Van Oord: Preparing for sustainable future with capital investments

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.

According to the company, 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 two new hybrid water injection dredgers.

Also, Van Oord has invested around EUR 1 billion in recent years to expand its fleet in both offshore energy and dredging.

The dredging fleet was expanded with two hybrid water injection dredgers (WIDs), Rijn and Rhône.

Van Oord said that 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 said that they have 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, they said. 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,” Van Oord said.

In March 2025, the company 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.