore wind transportation and installation specialist Cadeler has published its 2024 annual report.
Cadeler called 2024 "a landmark year" driven by strong client demand, strategic fleet expansion, and significant progress on its integration of Eneti, following the merger completed in 2023.
Cadeler more than doubled its revenue in 2024 to €249 million (US$269 million), an increase of €140 million (US$150 million) from €109 million (US$118 million) in 2023.
The increase in revenue was driven by high demand for Cadeler’s services, the successful business combination with Eneti (completed in December 2023), which resulted in the addition of the installation vessels Wind Scylla and Wind Zaratan to the fleet, and Cadeler’s continued success in project execution across its available fleet, with Wind Peak commencing operations in Q4 2024 immediately upon arriving in Europe after her delivery.
The company said this significant year-on-year growth was achieved despite a reduced utilisation rate of 66 per cent due to main crane upgrades on both Wind Orca and Wind Osprey, as well as scheduled maintenance on Wind Scylla and Wind Zaratan before they commenced installation operations on key projects in the United States and Taiwan, respectively.
Gross operating profit for the year reached €126 million (US$136 million), up €84 million (US$91 million) from €42 million (US$45 million) in 2023.
Cadeler has a record-high order backlog of €2.5 billion (US$2.7 billion) as of Tuesday, March 25, including 100 per cent of contractual options, up from approximately €1.7 billion (US$1.8 billion) at the end of 2023.
With its current contract coverage and a growing fleet, Cadeler expects its 2025 financial performance to result in revenue in the range of €485 million (US$523 million) to €525 million (US$566 million) and gross operating profit of between €278 million (US$300 million) and €318 million (US$343 million). Cadeler said this outlook reflects the company's ongoing growth trajectory and strong market positioning.