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The General Meeting of Shareholders of Van Oord took place yesterday, April 24, during which the Annual Report 2024 was presented.
According to the Report, in 2024, the company demonstrated outstanding teamwork in executing 147 projects. The infrastructure market was characterized by regional variations in activity levels. The Middle East is showing a high level of activity, while the Netherlands is lagging behind. Overall, Van Oord observed an increase in infrastructure development around the globe.
The Dredging & Infra business unit performed well this year, with revenue in line with 2023 (2024: revenue reaching EUR 1,079 million and in 2023: EUR 1,424 million). Fleet utilization remained at a high level, even slightly exceeding last year’s level.
Margins were healthy, aided by the improved risk-reward balance. The number of tenders and projects in execution was high throughout the year, causing some strain on the organization.
In 2024, the company won several long-term maintenance contracts, including a 2-year contract for maintenance dredging at Paranaguá Port in Brazil, a 3-year contract for maintenance dredging at the Port of Mumbai in India, Van Oord was also awarded an early works contract for the Malmporten dredging project, a land reclamation project in Ras al-Khaimah, United Arab Emirates, etc.
Moreover, in 2024 Van Oord completed some very important dredging projects, including the one in the Port of Burgas in Bulgaria, dredging work in the Prinses Amaliahaven on the Maasvlakte in Rotterdam, dredging works for the expansion of the Ain Sokhna port in Egypt, etc.
The outlook for the coming year reflects the cyclical nature of the dredging and infrastructure markets. Van Oord expects revenue to decrease to what the company considers a normal year. However, the outlook remains positive due to steady demand in various end-markets and long-term growth drivers such as climate adaptation, coastal urbanization, the increasing demand for energy and growth of maritime transport.
The complete Annual Report 2024 is available via Van Oord website .