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Cadeler Q1 Fleet Utilization Eases YoY; Backlog Remains 'Robust'

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Cadeler (CDLR), a New York-listed pure-play offshore wind installation partner, said Wednesday its fleet of 10 operating wind turbine installation vessels achieved a utilization rate of 47.6% in Q1, down from 55.3% a year earlier.

The company attributed the year-over-year decline to transit periods for Wind Ally and Wind Mover, upgrading of Wind Keeper, and scheduled maintenance of Wind Orca.

As of March 31, Cadeler's order backlog remained "robust" at 2.71 billion euros ($3.14 billion), the company said.

To strengthen long-term fleet strategy, the company said it had secured 175 million euros in private placement "to partly finance two new T-class wind installation vessel newbuilds scheduled for delivery in 2030 and 2031, as well as the acquisition of a vessel to support future scour protection activities."

During the period, the company also secured "several" new operations and maintenance projects through Nexra, its dedicated offshore wind aftermarket service platform, it said.

Price: $26.79, Change: $+0.54, Percent Change: +2.06%

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