Van Oord saw net profits rise to €92m in 2018, up from €78m in 2017, according to its 2018 financial results.
Operating profit was €142m last year, compared with €123.5m in 2017, while revenue rose from €1.5bn in 2017 to €1.88bn in 2018.
Van Oord said the sale of its stake in the 600MW Dutch offshore wind farm Gemini generated a net profit of €38m alone. The remainder was down to one-off items, the company said.
The marine energy contractor’s order book amounted to €3.7bn at year-end 2018, compared with €3.4bn at the end of 2017.
The five largest awarded projects included the reinforcement of Afsluitdijk, the Fryslan nearshore wind farm, and a contract for supplying and installing cables at the Hollandse Kust offshore wind farm off the Netherlands coast.
Last year, Van Oord started work on four offshore wind projects, Deutsche Bucht in Germany, the Norther project in Belgium, East Anglia 1 in the UK and the Dutch Borssele 3&4 project.
Company chief executive Pieter van Oord said: “We saw a recovery in revenue and profit level in 2018, after two years of contraction.
“The increase in revenue was attributable primarily to our offshore wind activities. Our volume of awards was also higher than in 2017. Winning the iconic Afsluitdijk project was particularly noteworthy.”
Van Oord is part of Levvel, a consortium, developing Afsluitdijk and will also maintain the project for 25 years.
In September 2018, Van Oord acquired MPI Offshore, including two offshore installation vessels, giving it a further foothold in the UK offshore wind market, according to the company.
Through the MPI Offshore acquisition Van Oord has added operations and maintenance activities to its offshore wind service package.