Van Oord posts stable 2012 results

Offshore wind market provides buoyancy

Van Oord has delivered broadly stable 2012 results. The Dutch group's turnover last year was €1,676m, down only slightly on 2011's €1,715m. Net profits were €98m, against the €118m recorded a year ago. Its order book amounted to €1.9bn as 2012 drew to a close.

"Our net results are in line with our expectations," said its CEO, Pieter van Oord. "Despite the difficult economic circumstances across much of the world, we’ve been able to maintain a good level of profitability."

Van Oord's focus is on three business sectors; dredging, offshore oil and gas and offshore wind. The dredging market has suffered from the global economic downturn, but oil and gas and offshore wind have provided buoyancy.

"Our work on the Luchterduinen wind farm has confirmed our solid position in [the offshore wind] market," added van Oord. The company has also successfully completed work on the Princess Amalia, Belwind and Teesside projects, but warned of project delays elsewhere.

For 2013, Van Oord is cautiously optimistic and expects to see signs of recovery in the world economy. The offshore oil, gas and wind markets are seen as continuing to offer the best growth opportunities.

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