Van Oord saw a recovery in revenue in 2018, the year the Dutch offshore contractor celebrated its 150th anniversary year. Offshore wind largely contributed to the increase in revenue.
In 2018, Van Oord recorded EUR 1.88 billion in revenue, against EUR 1.53 billion in 2017. EUR 706 million of revenue came from offshore wind activities, EUR 852 million from international dredging activities, EUR 203 million from Offshore and EUR 115 million from national activities. The company booked a net profit of EUR 92 million, against EUR 78 million in 2017. The sale of the share in Gemini Offshore Wind Farm generated a net book profit of EUR 38 million.
Offshore wind activities
The revenue from offshore wind activities grew from EUR 403 million in 2017 to EUR 706 in 2018. This was a record. Four major projects commenced simultaneously: Deutsche Bucht in Germany, the Norther project in Belgium, East Anglia ONE in the UK and the Dutch Borssele III & IV project. In September 2018, Van Oord acquired MPI Offshore. As a result, it could add two offshore installation vessels to its fleet, the MPI Resolution and MPI Adventure and also add Operations & Maintenance activities to its service package as part of this deal. Its own installation vessel Aeolus was modified and equipped with a crane with a lifting capacity of 1,600 tonnes to install the latest generation of foundations and wind turbines. That year, the company also welcomed the new fallpipe vessel Bravenes.
In the area of innovation and cooperation, Van Oord was partner in the innovative Slip Joint Offshore Research (SJOR) project, an alternative connection between an offshore wind turbine and its foundation. Van Oord also joined the North Sea Foundation, the Natuur & Milieu organisation and Eneco Luchterduinen in an oyster recovery project at the Luchterduinen offshore wind farm to investigate how nature conservation and renewable energy generation can reinforce one another.
Future offshore wind markets
Van Oord predicts that Northwest Europe will remain a stable and reliable markets, with new projects of 3 to 4 GW per year. It sees the UK, the Netherlands and Germany as the biggest markets, with Poland and France as are relatively newcomers. Worldwide, Asia and the US are seen as promising markets by the company. Source: Van Oord