Van Oord: Challenging times with a positive outlook

25 March 2022

The year of 2021 proved to be a year of opposites for Van Oord. On the one hand, it was a difficult year in the light of COVID-19, market- and supply chain issues and operational challenges. On the other hand, Van Oord ended the year with an optimistic outlook for her markets reflected in a record-high order book.

Resulting in a financial loss on the back of large loss provisions taken on three projects in the business units Netherlands and Offshore wind: the Afsluitdijk project in the Netherlands, the Saint-Brieuc project in France and the Greater Changhua project in Taiwan.

Their confidence in the future is reflected in their investments. Two new hybrid water injection dredgers (WIDs) Maas and Mersey were put into service in the summer of 2021, replacing the first generation of WIDs.

In adition three new LNG trailing suction hopper dredgers are on their way. The Vox Ariane will become operational in June 2022. The Vox Apolonia will follow six months later and the Vox Alexia a further six months later. These three new dual-fuel trailing suction hopper dredgers have cleaner emissions and a significantly lower carbon footprint than conventional trailing suction hopper dredgers and so will boost Van Oord's position in the middle segment of the dredging market.

To strengthen it's leading position in offshore wind and reduce our carbon footprint during offshore wind installation, Van Oord has invested in a new cable-laying vessel named Calypso. The vessel will be capable of laying AC and HVDC cables and mark the next generation of energy-efficient cable-laying vessels. It is expected to be fully operational by 2023.

In September 2021, Van Oord also ordered a new jack-up vessel, called the Boreas. The vessel will be capable of transporting and installing the next generation of 25 MW wind turbines. It will be the largest of its kind. This green vessel has been designed to operate on methanol fuel and is expected to enter the market in 2024. The investment in the Boreas is the largest capital expenditure for a vessel in Van Oord’s history. At year-end 2021, our total committed investment programme, covering all our business activities, has a value of  EUR 800 million.

Source: Van Oord