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Van Oord Reports Record High Revenue and Doubled Profits for 2023

Van Oord, a leading global maritime contractor, has announced impressive financial results for the fiscal year 2023. The company reported record-high revenue and a remarkable doubling of profits compared to the previous year, marking a significant milestone in its operational success.

According to the latest financial report released by Van Oord, the company witnessed substantial revenue growth across its core business units, Dredging & Infra and Offshore Energy. The total revenue surged by an impressive 42%, soaring to EUR 2.9 billion from EUR 2.0 billion in 2022. This substantial increase underscores Van Oord’s strong market position and operational efficiency.

The surge in revenue was complemented by a noteworthy doubling of net profits, which climbed to EUR 127 million from EUR 60 million in the previous year. This outstanding financial performance reflects Van Oord’s strategic initiatives and operational excellence in navigating the challenging business landscape.

The success of Van Oord in 2023 can be attributed to several key factors. High fleet utilization rates played a pivotal role, indicating the effective deployment of resources to capitalize on market opportunities. Additionally, the company’s unwavering focus on risk management and contract execution contributed significantly to its improved financial results.

Despite a high level of investment, Van Oord demonstrated robust financial stability, with solvency remaining stable at 32.5%. Moreover, the company managed to strengthen its financial position, as evidenced by the improvement in the net debt position, which stood at EUR 152 million as of December 31, 2023.

One of the highlights of Van Oord’s performance was the notable growth in its order book, which expanded by 3% to EUR 4,429 million compared to EUR 4,300 million in the previous year. This increase underscores the confidence of clients in Van Oord’s capabilities and highlights the company’s strong market presence.

In summary, 2023 proved to be an exceptionally busy and fruitful year for Van Oord, characterized by significant growth and financial resilience. The company’s record-high revenue and doubled profits underscore its commitment to excellence and position it for continued success in the global maritime industry.

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