Offshore renewables was a “bright spot” last year for Jan De Group with the company increasing its activities in the sector, despite turnover falling below €2bn for the first time in six years.
Turnover stood at almost €1.76bn in 2017 following a contraction in the dredging business unit and a continued slow market for oil and gas.
However, diversification in markets, such as offshore renewables, has ensured the company maintained a “strong position”.
Last year, Jan De Nul’s offshore division completed work on the 165MW Belwind 2 offshore wind farm and was also involved in the 42MW Tahkoluoto project off Finland and 41.5MW Blyth facility off the north-east coast of England.
The company is also contracted for work on the 203MW Borkum West 2.2 and 450MW Borkum Riffgrund 2 offshore wind farms in the German North Sea, as well as phase two of the Formosa 1 and stage one of the Changhua offshore projects in Taiwan.
In 2017, overall earnings before interest, taxes, depreciation and amortisation were €365m, representing 21% of turnover, up from 4% last year, the company said.
Jan De Nul’s order book stood at €2.61bn at the end of 2017, which it said was in line with previous years.
Image: Jan De Nul
Offshore brightens Jan De Nul
By EBS