Van Oord achieved net revenues totalling €2.442 billion (US$2.79 billion) in 2024, which the company said is in line with the growth trend of recent years.
The company's €2.866 billion (US$3.27 billion) turnover in 2023 was extraordinary due to what it said were "higher-than-normal project completion rates."
Gross operating profit was at a healthy level, and net profit of €43 million (US$49 million) was affected by setbacks on the Sofia offshore wind project in the UK.
Van Oord said that at year-end 2024, the company’s financial position remained robust, with an order book that "reflects an improved balance between risk and reward, a healthy cash position and positive net cash flow."
The dredging and infrastructure business unit was awarded multiple projects in 2024 to deepen and widen entrance channels and ports to accommodate larger vessels and expand operations, such as Luleå in the north of Sweden and Walvis Bay in Namibia.
Van Oord was also awarded several long-term maintenance contracts, including Paranaguá in Brazil and Mumbai in India.
"The recurring activities form a reliable and steady base for our portfolio and remain a key area of focus," the company said.
Dredging and infrastructure closed the year at a revenue level of €1.363 billion (US$1.56 billion), driven by a high vessel utilisation rate and a considerable level of infrastructure development in regions such as the Middle East.
The offshore and energy business unit had a challenging year. At the same time, many contracts were awarded, and many projects were completed successfully.
In Taiwan, Van Oord began work on the Greater Changhua projects, with a total capacity of 920 MW to power one million homes. In Guyana, the company completed a gas to energy project, enhancing electricity production and reducing reliance on imported fuels.
Van Oord Ocean Health installed droppable oyster structures in the Borssele offshore wind farm. This solution enables the large-scale (re)introduction of oysters, thereby contributing to biodiversity in offshore wind farms.
Revenues were €1.079 billion (US$1.23 billion) compared to €1.424 billion (US$1.63 billion) in 2023.