Offshore wind installation specialist Cadeler says its recent IPO has positioned it for growth in 2021
Publishing the company’s annual report for 2020, Cadeler chief executive Mikkel Gleerup said, “We are operating in a rapidly growing market.
“By virtue of our successful IPO and subsequent substantial fleet upgrades, Cadeler is poised to deliver strong growth in 2021. We are ready to deliver offshore services at a much greater volume.
“We are set for a year with greater utilisation of our fleet and have contracted higher-yielding projects that will lead to much greater profitability and revenue.
“However, we have only seen the beginning of Cadeler’s long-term growth trajectory, fuelled by a historically strong backlog of in excess of €310M (US$366M). I have never been more excited about Cadeler’s prospects.”
The company described 2020 as a ‘transitional year’, with a rebranding and name change ahead of the IPO, which raised Nkr883M (US$104M) to acquire crane upgrades and a new installation vessel. Cadeler expects to announce news about the new class of installation vessels, the X-class, in the coming months.
Cadeler chairman Richard Sell said, “In the last year we set up Cadeler for future success with a major milestone being the IPO. We are supported by strong shareholders.”
In 2020, Cadeler had total revenues of €20M, a figure that was impacted by upgrades to its fleet, which temporarily reduced operational capacity. In 2021, Cadeler expects significantly increased revenue in the range of €56-63M.