Van Oord Records Best Year in Offshore Wind

Van Oord’s offshore wind business unit posted record revenue of EUR 706 million in 2018, a 75.2% increase compared to the revenue of EUR 403 million reported in 2017.

Van Oord

The increase was attributed to a simultaneous start of four major offshore wind projects: Deutsche Bucht in Germany, Norther in Belgium, East Anglia ONE in the UK, and the Dutch Borssele III & IV project.

Overall, Van Oord recorded EUR 1.88 billion in revenue in 2018, compared to EUR 1.53 billion in 2017. The net profit for the year was EUR 92 million, compared to EUR 78 million reported in 2017. An increase in net profit was attributed partly to the sale of the company’s share in the 600MW Gemini offshore wind farm which generated a net book profit of EUR 38 million.

Van Oord’s order book stood at EUR 3.68 billion at year-end 2018, compared to EUR 3.39 billion at year-end 2017. Two of the five largest projects the company secured during the year are offshore wind-related: the Fryslân nearshore wind farm, and the contract for supplying and installing cables at the Hollandse Kust (South) wind farm.

”We saw a recovery in revenue and profit level in 2018, after two years of contraction. The increase in revenue was attributable primarily to our offshore wind activities. Our volume of awards was also higher than in 2017,” Pieter van Oord, CEO of Van Oord, said.

Looking ahead, Van Oord expects the offshore wind market in Northwest Europe to remain ”stable and reliable with new projects of 3 to 4 GW per year”.

Relative newcomers such as Poland and France, and the emerging markets in the US and Asia are seen as promising markets which ”represent new opportunities and risks.”