Dutch-based dredging and marine engineering firm Van Oord has increased its annual revenues for 2014 by 28%, to a record level of €2.1 billion.
The company’s net profit for 2014 was €119 million, compared with €130 million for 2013.
Its order book increased by a record level to €3.2 billion at the end of 2014, compared to €1.9 billion at the end of the previous year.
The firm’s key projects during the past year included a joint venture with Boskalis for work on a 50km second channel of the Suez Canal, which is due to be completed this summer.
In December 2014, the company also acquired Ballast Nedam’s offshore power business.
CEO Pieter van Oord said the firm’s strategy had remained focused on three core areas of dredging, offshore oil and gas, as well as its expanded offshore wind operations.
However, he warned that the fall in oil prices meant oil and gas companies would postpone projects and investments, which he forecast would have a negative effect on the market in 2015.
Van Oord said, “We remain optimistic about our opportunities for growth in offshore wind projects. The fact that our order portfolio for 2015 is so well-filled gives us confidence about this year. Our turnover and activities will continue to expand.”