Revenue from Van Oord’s offshore wind business unit increased in 2022 but the volume of tenders dropped, according to its board.
The unit recorded €599m of income in 2022, up from €347m in 2021 and utilisation of offshore wind vessels was high.
This increase was due to the construction on the Saint-Brieuc, Greater Changhua and Hollandse Kust Noord projects.
Volume of tenders awarded in 2022 stood at €339m, down from €962m in 2021.
In December 2022, the Hollandse Kust West project was provisionally awarded to Van Oord and is not included in these figures.
Van Oord said: “Difficult market conditions and major price increases in the supply chain have meant unsatisfactory returns in the offshore wind industry, and for us too.
“Given the importance of offshore wind to the energy transition, a better balance between reward and risk is needed.”
Despite this, Van Oord reported that Saint Brieuc project is back on schedule, and it expects to complete it in 2023.
The company was able to complete the Taiwanese Greater Changhua project operationally.