DEME posts 2024 Annual Report – strong increases in turnover and profit

DEME Group published its 2024 Annual Report today, showcasing a year of growth.

Dredging & Infra segment continued its long-term maintenance works on some of Europe’s most important rivers in Belgium and Germany, and outside of Europe, the team were busy in the APAC region, West Africa and the Middle East.

“We started work on the second phase of the transformation of the Port of NEOM in Saudi Arabia in a consortium with international marine construction group Archirodon. Staying in the Middle East, multiple DEME hopper and cutter dredgers were in operation in Abu Dhabi,” the company said.

Dredging & Infra remains well positioned in the West African region with a diverse range of dredging projects.

In southern Europe, DEME has a long-established presence in Italy, where they are performing multi-year port construction, dredging and coastal defense works in Ravenna, Livorno and Cagliari.

Overseas, in the Middle East, the segment continued capital dredging and land reclamation work for the expansion of the Port of Abu Qir in Egypt.

In Saudi Arabia, the Port of Oxagon Phase 2 project is progressing steadily, with dry earth excavation works well underway in preparation for cutter suction dredging activities scheduled for 2025 and 2026.

Also, the team successfully completed dredging activities in Abu Dhabi by the end of the year.

Dredging & Infra remains well positioned in the West African region, with ongoing maintenance and land reclamation work in Nigeria and a coastal protection project of Grand Lahou in Ivory Coast.

Maintenance dredging projects are also in progress across various countries along the West African coast.

In Asia Pacific, Dredging & Infra made notable progress establishing its presence with maintenance dredging projects in India and Malaysia, along with dredging works in the Port of Patimban in Indonesia and the port of Taichung in Taiwan to deepen access channels.

Additionally, reclamation work in the Maldives was successfully completed. Seabed preparation for nearshore and offshore energy projects also progressed in Malaysia, Taiwan and Australia.

Driven by recent contract wins and a strong backlog, vessel occupancy increased across the fleet. The trailing suction hopper dredger fleet reached an occupancy of 43 weeks, while the cutter fleet utilization rose to 34 weeks.

The orderbook for Dredging & Infra grew by 3% year-over-year, reaching 3.6 billion euro, and remains at a solid level with a healthy intake of diverse new projects.