DEME: Spotlight on Dredging & Infra Segment

Earlier this week, DEME Group released the full year results for the last year.

In their official statement, they said that the Dredging & Infra segment achieved a turnover of 1,524 million euro year-to-date, 3% higher than a year ago.

While the orderbook decreased 8% it is still at a solid level of 2,616 million euro.

In addition to longstanding maintenance dredging contracts in Europe including different seaports in Belgium, the segment completed a maintenance project in South Korea.

Other noteworthy projects were the successful completion of the modernisation of the Świnoujście-Szczecin fairway in Poland and of the rock dredging works for the Leixões Port expansion project in Portugal.

Large ongoing projects in Infra include the first phase of the Fehmarnbelt Fixed Link project (Denmark), the start-up phase of Port-la-Nouvelle (France), as well the Blankenburg project and the New Lock Terneuzen in the Netherlands.

In Belgium, DEME is a member of the consortia responsible for two contracts for the prestigious Oosterweel Connexion project, which will complete the Antwerp Ring Road.

The EBITDA margin in the Dredging & Infra segment decreased from 20.7% in 2021 to approximately 16.7%.

The results of 2022 were affected by a high number of vessel dockings and overhauls, redeployments of vessels due to the Russia-Ukraine conflict, inflation, consumables and commodity price increases.

The EBITDA margin for 2021 benefited from 15 million euro in liquidated damages for the ‘Spartacus’-vessel.

Noteworthy 2022 orderbook additions include a substantial contract for dredging and coastal protection works in Livorno, Italy, the new container terminal Port of Gdansk, extension works for the port of Soyo in Angola and contract wins in the Indian subcontinent.