Van Oord Delivers Strong 2013 Results

Van Oord had a better business result in 2013 than in 2012. The year closed with an almost equal turnover of EUR 1,641 million (2012: EUR 1,676 million). At EUR 130 million, the net profit was considerably higher than in 2012 (EUR 98 million), and the company’s order portfolio was similar to the previous year.

The net profit was positively affected by the settlement of a number of outstanding claims in Dubai from 2005-2008. Higher operating revenues considerably decreased the net debt.

Van Oord realigned its strategy in the past year by analysing its activities in dredging, offshore oil & gas, offshore wind. In the present five-year period (2013-2018), it will be pursuing a strategy of growth.

“That growth will come mainly from our Offshore (oil & gas) and Offshore Wind Projects business units,” said CEO Pieter van Oord. “We don’t plan to take on any new activities outside our own sector because we believe our existing activities offer enough potential for growth.”

Dredging

The volume of activity in the dredging market remained stable in 2013. The occupancy rate for Van Oord’s fleet was slightly higher than in 2012. There were major changes in the various markets worldwide, however.

The European market improved, although this has not resulted in higher prices. Conditions in the markets of Brazil, Nigeria and India were difficult.

Investment

Van Oord took delivery of its second self-propelled cutter suction dredger, the Artemis, in 2013. The cutter has already been deployed successfully on a number of projects in Europe and Asia.

There were further delays in the construction of offshore installation vessel Aeolus owing to problems at the Sietas yard in Hamburg, which has applied for a suspension of payments.

The vessel should be operational by June 2014.

“In 2013, we decided to act on our strategy of building offshore wind farms as an EPC contractor by investing in a large cable-laying vessel with a 5,000-tonne cable carrousel,” said Pieter van Oord. “The Nexus will be operational in early 2015 and we intend to deploy it on the Gemini project.”

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Press Release, March 12, 2014