2024 was a busy year for Van Oord, with 229 projects completed in 39 countries, a solid operational performance and a high level of investment in sustainable vessels. The investments included a dual fuel foundation and turbine installation vessel, a dual fuel cable-laying vessel, the modification of a heavy lift installation vessel and the construction of 2 new hybrid water injection dredgers. Revenues were satisfactory, while results were impacted by setbacks on one offshore wind project. Looking forward, Van Oord anticipates increased market volatility and remains confident in its ability to seize opportunities, thanks to its skilled workforce and competitive fleet.

Van Oord has invested around EUR 1 billion in recent years to expand its fleet in both offshore energy and dredging. The largest investment in our company’s history includes the construction of the dual fuel vessel, Boreas, which is able to run on methanol and capable of installing 20 MW offshore wind turbines. The Boreas completed sea trials in November and was handed over to Van Oord. The vessel has recently arrived in the Netherlands, where the final outfitting works and the christening will take place. The Calypso, a second dual fuel vessel designed for installing high-voltage direct current (HVDC) cables, also made its deployment debut in 2024. Finally, heavy lift installation vessel Svanen was modified to extend to a height of 125 metres, enabling the installation of the newest monopile foundations for offshore wind farms.

The dredging fleet was expanded with two hybrid water injection dredgers (WIDs), Rijn and Rhône. These new WIDs are equipped with technology that substantially reduces their energy consumption and emissions: hybrid energy management systems, heat recovery systems and exhaust gas aftertreatment devices.

Van Oord demonstrated solid operational performance while delivering 229 projects in 39 countries. Net revenues were satisfactory, at EUR 2,442 million, and in line with the growth trend of recent years. The EUR 2,866 million turnover in 2023 was extraordinary due to higher-than-normal project completion rates. EBIT(DA) was at a healthy level, and net profit of EUR 43 million, (2023: EUR 127 million) was affected by setbacks on the offshore wind project, Sofia, in the UK – a project that, in every other respect, is a positive contribution to the energy transition and society. At year-end 2024, the company’s financial position remains robust, with an order book that reflects an improved balance between risk and reward, a healthy cash position and positive net cash flow.

In March 2025, Van Oord refinanced its Revolving Credit Facility (RCF), securing committed bank financing of EUR 550 million. This new facility is provided by a syndicate of 12 international banks.

The business unit Dredging & Infra had an excellent year and was awarded multiple projects to deepen and widen entrance channels and ports to accommodate larger vessels and expand operations, such as Luleå in the north of Sweden and Walvis Bay in Namibia. We were also awarded several long-term maintenance contracts, including Paranaguá in Brazil and Mumbai in India. The recurring activities form a reliable and steady base for our portfolio and remain a key area of focus. Dredging & Infra closed the year at a revenue level of EUR 1,363 million (2023: EUR 1,442 million), driven by a high vessel utilisation rate and a considerable level of infrastructure development in regions such as the Middle East.

The business unit Offshore Energy had a challenging year. At the same time, many contracts were awarded, and many projects were completed successfully, contributing to Van Oord’s ambition to facilitate and accelerate the global energy transition towards renewable energy. In Taiwan, we began work on the Greater Changhua projects, with a total capacity of 920 MW to power 1 million homes. In Guyana, we completed the Gas to Energy project, enhancing electricity production and reducing reliance on imported fuels. Van Oord Ocean Health installed innovative droppable oyster structures in the Borssele offshore wind farm. This innovative solution enables the large-scale (re)introduction of oysters, thereby contributing to biodiversity in offshore wind farms. Revenues were EUR 1,079 million compared to EUR 1,424 million in 2023.

Van Oord’s underlying market drivers remain favourable, fuelled by the energy transition, climate adaptation and growing attention for secure and sustainable marine infrastructure. In the short term, we foresee more end-market and geographical volatility resulting from increased geopolitical instability and economic uncertainty. Equipped with a competitive fleet, a skilled workforce and a healthy order book, Van Oord is well positioned to seize market opportunities.

Definitions:
EBIT: Earnings before interest and taxes, EBITDA: Earnings before interest, taxes, depreciation and amortisation.