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Van Oord: 2019 a challenging year

By: Tom Russell 23/03/2020 Van Oord

General

Van Oord has published its 2019 results, noting that it was "a challenging year". The company recorded EUR 1.64 billion in revenue, 12% lower than in 2018 (EUR 1.88 billion), and a net profit of EUR 46 million, compared to EUR 92 million in 2018.

The decrease was partly attributed to offshore wind activities (2019: EUR 571 million vs 2018: EUR 706 million) which Van Oord stated were driven by the smaller number and size of projects currently under construction. Despite this, the company stated that it remains positive about the prospects of offshore wind and "substantial opportunities" ahead in this market.

In 2019, Van Oord worked on a number of offshore wind farm projects including the Norther offshore wind farm, which was completed within nine months. The company also secured its first cable project in Taiwan. Ørsted awarded Van Oord the cable installation contract for the 900 MW Greater Changhua offshore wind farms.

Last year, the company made a number of investments to bolster its fleet of offshore construction vessels. To support its cable laying activities, it acquired the Deep Dig-it. The trencher can bury cables up to 5 metres below the seabed and will make its debut in summer 2020 on the Hollandse Kust Zuid project for TenneT.

The company noted that 2020 looks to be another challenging year with uncertainty due to the global outbreak of the coronavirus (COVID-19).

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Van Oord: 2019 a challenging year

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