In 2021, Van Oord achieved EUR 1,517 million in revenue (2020: EUR 1,677 million) and a net result of EUR -62 million (2020: net profit EUR 33 million). Its order book increased to EUR 4,353 million (2020: EUR 3,553 million), mainly driven by the business unit Offshore Wind.
Revenue from its Offshore Wind business unit in 2021 was significantly lower than in 2020 (EUR 347 million in 2021 as against EUR 632 million in 2020). its order book grew sharply, driven mainly by the award of the Sofia project in the first half of the year (EUR 1,523 million at year end 2021 as against EUR 908 million at year end 2020). Nevertheless, 2021 saw major setbacks on two projects within the business unit and so substantial provision had to be recognised. At the Saint-Brieuc project in France, Van Oord encountered unexpected deviating ground conditions and operational delays. With project restart begin 2022 the project is expected to be completed one year later than previously anticipated. The Greater Changhua project in Taiwan was seriously hampered by COVID-19.
