Jan De Nul continues net debt-free streak, starts 2024 with €8.9B order book

Jan De Nul Group has started 2024 with an order book of €8.9 billion, an increase of 38% compared to last year. In its latest financial report, the Belgian company said it had far exceeded its expectations for 2023 and has been net debt-free for the tenth year in a row.

In 2023, Jan De Nul reported a turnover of €2.9 billion, a record in group history, which led to an increase in EBITDA with 39% to €610 million or 21% on turnover, globally resulting in a strong profit of €296 million. 

According to the company, these growth figures were achieved in a balanced manner through various innovative projects and reflect the operational efficiency of all divisions, despite the current economic and geopolitical turmoil in several parts of the world.

Jan De Nul stated that 2023 started with a high level of confidence, but expectations were far exceeded. The company’s solvency ratio amounted to almost 60% and the equity climbed now to almost €3.4 billion, showing a year-to-year increase of 9.6%.

Additionally, the liquidity position remained strong, even after continuous innovations and investment in new assets, shown by a net cash position of €520 million.

The company undertook 371 projects around the globe, with Europe representing a 44% share of the turnover. Asia and the Middle East were good for 33% and a 21% share in turnover was attained by the Americas, while Africa contributed 2%.

In 2023, next-gen offshore installation vessels Les Alizés and Voltaire were deployed on their first projects and the XL cable-laying vessel (CLV) Fleeming Jenkin was ordered, with delivery scheduled for 2026.

Voltaire is transporting and installing 277 turbines for the Dogger Bank A, B and C offshore wind farms, while heavy lift vessel Les Alizés is performing the transport and installation of 107 foundations and an offshore substation in Germany for the Gode Wind 3 and Borkum Riffgrund 3 offshore wind farms.

According to Jan De Nul, 2024 will bring more investment opportunities and the in-house newbuilding department has various investment proposals.

In terms of activities, Jan De Nul signed an agreement with RWE for the long-term chartering of its next-generation installation vessels to support future offshore wind projects. Together with consortium partners, the company was awarded a 525 kV HVDC cable system portfolio for the German electricity grid by TenneT.

Jan De Nul’s scope includes the transport, installation, and protection of the cables in the Wadden Sea, nearshore, and offshore sections for the cable system packages of BalWin 4, LanWin 1 and LanWin 5. Offshore operations will start in 2026.

The Belgian consortium TM Edison, in which Jan De Nul participates, was awarded the construction of the world’s first artificial energy island named Princess Elisabeth. Ørsted recently hired the company for offshore export cable installation for the 2.9 GW Hornsea 3 offshore wind farm in the UK.