Van Oord sees ‘substantial opportunities’ in offshore wind despite challenges elsewhere

Reporting results for 2019, the company said it experienced tough times in other sectors, including the dredging market, “but had another busy year in offshore wind.

“A milestone was the completion of the Norther offshore windfarm in Belgium in a record time of only nine months. We also won our first cable project in Taiwan, awarded by Ørsted. In our business unit offshore our revenue slightly increased. Our overall orderbook remained solid with a positive outlook,” the company said.

“Dredging is the cornerstone of Van Oord’s business, but market conditions in 2019 remained difficult,” said Van Oord. “Our tender and award volumes were substantially lower than 2018 and fleet utilisation was comparable to 2018.

“In offshore wind the market outlook is positive, with high tender volumes,” said the company. “At the same time the risk profile is increasing, driven by technical and environmental challenges, price pressure, new competitors and complex supply chains.”

Looking ahead, Van Oord said that in 2020 it anticipates “a great deal of uncertainty” due to the coronavirus pandemic, but it said the fast-growing offshore wind market “is in sharp contrast with the tough times Van Oord is facing in the global dredging market.”