Van Oord Doubles Profit, Announces New CEO

Van Oord concluded 2023 with revenue reaching record high and profits more than doubled.

The company saw revenue growth across both its Dredging & Infra and Offshore Energy business units, which resulted in a significantly revenue increase of 42% to EUR 2.9 billion from EUR 2.0 billion in 2022.

Net profit doubled to EUR 127 million from EUR 60 million in 2022. High fleet utilisation and the continued sharp focus on risk and contract management contributed to the improved results.

The order book increased by 3% to EUR 4,429 million from EUR 4,300 million in 2022.

In 2023, Van Oord carried out a significant repositioning, which involved the consolidation of four separate business units - Dredging, Netherlands, Offshore Wind and Offshore - into two business units Dredging & Infra and Offshore Energy.

“In April 2024, after more than 15 years as CEO, I am pleased to hand over this company to a new generation and entrust my cousin Govert van Oord with the leadership of Van Oord,” said Pieter van Oord, CEO. “The transition from the fourth to the fifth generation of the Van Oord family marks an important milestone in our company’s history. I would like to thank our colleagues around the world for their commitment and contribution to this successful year, and for the last 30 years in helping me to make Van Oord a successful company. After a difficult period, we have proven that with resilience and hard work, we are able to meet our clients’ expectations and return to healthy margins.”