Van Oord Revenue Recovery in 2018 – Heavy Lift News
26 Mar 2019

Van Oord Revenue Recovery in 2018

2018 was a special year. Van Oord celebrated its 150th anniversary, we welcomed 500 new employees and new vessels strengthened the fleet. Winning the iconic Afsluitdijk project was noteworthy. It was a busy year in offshore wind. Van Oord executed four major wind projects: Deutsche Bucht in Germany, the Norther project in Belgium, East Anglia ONE in the UK and the Dutch Borssele III & IV project. Within dredging, a number of projects were executed with good results. With the award of various medium-sized projects, the order book remained stable. Offshore activities remained at the same level as 2017.

– Revenue: EUR 1.88 billion (2017: 1.53 billion)
– EBITDA: EUR 306 million (2017: EUR 290 million
– Net profit: EUR 92 million (2017: EUR 78 million)
– Order book: EUR 3.68 billion (2017: EUR 3.39 billion)
– Net debt: EUR 78 million (2017: EUR 43 million)
– Solvency ratio: 39.5% (2017: 37.3%)

In 2018, Van Oord recorded EUR 1.88 billion in revenue (2017: EUR 1.53 billion) with a net profit of EUR 92 million (2017: EUR 78 million). The increase in revenue was mainly driven by offshore wind activities, which realised EUR 706 million of revenue (2017: EUR 403 million). Revenue in the Netherlands also increased to EUR 115 million (2017: EUR 82 million). In Dredging the revenue from international activities (EUR 852 million) was similar to 2017 (EUR 841 million) reflecting ongoing difficult market circumstances. The same applied to Offshore with a revenue level of EUR 203 million (2017: EUR 204 million).

Pieter van Oord, CEO:
‘We saw a recovery in revenue and profit level in 2018, after two years of contraction. The increase in revenue was attributable primarily to our offshore wind activities. Our volume of awards was also higher than in 2017. Winning the iconic Afsluitdijk project was particularly noteworthy.’

Source Van Oord

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