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August 24 , 2021 CADELER Interim report H1 2021 : Cadeler delivers 253 % growth in revenue and returns to profitability during first half of 2021 Cadeler A / S announces its results for the first half of 2021 , showing a return to profitability driven by high utilization of its fleet combined with improved rates . Today , Cadeler A / S , a leading supplier of installation services as well as marine and engineering operations in the offshore wind industry , has released its H1 / 2021 interim report , presenting a revenue of € 32 million compared to € 9 million over the same period of 2020. The revenue increase has led Cadeler to adjust its 2021 revenue guidance from € 56- € 63 million to € 59- € 63 million . CEO Mikkel Gleerup is thus content with the recent results which follow the company's forecasts . - 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 , he says and adds that the company's fleet reached a high level of utilization in the first six months of 2021 . According to the interim report , Cadeler has managed to reduce its cost of sales by 20 % compared to the same period last year . The cost reduction is mainly caused by the absence of bareboat charges , as the company recently acquired its two windfarm installation vessels , named the Wind Orca and Wind Osprey , which today are fully owned by Cadeler . Expenses related to Covid - 19 and safety requirements combined with accelerated investments in the planned organizational development including recruitment of key staff to ensure a strong level of support for daily operations and new key projects have been the reason for the increase in cost . The company has therefore adjusted its 2021 EBITDAR guidance to € 26- € 30 million , compared to € 26- € 33 million stated in the 2020 Annual Report . - We are operating in a market of strong growth powered by the energy transition that we continuously seek to support . In order to meet the rising demands for capacity and capabilities , Cadeler has continued to make timely investments in our company for instance by recruiting more specialists in our field , ordering new cranes for both of our O - class vessels and ordering the two new X - class vessels , Mikkel Gleerup explains . He adds that Cadeler currently has a steady flow of projects in its pipeline and that they are also working on securing several new projects . Cadeler strengthened its financial position with a private placement completed earlier this year . The NOK 794 million proceeds of the private placement contributed to the down payment on the two new X - class vessels , thus growing the Cadeler fleet significantly from 2024 .