The turnover continued to grow to 2.9 billion euro, a record in the history of the Group.
This led to an increase in EBITDA with 39% to 610 million euro or 21% on turnover, globally resulting in a strong profit of 296 million euro. These growth figures were achieved in a balanced manner through various innovative projects and reflect the operational efficiency of our teams across all divisions. This despite the current economic and geopolitical turmoil in several parts of the world.
2023 was also the year in which our next-gen offshore installation vessels, Les Alizés and Voltaire, were deployed on their first projects and where Jan De Nul Group ordered an innovative, XL cable-laying vessel, the Fleeming Jenkin.
Looking forward, Jan De Nul Group started the year 2024 with an unprecedentedly high order book of 8.9 billion euro, an increase of 38% compared to last year. These projects are again well spread across all divisions of the Group.
With this impressive orderbook, our characteristic innovative boldness supported by excellent financial structure, and our ‘impossible is not possible’ mentality, we started 2024 with full confidence.
ACTIVITIES IN 2023
77% of Jan De Nul Group’s turnover was achieved by its maritime divisions.
Coastal and shore protection, port infrastructure works, maintaining, deepening or widening waterways as well as land reclamation, are key solutions offered by the dredging division of Jan De Nul Group. In 2023, a multitude of projects was carried out around the world.
Coastal and shore protection works were carried out in Knokke, Belgium, in the form of beach replenishments. In Bangladesh, Jan De Nul Group continued the capital and maintenance dredging works for the access channels to the new Payra Port. Jan De Nul Group was also active in the Middle East, amongst others, for the deepening of the access channels to the port of Jebel Dhanna. In Latin America, Jan De Nul Group is operating and maintaining the access channel to the port terminals of Guayaquil in Ecuador, this under a 25-year concession contract. Port infrastructure works were carried out in the Port of Gdynia, in Poland.
The offshore division deployed its newly delivered next-gen offshore vessels on their first projects. Jack-up installation vessel Voltaire is transporting and installing 277 turbines for the Dogger Bank A, B and C offshore wind farms, while heavy lift vessel Les Alizés is performing the transport and installation of 107 foundations and 1 offshore substation in Germany for the Gode Wind 3 and Borkum Riffgrund 3 offshore wind farms.
An example of our cable installation expertise is shown in the UK. During the summer, a 33 kV-interconnector cable was installed in the Pentland Firth seaway, between the Orkney-island of Hoy and the Scottish mainland. Where necessary, the cable was buried by our trencher Swordfish or protected by rock bags installed by multipurpose vessel Adhémar de Saint-Venant.
Buildings, foundations, transport related infrastructures, water related infrastructures, these are but some of the wide variety of solutions offered by the construction division. Jan De Nul Group focuses on complex design and engineering projects, executed for private and public clients while participating in Public Private Partnerships (PPP). The construction projects remain a constant and solid part of Jan De Nul Group.
In 2023, the construction started on the infrastructure to house and maintain the new F-35 fighter jets. Two identical air force bases are being built, one in Florennes and one in Kleine-Brogel.
Jan De Nul Group was also active on infrastructure works along the highway E40 between Ghent and Brussels. Together with its partner, Jan De Nul Group is replacing two bridges: one of the E40 over the railroad and another over the E40. Furthermore, the Group is participating in the construction of the Oosterweel link, through the construction of the Scheldt tunnel (COTU), which is the connecting element in the link that closes the Antwerp Ring Road, and the Right Bank link (ROCO), which forms the link between the Scheldt tunnel and the R1 both in Northern and Eastern directions.
The environmental division, Envisan, is an important player on the Belgian market. This division has comprehensive experience in handling polluted sites both by remediation in situ or excavation and transportation of the polluted material to one of the Group’s six valorisation centres in Belgium and France. Major projects in 2023 include the construction of PFAS water treatment plants and soil remediation for the Oosterweel link and environmental dredging and remediation works in the Walloon region.
