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Van Oord Reports Record Revenue and Profits for 2023

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Van Oord, a dredging and offshore energy company, has announced strong financial results for the year 2023, with record-high revenue and profits more than doubling compared to the previous year.

The company reported a remarkable 42% increase in revenue, soaring to EUR 2.9 billion from EUR 2.0 billion in 2022. Net profit doubled to EUR 127 million from EUR 60 million in the previous year, reflecting significant growth across both its Dredging & Infra and Offshore Energy business units.

Van Oord attributed its success to high fleet utilization and a sharp focus on risk and contract management. Despite an extremely high investment level, the company’s solvency remained stable at 32.5%, and its net debt position improved to EUR 152 million as of December 31, 2023. Additionally, the order book increased by 3% to EUR 4,429 million from EUR 4,300 million in 2022.

Pieter van Oord, CEO of Van Oord, expressed his satisfaction with the company’s performance and announced his decision to hand over the leadership to his cousin, Govert van Oord, in April 2024. This transition from the fourth to the fifth generation of the Van Oord family marks a significant milestone in the company’s history.

Van Oord’s CEO extended his gratitude to colleagues worldwide for their dedication and contribution to the company’s success. He emphasized the resilience and hard work that enabled Van Oord to meet client expectations and achieve healthy margins, particularly after a challenging period.

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