2024 was a busy year for Van Oord, with 229 projects completed in 39 countries, a solid operational performance and a high level of investment in sustainable vessels. The company did, however, haul in a lower net profit than last year, as it was weighed down by setbacks on the offshore wind project Sofia in the UK.
Van Oord has invested around EUR 1 billion in recent years to expand its fleet in both offshore energy and dredging. The largest investment in the company’s history includes the construction of the dual-fuel vessel Boreas, which is able to run on methanol and capable of installing 20 MW offshore wind turbines. The Boreas completed sea trials in November and was handed over to Van Oord. The vessel has recently arrived in the Netherlands, where the final outfitting works and the christening will take place.
The Calypso, a second dual-fuel vessel designed for installing high-voltage direct current (HVDC) cables, also made its deployment debut in 2024. Finally, heavy-lift installation vessel Svanen was modified to extend to a height of 125 metres, enabling the installation of the newest monopile foundations for offshore wind farms.
The dredging fleet was expanded with two hybrid water injection dredgers (WIDs), Rijn and Rhône. These new WIDs are equipped with technology that substantially reduces their energy consumption and emissions: hybrid energy management systems, heat recovery systems and exhaust gas aftertreatment devices.
Also read: Van Oord’s offshore giant Boreas arrives in the Netherlands
Company performance
Net revenues were satisfactory, states Van Oord, at EUR 2442 million, and in line with the growth trend of recent years. The EUR 2866 million turnover in 2023 was extraordinary due to higher-than-normal project completion rates. EBIT(DA) was at a healthy level.
The net profit of EUR 43 million, (2023: EUR 127 million) was affected by setbacks on the offshore wind project Sofia in the UK. Van Oord does not go into particulars regarding this project, but says that ‘in every other respect, [the project] is a positive contribution to the energy transition and society.’
At year-end 2024, the company’s financial position remains robust, with an order book that reflects an improved balance between risk and reward, a healthy cash position and positive net cash flow.
In March 2025, Van Oord refinanced its Revolving Credit Facility (RCF), securing committed bank financing of EUR 550 million. This new facility is provided by a syndicate of twelve international banks.
Also read: VIDEO: Van Oord’s cable-layer Nexus fitted with Damen SCR tech
Good year for dredging
The business unit Dredging & Infra had an excellent year and was awarded multiple projects to deepen and widen entrance channels and ports to accommodate larger vessels and expand operations, such as Luleå in the north of Sweden and Walvis Bay in Namibia.
Van Oord also won several long-term maintenance contracts, including Paranaguá in Brazil and Mumbai in India. The recurring activities form a reliable and steady base for the portfolio and remain a key area of focus. Dredging & Infra closed the year at a revenue level of EUR 1363 million (2023: EUR 1442 million), driven by a high vessel utilisation rate and a considerable level of infrastructure development in regions such as the Middle East.
Also read: Van Oord concludes emission-free dredging pilot
Offshore Energy challenging
The business unit Offshore Energy had a challenging year. At the same time, many contracts were awarded, and many projects were completed successfully, contributing to Van Oord’s ambition to facilitate and accelerate the global energy transition towards renewable energy.
In Taiwan, the contractor began work on the Greater Changhua projects, with a total capacity of 920 MW to power 1 million homes. In Guyana, the company completed the Gas to Energy project, enhancing electricity production and reducing reliance on imported fuels.
Van Oord Ocean Health installed innovative droppable oyster structures in the Borssele offshore wind farm. This innovative solution enables the large-scale (re)introduction of oysters, thereby contributing to biodiversity in offshore wind farms. Revenues were EUR 1079 million compared to EUR 1424 million in 2023.
Also read: Van Oord wins another cable contract in Taiwan
Outlook
Van Oord’s underlying market drivers remain favourable, fuelled by the energy transition, climate adaptation and growing attention for secure and sustainable marine infrastructure. In the short term, the company foresees more end-market and geographical volatility resulting from increased geopolitical instability and economic uncertainty. Equipped with a competitive fleet, a skilled workforce and a healthy order book, Van Oord is well positioned to seize market opportunities.
Picture: Offshore installation vessel Boreas and trailing suction hopper dredger Vox Alexia (photo by Van Oord).
