Jan De Nul Reveals New OW Contract in Its Latest Financial Results

In early 2016, Jan De Nul signed a contract for cable installation at a Geman offshore wind farm, the company reported in its financial results yesterday.

Photo: Jan De Nul

However, Jan De Nul did not reveal any further details, such as the client’s name and the project in question. Offshore WIND contacted the company via email, but it has not replied to our inquiries so far.

Regarding its business performance in 2015, Jan De Nul said that taking delivery of the cable-laying vessel Isaac Newton and acquiring the wind installation vessel Vole au vent have significantly contributed to the overall growth in its Offshore Services unit amid challenging conditions in the oil and gas market.

Compared to 2014, the company recorded a turnover increase of almost 10% to EUR 2.24 billion in 2015, 72% of which came from its dredging and offshore activities, 25% from civil activities and 3% from environmental activities.

Jan De Nul concluded the last year with a stable order book of EUR 2.7 billion. Among other projects, the company’s order book includes the installation of Belgian Nobelwind offshore wind farm, for which Jan De Nul is in charge as an EPCI contractor, and will install foundations and wind turbines with the newly acquired Vole au vent.

Preparations for the Nobelwind project started in 2015, and the installation works started this month. The project is scheduled to be completed in 2017.

In March this year, the company was chosen for dredging, seabed construction work, and the installation of foundations and wind turbines at Finnish Tahkoluoto offshore wind farm in Pori.

In 2015, Jan De Nul Group invested in the expansion and diversification of its fleet, as part of the implementation of the company’s diversification policy. “With these steps, Jan De Nul is gaining a foothold within the renewable energy market, stimulated by the climate conference of Paris and the 20-20-20 objectives of the European Union,” Jan De Nul stated.

Jan De Nul also reported that it is net debt-free for the second year in a row.