Jan De Nul Group Results Stable in 2018
The Jan de Nul Group with activities mainly in dredging related sectors but also including Heavy Lift and Salvage work has published results for 2018 during which the market conditions remained quite challenging, as in 2017. The key figures show:
- Stable turnover of € 1,708 million €.
- EBITDA margin of 16% or EBITDA of € 277 million, which is in line with our sector peers.
- Net profit of € 31 million.
- An exceptionally high solvency ratio of 73% thanks to continuous profit reservations.
- Net debt-free for the fifth year in a row.
- Order portfolio increased by 27% compared to the end of 2017 (€ 3.3 billion).
- Persistently high level of investment, particularly in the offshore renewable energy industry and with due attention to the climate.
In early April 2019, (HLN link here) Jan De Nul Group ordered a large offshore jack-up installation vessel with the shipyard COSCO Shipping Heavy Industry in China. This jack-up vessel will be equipped with a main crane of over 3,000 tonnes (HLN link here) and will be able to work in water depths of over 80 metres. As such, the ship will be able to install the new generation of very large offshore wind turbines. The vessel, to be named Voltaire, is set to be delivered in 2022.
The Rambiz and Gulliver heavy lift vessels listed in their fleet were in Norwegian coastal waters from November 2018 until March 2019 working on the Norwegian Navy vessel KNM Helge Ingstad salvage operation. This salvage operation was extensively covered by HeavyLiftNews from November ’19 through to March this year.
Their two other wind turbine installation vessels (WTIV) Vole au Vent, built in 2013, and Taillevent, ex MPI Discovery, built in 2011 and acquired from the Vroon Group in July last year, make up the remainder of the heavy lift fleet.
The two WTIVs were employed on many of the offshore wind farm projects executed by Jan De Nul such as the Trianel Wind Farm, Borkum Riffgrund 2, Race Bank and Kriegers Flak. Building on the successful delivery of offshore wind farms including Nobelwind Offshore Wind Farm in Belgium and Tahkoluoto Offshore Wind Farm in Finland, Jan De Nul considerably expanded its portfolio in 2018 to build the offshore wind farm Northwester 2 in Belgium. Also in 2018, Jan De Nul won the first contracts for the construction of wind farms outside Europe: the design and installation of offshore wind farms in Changhua, the Formosa 1 Phase 2 project in Taiwan and the installation of offshore wind turbines in the United States.
Source Jan De Nul Group.