PSR, the brownfield development specialist remains focused on the reconversion of polluted sites. In 2023, PSR continued its endeavours with the development of several projects in Belgium amongst others the Albertplein in Knokke, Rives Ardentes in Liege and Malt in Mechelen.
Geographical presence
This year Jan De Nul Group undertook 371 projects around the globe. Europe, where all divisions of Jan De Nul Group are traditionally active, represents a strong 44% share of the Group’s turnover. Asia and the Middle East was good for 33% of the Group’s turnover. A 21% share in turnover was attained by the Americas, while Africa contributed 2%.
HIGH SOLVENCY AND NET CASH POSITION
Traditionally, Jan De Nul Group demonstrates a strong solvency ratio. Also this year the solvency ratio amounted to almost 60%. The Group’s equity climbed now to almost 3.4 billion euro, showing a year-to-year increase of 9.6%.
Additionally, the Group’s liquidity position remained strong, even after the continuous innovations and investment in new assets. This is demonstrated by a net cash position of 520 million euro. Jan De Nul Group has now been net debt-free for the last ten years. This rock-solid financial structure is a major competitive asset of Jan De Nul Group.
CONTINUOUS INVESTMENT PROGRAMME IN AN IMPRESSIVE AND UNIQUE FLEET
Jan De Nul Group shapes water and land. Therefore, based on the vision to create unique solutions worldwide, connect communities and improve infrastructure, the company continues to invest in the specialized and innovative fleet of tomorrow.
- The Group once again confirmed its contribution to a green future with the order of a pioneering XL cable-laying vessel Fleeming Jenkin. With an unmatched cable-laying capacity of 28,000 tons, this vessel will support the energy and cable industry by installing cables over longer distances and in deeper waters. In addition, state-of-the-art green technologies make the vessel a future-proof asset: ULEv technology, engines that can run on both biofuel and green methanol and a 2,500 kWh energy storage system; these all allow Fleeming Jenkin to operate with remarkably low NOx and greenhouse gas emissions. Fleeming Jenkin is scheduled for delivery in 2026.
- The offshore jack-up installation vessel Voltaire was delivered in late 2022. In 2023, the vessel launched her first mission to transport and install 277 wind turbines for the Dogger Bank offshore wind farm in the United Kingdom.
- The heavy lift vessel Les Alizés was delivered early 2023. Immediately upon delivery, the vessel’s mission equipment was installed in Poland. Specifically, an automated monopile handling system was installed on board, consisting of a set of cradles, a skidding system and an upending hinge to handle the XXL monopiles on board. After this, Les Alizés started her first mission to transport and install 107 foundations and 1 offshore substation for the German offshore wind farms Gode Wind 3 and Borkum Riffgrund 3.
Moreover, 2024 will bring more investment opportunities. Currently our in-house newbuilding department has various investment proposals on its drawing board, both for offshore and dredging innovations.
UNPRECEDENTED ORDER BOOK OF 8.9 BILLION EURO
Continuously investing in innovative solutions with the newest sustainable technologies remains key. Combined with its skilled people and in-house technical knowhow, Jan De Nul Group stays focused on the future. This is reflected in Jan De Nul Group’s unprecedented order book of 8.9 billion euro, an impressive increase of 38% compared to last year.
Jan De Nul Group has a well-spread project portfolio, including several major projects:
Dredging and offshore activities
- Jan De Nul Group has signed an agreement with RWE for the long-term chartering of its next-generation installation vessels. This to support the future RWE renewable offshore windfarm projects.
- In the first half of 2023, Jan De Nul Group, together with its consortium partners, have been awarded a 525 kV HVDC cable system portfolio for the German electricity Grid by TenneT. Jan De Nul’s scope includes the transport, installation, and protection of the cables in the Wadden Sea, nearshore, and offshore sections for the cable system packages of BalWin 4, LanWin 1 and LanWin 5. The offshore operations will start in 2026. The combined DC cable length of the awarded portfolio is almost 2,000 km.
