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Business Wire
21-05-2025
- Business
- Business Wire
Cadeler Reports Strong Start to 2025 Driven by Fleet Expansion and Increased Utilisation
COPENHAGEN, Denmark--(BUSINESS WIRE)-- Today, Cadeler A/S ('Cadeler' and, together with its subsidiaries, the 'Group') published its Q1 2025 Earnings Release, delivering progress in both financial and operational performance in the same quarter that the company has expanded its operational fleet, having taken delivery of two new vessels. For the first three months of 2025, Cadeler expanded its operational fleet with two new wind turbine installation vessels, reached a revenue of EUR 65 million, and EBITDA of EUR 24 million. Share For the first three months of 2025, Cadeler reported revenue of EUR 65 million, an increase of EUR 46 million compared to EUR 19 million in the same period of 2024. EBITDA rose to EUR 24 million, an increase of EUR 34 million from a loss of EUR 10 million in Q1 2024. The expectation for both revenue and EBITDA remains unchanged for 2025 as communicated in Cadeler's Annual Report 2024: full-year revenue is expected to range between EUR 485-525 million and EBITDA is expected to range between EUR 278-318 million. Fleet ramp-up and utilisation In the first quarter of 2025, Cadeler took delivery of two new state-of-the-art jack-up wind farm installation vessels. Wind Maker was delivered to the company in January 2025 and has already begun her first installation job at the Greater Changhua 2b and 4 offshore wind farms in Taiwan, developed by Ørsted. Wind Pace was delivered to the company in March 2025 and will be deployed at an offshore wind farm project in the U.S. under a contract from Q2 2025 to Q1 2026. Both vessels were delivered to Cadeler safely, on time and within budget, and are purpose-built to withstand severe weather conditions and operate at the industry's most challenging offshore wind installation sites across the globe. Cadeler's seven operating vessels achieved a combined utilisation rate of 55.3% in Q1 2025. The utilisation rate is in line with the Company's expectations and reflects the scheduled drydocking and planned maintenance work scopes, plus time in transit for the Group's new vessel deliveries. CEO Statement "We've begun 2025 in line with our expectations," said Mikkel Gleerup, CEO of Cadeler. "With revenue more than tripling and EBITDA returning firmly to positive territory, our investments in fleet expansion and project execution are delivering tangible results. We've brought two more vessels into operation (representing 50% of the new builds to be delivered in 2025), which will allow us to continue supporting our clients in Europe, Asia-Pacific and North America with a modern, flexible and capable fleet." "Our outlook for the year remains strong, with a robust contract pipeline, healthy liquidity, and the strategic headroom needed to support our continued growth. We remain committed to being the partner of choice for next-generation offshore wind projects." Solidified backlog and global project momentum Cadeler's order book for 2025 is substantially filled. As of today's date, Cadeler's contract backlog stands at EUR 2,487 million, of which EUR 2,023 million is under firm contract and EUR 464 million under exercisable options. Now 100% of the backlog relates to projects that have received a positive Final Investment Decision (FID). New agreements signed in Q1 2025 include: Two firm contracts signed on 3 February 2025 for the use of the newbuild vessel Wind Mover, with a combined potential value of up to EUR 75 million (read more here); and A firm contract signed on 28 February 2025 for Wind Pace's first deployment in the United States, valued between EUR 67 and 75 million, with work commencing in Q2 2025 (read more here). Cadeler also signed a notable Vessel Reservation Agreement (VRA) with Ocean Winds for the BC-Wind offshore wind farm in the Polish Baltic Sea, with a potential value of EUR 48–56 million (read more here). Balance sheet strength and continued investment As of 31 March 2025, Cadeler's total assets stood at EUR 2,464 million, reflecting a 27% increase from year-end 2024, primarily driven by fleet expansion. Cadeler's equity stood at EUR 1,226 million, slightly down from EUR 1,234 million at the start of the year, primarily due to hedging adjustments. Cadeler continues to invest in its future-ready fleet with funding support from its green financing facilities, including the newly signed EUR 525 million Sinosure-backed A-class Facility, which will support the build of Cadeler's next-generation A-class vessels. Earnings Call In connection with the release of its Q1 2025 Earnings Report, Cadeler will host a live video webcast presentation for the investment community. Mikkel Gleerup, Chief Executive Officer, and Peter Brogaard Hansen, Chief Financial Officer, will present live from Oslo. Date: 21 May 2025 Time: 08:00 EST / 13:00 UK / 14:00 CET The earnings presentation is open to all interested parties and may include forward-looking information. Please register in advance at this link. A replay of the webcast and the presentation slides will be made available on Cadeler's Investor Relations website following the presentation. Find it here: About Cadeler A/S: Cadeler is a global leader in offshore wind installation, operations, and maintenance services. Cadeler is a pure play company, operating solely in the offshore wind industry with an uncompromising focus on safety and the environment. Cadeler owns and operates the industry's largest fleet of jack-up offshore wind installation vessels and has for more than 10 years been a key supplier in the development of offshore wind energy to power millions of households. Cadeler's fleet, expertise and capacity to handle the largest and most complex next-generation offshore wind installation projects positions the company to deliver exceptional services to the industry. Cadeler is committed to being at the forefront of sustainable wind farm installation and to enabling the global energy transition towards a future built on renewable energy. Cadeler is listed on the New York Stock Exchange (ticker: CDLR) and the Oslo Stock Exchange (ticker: CADLR). For more information, please visit
