Dutch marine contractor Van Oord reported a sharp decline in net profit for 2024, attributing the drop to challenges encountered on the Sofia offshore wind project in the UK, despite overall solid operational performance and continued investment in its fleet.
Net profit fell to €43 million, compared with €127 million in 2023 and €60 million in 2022. The company said the decrease was primarily driven by issues related to the Sofia project, while maintaining that the development remains a key part of its contribution to the energy transition.
“EBITDA was at a healthy level, and net profit of €43m (2023: €127m) 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,” the company said in a statement.
Revenues for 2024 totalled €2.4 billion, which Van Oord described as satisfactory and consistent with its growth trajectory. The €2.9 billion in turnover recorded in 2023 was characterised as “extraordinary due to higher-than-normal project completion rates.”
Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at €290 million, down from €379 million a year earlier but ahead of the €243 million posted in 2022.
At year-end 2024, Van Oord said it retained a “robust” financial position, with a healthy cash flow and an order book reflecting “an improved balance between risk and reward.”
The company completed 229 projects across 39 countries during the year, while also advancing its strategy to modernise and decarbonise its fleet. Investments included a dual-fuel foundation and turbine installation vessel, a dual-fuel cable-laying vessel, upgrades to a heavy lift installation vessel, and the construction of two new hybrid water injection dredgers.
“Looking forward, Van Oord anticipates increased market volatility and remains confident in its ability to seize opportunities, thanks to its skilled workforce and competitive fleet,” the company said.
