Van Oord Reports Drop in Numbers, Believes in Offshore Wind

Van Oord has reported a revenue of EUR 571 million in its offshore wind business unit in 2019, a 23.6% decrease compared to the EUR 706 million in 2018.

Van Oord states that this decrease in offshore wind activities was driven by the smaller number and size of projects currently under construction.

Overall in 2019, the Dutch company recorded EUR 1.64 billion in revenue, 12% lower than the EUR 1.88 billion in 2018.

Van Oord realized a net profit of EUR 46 million compared to EUR 92 million in 2018. Excluding one-offs items, the sale of Gemini shares in 2018 and the refinancing in 2018 and 2019, the net profit amounted to EUR 59 million in 2019 and EUR 74 million in 2018.

The EBITDA in 2019 was EUR 254 million, a decrease from EUR 306 million in 2018.

The order book was at EUR 3.61 billion at year-end 2019, compared to EUR 3.68 billion the year before. The company realized EUR 1.58 billion of new awards, again less than the EUR 2.16 billion in the previous year.

In the offshore wind sector, Van Oord completed work on the Norther wind farm in a record time of nine months. The company also won its first cable project in Taiwan, for the 900MW Greater Changhua wind farms.

The Netherlands-based company concluded that it remains positive about the prospects of offshore wind and sees substantial opportunities ahead in this market.