Van Oord Adjusting to Dredging and Oil/Gas Market Conditions

Van Oord has released news of measures they are planning to meet the conditions imposed by the COVID-19 virus. There is some light on the horizon, however. The company is also heavily involved  in the Offshore Wind sector which remains active and has plans for contining growth in Europe, North America and in the Far East.

Van Oord, “As a company operating on a global scale, COVID-19 is having a major impact on our business. Market conditions in the dredging industry are under pressure and the volatility in oil- and gas prices also triggers a decrease of offshore field services. Consequently we face a decline in our turnover and a deterioration of our results.

We will adapt and restructure the organisation to this new reality to ensure that we remain healthy and to strengthen our competitive position. A global decrease of approximately 500 employees is foreseen. Of which approximately 120 employees in a collective redundancy plan in the Netherlands.

We have requested the Works Council for advice and will start consultation with the Dutch unions.

These are difficult measures for our company and employees. But we adapt to remain a healthy, innovative company that capitalises on the longer term potential of its markets.”

Source Van Oord