Revenue from Van Oord’s offshore wind business fell 45% last year to €347m, compared with €632m in 2020.
The company said it suffered “major setbacks” on two projects within the business unit and so “substantial provision had to be recognised”.
Van Oord said it encountered unexpected deviating ground conditions at the Saint-Brieuc project in France, as well as operational delays.
The project restart started in 2022 and the wind farm is now expected to be completed one year later than previously anticipated, the company said.
It added that work at the Greater Changhua project in Taiwan was “seriously hampered” by Covid-19.
“We took all the necessary measures to safeguard the well-being of our crew, ensure that crew changes on vessels went smoothly and avoid supply chain problems,” Van Oord said.
The company said its order book grew, driven mainly by the award of the Sofia project in the first half of the year.
At the end of 2021, the offshore wind order book was over €1.52bn, up from €908m in 2020.
Van Oord said the outlook for offshore wind remains promising, though.
“Our tender activities are at an all-time high, prompting us to revise our forecast figures for 2025 and 2030 upwards,” it said.