Cadeler has reported an increase in third quarter earnings before interest, tax, depreciation and amortisation (EBITDA) to €48m from €8m in the same period in 2023.
Total revenue rose to €81m, compared with €23m in 2023.
In light of its strong results to date, Cadeler has increased its revenue guidance for the financial year 2024, as it now expects full-year revenue to fall within the range of €243m to €253m.
In addition, Cadeler has revised and narrowed its EBITDA guidance within the upper end of the range it has previously communicated, as it now expects full-year EBITDA to range between €115m and €125m.
For third quarter 2024, Cadeler reports a combined utilisation rate for its operational fleet of 86.5%, which is close to normality after completing the scheduled fleet maintenance and crane upgrades in the first half of 2024.
Cadeler chief executive Mikkel Gleerup said: “We continue to meet our ambitious 2024 targets, reaffirming our guidance for the year while showcasing a record-breaking order backlog exceeding €2.3bn.
“Demand remains strong, particularly in Asia and Europe, with the UK reinforcing offshore wind as a pillar of decarbonisation.
“Cadeler is proud to play a central role in key UK projects, including East Anglia Two, awarded in third quarter – our second full-service T&I project following Hornsea 3.
“Third quarter also marked a milestone with the delivery of Wind Peak, a cutting-edge vessel completed on time and within budget. Her early arrival in Europe allowed us to deploy her on a short-term contract before she commences work next year on the Sofia project for Siemens Gamesa and RWE.
“This highlights the exceptional versatility of Cadeler’s growing fleet.
“With five ships already operational and more on the horizon, we are better equipped than ever to deliver high-value, flexible solutions for our clients’ evolving needs.”
Source: reNews
