Marine, offshore and dredging contractor Jan De Nul Group says the offshore wind energy market has provided it with a boost at a time when other markets in which it is active hit turbulence.
In a statement released to coincide with publication of its 2017 results, the company said 2017 “did not bring the new start for the global economy and investment climate that we all hoped for.”
Jan de Nul said the offshore oil and gas market remained mired in a downturn and the dredging market has contracted, but demand for the company’s services from the offshore renewables market surged.
“At present, the offshore market is mainly driven by the renewable wind energy industry, in which Jan De Nul Group is expanding its services,” it said.
In 2017, Jan De Nul turned over €1.76Bn (US$2.03Bn), this being the first time in six years that turnover at the company fell below the €2Bn mark. However, the company remained profitable. EBITDA in 2017 amounted to €365M, an increase compared to 2016 of 4%. Jan De Nul also has a well-filled order backlog for the future of €2.61Bn.
The company said that although it is maintaining its focus on its core activities, it continues to diversify and undertake more multidisciplinary projects.
In the offshore wind energy sector, it completed work on the Nobelwind offshore windfarm in Belgium and was a major contributor to the construction of other offshore windfarms, among them Tahkoluoto in Finland and Blyth in the UK. It also realised several cable installation projects in and outside Europe and undertook the design and construction of two gravity-base foundations for the Kriegers Flak offshore windfarm in Denmark.
In Germany, Jan De Nul Group is to install 32 turbines for the Trianel Borkum II project. In Q2 2018, the company was awarded contracts for the construction of two offshore windfarms in Taiwan, Formosa 1 Phase 2 and the Changhua Phase 1 project.