Dutch marine contractor Van Oord saw a slump in net profit in 2024 due to what the company described as “setbacks” on the Sofia offshore wind project in the UK.
Net profit for 2024 was at €43m, down from the bumper €127m recorded in 2023 and a significant drop on the €60m reported in 2022.
Van Oord said net revenues at €2.4bn were satisfactory and in line with the growth trend of recent years. The €2.9bn turnover in 2023 was “extraordinary due to higher-than-normal project completion rates”, the company said.
Earnings before interest, tax, depreciation and amortisation (EBITDA) were at €290m. This marked a decrease on last year’s €379m, but an improvement on the €243m reported in 2022.
The contractor said: “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.
“At year-end 2024, the company’s financial position remains robust, with an order book that reflects an improved balance between risk and reward, a healthy cash position and positive net cash flow.”
The company said it had demonstrated “solid operational performance” in 2024, with 229 projects completed in 39 countries, and a high level of investment in sustainable vessels.
“The investments included a dual fuel foundation and turbine installation vessel, a dual fuel cable-laying vessel, the modification of 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.”