Yahoo
03-05-2025
- Business
- Yahoo
Ørsted divests 24.5% of West of Duddon Sands wind farm to Schroders Greencoat
Ørsted has completed the sale of a 24.5% stake in the West of Duddon Sands offshore wind farm, 14km from the west coast of England, to funds managed by Schroders Greencoat. The transaction, valued at £456.1m ($606.5m) on a debt-free basis, was finalised on 30 April 2025. West of Duddon Sands has been operational since 2014 and has a capacity of 389MW. The divestment aligns with Ørsted's ongoing partnership and divestment programme, aimed at strengthening the company's capital structure, diversifying risk and recycling capital for future growth. Schroders Greencoat, a leading investor in renewable infrastructure assets, manages more than 7GW of net generating capacity and £9.6bn in assets. Ørsted group CEO Trond Westlie stated: 'Farm-downs and partnerships are an integral part of Ørsted's business model, and we're pleased to expand our partnership with Schroders Greencoat, who has a proven track record in managing renewable energy infrastructure assets and is a highly valued partner to Ørsted. 'With today's announcement, we continue to deliver on our farm-down programme with a transaction that meets our strategic objectives for partnerships and divestments in terms of value creation, risk diversification and capital recycling.' The firm's existing partnership with Ørsted extends to four other offshore wind farms: Walney, Burbo Bank Extension, Hornsea 1 and Borkum Riffgrund 1. Ørsted will maintain a 25.5% interest in the wind farm and continue to operate it under the current operations and maintenance agreement. The move is part of Ørsted's larger strategy to expand its offshore wind capacity through a self-funded construction programme of more than 8GW. It has engaged the services of energy and marine consultancy ABL for marine warranty surveying (MWS) related to the offshore transportation and installation of wind turbines and cables at the Greater Changhua 2b and 4 offshore wind farms in Taiwan. ABL's involvement includes the review, survey and approval of all operations concerning the transportation and installation of wind turbines and subsea cables. This follows ABL's previous MWS work on the 900MW Greater Changhua 1 and 2a offshore wind farms, which were both completed in 2022. "Ørsted divests 24.5% of West of Duddon Sands wind farm to Schroders Greencoat" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
30-04-2025
- Business
- Yahoo
Global energy leader completes groundbreaking offshore installation: 'We are proud to see it happen'
Renewable energy manufacturer Siemens Gamesa is celebrating the installation of a cutting-edge wind turbine that will continue Taiwan's pursuit of sustainable energy resources. The completion of the world's first SG 14-236 wind turbine from Siemens Gamesa marks just one of many to come. The Ørsted's Greater Changhua 2b & 4 Offshore Wind Farm will see the installation of 65 additional wind turbines by the end of 2025. Altogether, the wind farm will have over a 920 megawatt capacity. Onshore construction of the wind farm's substations began in April 2023, according to Ørsted. Less than two years later, the offshore component of the project began. Full grid connection to the wind farm is expected to be completed in 2026. In a LinkedIn post, Siemens Gamesa highlighted the completion of the first step of the project. "Now in place! We've just completed the first installation of the SG 14-236 offshore wind turbine at the Ørsted Greater Changhua 2b and 4 offshore wind farms in Taiwan," the company wrote. "This is the first-ever installation of the SG 14-236 wind turbine globally, and we are proud to see it happen in Taiwan — a growing hub for offshore wind innovation," the post added. Taiwan's Renewable Energy Development Act has sought to encourage renewable energy use, promote energy diversification, and reduce pollution within the country. This is in addition to the country's goal of reaching carbon neutrality by 2050. Wind farms have the potential to save customers money by generating electricity without any fuel costs for energy producers. This can drive down power prices, which are then passed on to consumers through lower retail electricity rates. In general, wind turbines have minimal environmental impact during operation. They do not produce any air or water pollution and contribute to reduced carbon pollution by replacing dirty fuels. However, during the construction and manufacturing process of wind farms, there is a potential for costly wildlife interactions, disrupting natural habitats and vulnerable ecosystems. These concerns are often focused on during location planning. Should the government be able to control how we heat our homes? Definitely Only if it saves money I'm not sure No way Click your choice to see results and speak your mind. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
