In 2018, Van Oord recorded € 1.88 billion in revenue (2017: € 1.53 billion) with a net profit of € 92 million (2017: € 78 million). The increase in revenue was mainly driven by offshore wind activities, which realised € 706 million of revenue (2017: € 403 million).
The net profit of € 92 million included one-off items. The sale of the share in Gemini Offshore Wind Farm generated a net book profit of € 38 million. The EBITDA in 2018 was € 306 million (2017: € 290 million). The order book amounted to € 3.68 billion at year-end 2018, compared to € 3.39 billion at year-end 2017. The Offshore Wind business unit had record revenue in 2018. Four major projects commenced simultaneously: Deutsche Bucht in Germany, the Norther project in Belgium, East Anglia ONE in the UK and the Dutch Borssele III & IV project. In September 2018, MPI Offshore was acquired including two offshore installation vessels. Through this acquisition, their UK market position has been strengthened and their equipment position in offshore wind has also been reinforced. The company added Operations & Maintenance activities to our service package as part of this deal.
