This year, with the award of the Gemini project (EUR 1.3 billion in turnover), Van Oord became one of the major players in the European offshore wind industry. Van Oord’s turnover was not the only thing that broke records: its order portfolio was well-filled, and was valued at EUR 3.222 billion at year-end 2014 (2013: EUR 1.944 billion). The net profit for 2014 amounted to EUR 119 million (2013: EUR 130 million; the profit for 2013 was considerably influenced by settlements reached on outstanding claims that arose in the Dubai era). Strategy Van Oord’s strategy continues to focus on its three current activities: dredging, offshore oil & gas, and offshore wind. Pieter van Oord, CEO: ‘This strategy is aimed at both strengthening and investing in our position in our existing main activities. In addition to the investments in new vessels, the acquisitions of J.T. Mackley & Co. (United Kingdom), the staff and equipment from Ballast Nedam Offshore, and all of the shares in Dravo S.A. (Spain) in 2014 fit right into this strategy.
Dredging
The dredging market remained reasonably stable last year. The occupancy rate of the trailing suction hopper dredgers was lower in 2014 than it was in 2013, but the occupancy rate of the cutter suction dredgers was substantially higher than it was in 2013. Pieter van Oord: ‘Despite less-than-ideal market conditions, we managed to secure quite a large number of orders in 2014. Our order portfolio is well-filled for 2015, and vessel occupancy rate is at satisfactory levels. Some of the more prestigious projects are the KNPC land-reclamation project in Kuwait, the dredging of a canal that will run parallel to the Suez Canal, and the construction of a large new island near Jakarta, Indonesia, which will give that rapidly growing city room to expand. Most of the work on these three projects will actually be carried out in 2015.
Significant expansion for Van Oord
• Sharp turnover increase to EUR 2.104 billion (+28%)
• Net profit of EUR 119 million (-8%)
• EBITDA EUR 312 million (-2%)
• Record-breaking order portfolio of EUR 3.222 billion (+66%)
• Three main activities: Dredging, Offshore oil & gas and Offshore wind
• Stable dredging market
• Stable offshore oil and gas market
• Significant growth in offshore wind division
• Ambitious investment programme