Van Oord increases its revenue to EUR 2,021 million in 2022
Van Oord increased its revenue to EUR 2,021 million in 2022 (2021: EUR 1,517 million) and realised a net profit of EUR 60 million (2021: net loss EUR -62 million), according to the company's release. The net profit was negatively impacted by tens of millions of euros due to supply disruptions and price increases in relation to the situation in Ukraine. This also affected the operational cashflow which, in combination with a higher investment level, led to an increase of net debt to EUR 178 million at year-end 2022 (2021: EUR 62 million).
All of Van Oord business units realised a revenue increase in 2022. The Dredging business unit grew its revenue to EUR 892 million (2021: EUR 727 million) including amongst others the Fehmarnbelt Fixed Link project and the deepening of the Harwich channel.
Compared to 2021, the Offshore Wind business unit had a busy year with EUR 599 million revenue because of construction on the Saint-Brieuc, Greater Changhua and Hollandse Kust Noord projects (2021: EUR 347 million). Revenue in the Netherlands business unit was EUR 322 million (2021: EUR 252 million) and mainly included projects such as the Afsluitdijk, A16 motorway Rotterdam and Twentekanalen. Despite the prolonged suspension of the Mozambique LNG project, the Offshore business unit was able to increase its revenue to EUR 208 million mainly in relation to various projects in Mexico, Norway and the United Kingdom (2021: EUR 191 million).
The total order book of EUR 4,300 million at year-end 2022 remained stable compared to 2021 (EUR 4,353 million) as revenue was in line with the award volume including variations. The latter were on balance negative as a number of projects (in Russia and Angola) were taken out of the order book. Newly awarded projects in 2022 included: Ain Sokhna (Egypt) and Constanta Beaches (Romania) in the Dredging business unit, Ocean Wind (US) in the Offshore Wind business unit, Gas to Energy (Guyana) in the Offshore business unit and the dyke reinforcement Hansweert in the Netherlands business unit.
Results for Dredging were satisfactory, with the 2021 market recovery continuing into 2022. Consequently, revenue increased from EUR 727 million in 2021 to EUR 892 million in 2022, with increased capacity utilisation of the suction hopper dredgers in particular. The company sees an increase in winning tenders in 2022, from a total volume of EUR 843 million in 2021 to EUR 896 million in 2022.
Revenue from Offshore Wind business unit increased in 2022 (EUR 599 million in 2022, up from EUR 347 million in 2021) and utilisation of offshore wind vessels was high. At the same time, the volume of tenders awarded in 2022 was significantly lower than in 2021 (EUR 339 million, down from EUR 962 million in 2021).
Results for the Offshore business unit were satisfactory. Revenue in 2022 was EUR 208 million, slightly higher than in 2021 (EUR 191 million). Contracts awarded were significantly higher in 2022 (EUR 498 million in 2022, up from EUR 367 million in 2021). Projects in Russia were taken out of the order book.
Revenue for the Netherlands in 2022 was higher than in 2021 (EUR 322 million in 2022, up from EUR 252 million in 2021). The volume of tenders awarded was EUR 255 million, up from EUR 163 million in 2021.
In 2022, the situation in Ukraine made Van Oord decide to completely withdraw from Russia. Existing activities have been terminated in a controlled manner.
