Record High Revenue and Doubled Profits for Van Oord in 2023

Van Oord has concluded 2023 with strong results:

• revenue reached record high
• profits more than doubled

Compared to last year, the results show revenue growth across both their Dredging & Infra and Offshore Energy business units, resulting in a significant increase in revenue of 42% to EUR 2.9 billion from EUR 2.0 billion in 2022. Net profit doubled to EUR 127 million from EUR 60 million in 2022.

High fleet utilisation and the continued sharp focus on risk and contract management contributed to the improved results. Solvency was stable at 32.5% and the net debt position improved to EUR 152 million as of 31 December 2023, despite an extremely high investment level. The order book increased by 3% to EUR 4,429 million from EUR 4,300 million in 2022. From an operational and financial perspective, 2023 proved to be an extremely busy year for Van Oord and one of substantial growth and recovery.

The Year in Numbers:

• Revenue: EUR 2.9 billion (2022: 2.0 billion)
• EBITDA: EUR 379 million (2022: EUR 243 million)
• Net profit: EUR 127 million (2022: EUR 60 million)
• Operational cash flow: EUR 381 million (2022: EUR 62 million)
• Order book: EUR 4.4 billion (2022: 4.3 billion)
• Net debt EUR 152 million (2022: EUR 178 million)
• Solvency ratio: 32.5% (2022: 32.4%)
• Investment in equipment: EUR 298 million (2022: EUR 227 million)
• Number of employees (FTEs): 5,766 (2022: 5,243)
• Number of nationalities: 84 (2022: 89)
• Scope 1 greenhouse gas emissions (x 1,000 tonnes of CO2e):
  602.6 (2022: 475.3)
• Relative scope 1 emissions per euro revenue (tCO2e/ million EUR revenue): 210.3 (2022: 235.2)

View  key figures (PDF) or read the full press release (PDF)  

Van Oord’s WTIV Aeolus

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