Offshore, dredging and marine contractor Jan De Nul has reported a “solid performance” in 2019 and says it continues to benefit from diversification into the offshore renewables market
In 2019, its turnover exceeded €2.0Bn (US$2.2Bn). EBITDA amounted to €342M or 17% of turnover. The company had a net profit of €61M and “an exceptionally high solvency ratio” of 68%, thanks to a sustained policy of reinvestment.
Jan De Nul had no net debt for the sixth year in a row and a stable order portfolio of €3.4Bn. It has an extensive, ongoing investment programme, particularly in the offshore renewable energy industry.
“In line with previous years, 2019 remained a challenging year for international dredging activities. On the other hand, activity in the offshore segment increased significantly,” said the company.
“The market for offshore renewable energy is growing at a rapid pace. Moreover, this market is no longer limited to Europe. Jan De Nul Group is now building offshore windfarms in Taiwan.” The company hopes it will soon be doing so in the US.
At the end of 2019, the company’s investment in new dredging vessels was more than €700M. After adding the offshore jack-up installation vessels Vole au vent and Taillevent to its fleet in 2015 and 2018 respectively, in 2019, Jan De Nul Group ordered “next generation offshore installation vessel,” Voltaire.
Voltaire will be able to install wind turbines with heights up to 270 m, which is unique in the market.
At the end of 2019, the company also ordered a floating crane vessel, Les Alizés. This vessel has a main crane with a lifting capacity of 5,000 tonnes and equally impressive lifting heights. Both vessels will be delivered in 2022.
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