In an increasingly crowded marketplace, we secured all the contracts we were
aiming to win over the past year. We believe this to be a strong endorsement of our
business culture and our track record of collaborating closely with clients, listening
to their needs and building relationships of trust.
and a pioneering record in renewable energy. Over the coming years, we plan to
hire an additional 150 seafarers to join our current 160-strong crew.
Our staff on land endured their own share of difficulty during the pandemic, with
enforced office closures and home working mandates which put additional pres-
sure on our tightly-knit team. Nevertheless, we were pleased to welcome over 20
new onshore staff members to the Cadeler community, bringing our office head
count close to 70. Even as we expand, we are determined to retain the character of
a lean, agile team, and the advantages this brings in such a dynamic and fast
developing industry.
Advance interest in our X-class vessels has been very strong. In March, we signed
the largest contract in the company’s history. Siemens Gamesa awarded Cadeler a
EUR 100 million contract to transport and install turbines in an area over 200 km
from the nearest loadout port. The newest additions to our fleet will be ideally
suited to handling these wind turbines, each with an individual capacity above 14
MW, and is expected to be one of the largest turbines in the world when installation
begins in 2025. It is a powerful expression of trust in Cadeler, and confidence in the
abilities of our new vessels.
Making ourselves fit for future opportunity
Even for those of us who have been in the industry for a long time, the renewables
industry is currently moving at surprising speed. Demand for offshore wind energy,
along with best-in-class transportation and installation services, will continue to
accelerate, with the energy transition now established as a vital part of the interna-
tional post-pandemic recovery plan.
The year 2022 promises to be another exceptionally busy period with several
industry ‘firsts’. We have already embarked on the Seagreen Offshore Wind Farm
project, off the east coast of Scotland in the North Sea. In addition, work will begin
on the Hollandse Kust Zuid project off the Netherlands – the first subsidy-free wind
farm in Europe, and the largest in the world – where we will be installing 11MW
turbines from Siemens. On completion, this wind farm will have an output equiva-
lent to the annual consumption of more than two million Dutch households.
Europe remains the focus of our operations, although we continue to investigate
global opportunities: we are encouraged by exciting wind-power projects now
planned or under way in places such as Japan, Taiwan, South Korea, Australia and
the US. Over the longer term, emerging or disruptive technologies such as floating
wind turbines – predicted to account for 10 to 20 per cent of the total market – will
also offer attractive opportunities.
Developing a strong and stable workforce
Our ability to maintain success in challenging times comes down to the effort and
determination of our people, both at sea and on shore. With normal crew rotation
disrupted due to the pandemic, some of our seafarers were kept apart from their
families for prolonged periods, yet consistently delivered up to expectations.
In 2022, we expect significant improvements on all key metrics, with an expected
revenue in the range of EUR 96 million to EUR 110 million (against EUR 61 million in
2021) and an EBITDA in the range of EUR 56 million to EUR 70 million (compared to
EUR 28 million in 2021).
On 29 November, all our crew members transferred to direct employment contracts
with Cadeler. As a newly independent company, we felt that they should be an
integral part of our culture. We took this step in parallel with the reflagging of our
fleet, which is now registered in Denmark, a nation with a proud maritime heritage
With our focused growth strategy, strong pipeline of orders and dedicated team,
we can be confident of navigating the uncertainties that lie ahead in 2022.
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