Offshore Wind Boosts Van Oord’s Business

Van Oord has released financial information for 2014, saying that the company achieved a record turnover of EUR 2.104 billion (2013: EUR 1.641 billion). It is the first time in Van Oord’s history that its turnover has exceeded EUR 2 billion.

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. The company said that its 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).

Van Oord stated that its strategy continues to focus on three current activities: dredging, offshore oil & gas, and offshore wind. Pieter van Oord, CEO, said: “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.”

Van Oord’s Offshore Wind Projects Division grew exponentially in 2014, in terms of both turnover and organisation. This growth was based on the award of two major contracts to Van Oord (Eneco Luchterduinen and Gemini).

The projects and activities on this market are fundamentally different than those in either the dredging or offshore oil and gas sector. Van Oord explained that it anticipated this within the company by adjusting its organisation and attracting and training employees with other competences and capabilities.

Image: Van Oord