Busy Jack-Up Duo Brings Cadeler 253 Per Cent More in H1 Revenue

Cadeler’s wind farm installation vessels Wind Orca and Wind Osprey have achieved 87 per cent utilisation, and at competitive market rates, in the first half of this year, bringing the company a 253 per cent increase in revenue compared to the same period in 2020.

Last year, Cadeler reported a EUR 9 million revenue for the first half (H1), during which period Wind Osprey was off hire due to a 2018 crane incident and returned to service in June 2020. Furthermore, lower rates on maintenance-related projects for Wind Orca in 2020 contributed to the lower revenue.

The revenue increase to EUR 32 million in the first half of this year, compared to H1 2020, has led Cadeler to adjust its 2021 revenue guidance from EUR 56-63 million to EUR 59-63 million.

“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”, said Cadeler’s CEO Mikkel Gleerup.

Both of the Danish company’s vessels were deployed on major UK projects in the first half of 2021, with Wind Orca starting foundation installation work on Hornsea Two in late February, a month after Cadeler mobilised Wind Osprey for the installation of turbines at the Triton Knoll offshore wind project.

The company’s two vessels are set to be upgraded with new cranes to meet the upcoming requirements within the offshore wind sector, which is rolling out new and bigger wind turbine components.

Cadeler first signed a contract with the Houston-headquartered NOV to manufacture a new heavy-lift crane for Wind Orca last year and then, in June 2021, exercised the option in the contract to also replace the main crane on Wind Osprey.

The vessels’ new cranes will have a lifting capacity of 1,600 tonnes at a radius of 40 metres and the main hook at 159 metres above the main deck.

The crane replacement on Wind Osprey is scheduled to be initiated in the fourth quarter of 2023 and will be completed in conjunction with the crane replacement on Wind Orca, in the fourth quarter of 2024.

Cadeler is also boosting its fleet with two next-generation jack-up vessels, set to be delivered by COSCO shipyard in 2024/2025, for which the company and the shipyard also signed a contract with NOV for the supply of vessel design and the jacking systems.

The new jack-ups will have a payload of over 17,600 tonnes and main crane capacity of above 2,000 tons at 53 metres, and will be able to transport and install seven complete 15 MW turbine sets per load, or five sets of 20+ MW turbines.