In 2018, Van Oord recorded EUR 1.88 billion ($2.2 billion) in revenue (2017: EUR 1.53 billion/ $1.72 billion) with a net profit of EUR 92 million ($104 million) (2017: EUR 78 million/ $88 million). The increase in revenue was mainly driven by offshore wind activities, which realized EUR 706 million ($795 million) of revenue (2017: EUR 403 million/$454 million).
In dredging, the revenue from international activities of EUR 852 million ($958 million) was similar to 2017 EUR 841 million ($947 million) reflecting ongoing difficult market circumstances. In 2018, the dredging market was still characterized by overcapacity. In addition, marine transport volumes fell due to increased political tension and lower global trade volumes, affecting port developments. Despite these challenging market conditions, project results were solid.
Van Oord started executing the Dubai Harbour project to include a hotel, a cruise liner terminal, a shopping mall and residences. The contract involves dredging the 12-kilometre (xx-mile) navigation channel, reclaiming land, extensive rock work and quay wall construction and executing vibro compaction.
The company said it is renewing the existing capacity of its dredging fleet. The trailing suction hopper dredge Vox Amalia was largely completed at Santander, and at the end of the year, it was shipped to Rotterdam. The ship will become operational in 2019.
2018 saw the launch of Van Oord’s first LNG-powered vessel Werkendam. In addition, two LNG-powered ZSH 7.0 hopper dredges were ordered. Van Oord believes that LNG will be an important transition fuel during the next decades and that clients will seek partners with energy-efficient assets.