- The Belgian consortium TM Edison, in which Jan De Nul Group participates, was awarded the construction of the world’s first artificial energy island, the Princess Elisabeth island. The island’s high-voltage infrastructure will bundle the wind farm export cables of the Princess Elisabeth zone in the North Sea, whilst also serving as a hub for future interconnectors with Great Britain (Nautilus) and Denmark (TritonLink). In order to successfully deliver this project, Jan De Nul Group will integrate the expertise from its different divisions: offshore, dredging and civil construction.
- In the United Kingdom, Jan De Nul Group is responsible for the transport and installation of the GE Haliade-X offshore wind turbines at the Dogger Bank offshore wind farm, 130 km off the Yorkshire coast. The transport and installation of the turbines in a period of three consecutive years started in 2023. The 3.6 GW Dogger Bank wind farm, which will be delivered in three 1.2 GW North Sea phases, will be the world’s largest offshore wind farm upon completion and is a joint venture between SSE Renewables and Equinor. Once completed, Dogger Bank will generate enough energy to power more than 4.5 million households each year, which is about 5% of the UK’s electricity needs.
- At the end of 2021, a joint venture of Korea Electric Power Corporation (KEPCO), Electricité de France (EDF) and Kyushu Electric Power Japan has awarded a HVDC cable installation and convertors package for the ADNOC-TAQA Lightning Project in Abu Dhabi (UAE) to a consortium composed of Jan De Nul Group and Samsung C&T. Jan De Nul Group is in charge of the design, installation, burial and protection of two cable clusters of almost 1,000 km in total, connecting the islands Al Ghallan and Das in the Arabian Gulf to the onshore converter stations at Al Mirfa and Shuweihat.
- In Ecuador, Jan De Nul Group holds a concession for the deepening and maintenance of the 95-kilometer long access channel to the port of Guayaquil. Having completed the deepening in 2019, Jan De Nul Group continues with the maintenance and the operation of the channel for the next 20 years.
- In the United Arab Emirates, Jan De Nul Group is actively working for multiple large dredging and reclamation projects.
- Mid-2022, Jan De Nul Group was awarded the EPCI contract for the expansion of the existing Terminal Cuenca del Plata in Montevideo, Uruguay. In the course of 2023, Jan De Nul Group started with the construction of a second container yard and a second quay wall.
- In Guyana, Jan De Nul Group participates in the project of Vreed-en-Hoop, which entails the dredging, reclamation, construction of a new shorebase, quay wall and access road and revetment works. This project is part of a master plan to help Guyana meet its strategic priorities to boost its economy along with helping the country expand key shipping and shorebase facilities to meet industry requirements.
Construction and environmental projects
- Jan De Nul Group is part of the Scheldt tunnel construction and the Right Bank link of the Oosterweel project in Belgium. The Scheldt tunnel is the most important connecting element in the Oosterweel link and closes the Antwerp Ring Road on the north side. The tunnel has a total length of 1,800 m and will be built according to the ‘immersed tube’ method. Eight tunnel elements of approximately 60,000 tonnes each will be built in the inner port of Zeebrugge and then towed to Antwerp via the North Sea and the Western Scheldt, where they will be immersed in a pre-dredged trench in the river Scheldt.
- A new prison in Antwerp, Belgium, is under construction by Jan De Nul Group and its partner EEG. This project is part of the federal government’s detention masterplan. The new correctional facility in Antwerp will replace the existing obsolete Begijnenstraat jail and will offer space for 440 detainees. The construction of the detention center is a public-private partnership whereby the Hortus Conclusus consortium takes care of the design, build, finance and maintenance of the new jail.
- Jan De Nul Group was engaged by the Belgian Ministry of Defence to provide new infrastructure to house and maintain the new F-35 fighter jets. The Group is building two identical air force bases to house and support the new high-tech F-35 aircraft, one in Florennes and one in Kleine-Brogel. Currently, the construction of the base in Florennes is ongoing, after which the construction of the base in Kleine-Brogel will be kicked off in order to keep the impact on the military operations at both bases under control.
- SPI.R0, a consortium in which Jan De Nul Group participates, was selected for the refurbishment of the traffic interchange on the Brussels Ring at Brussels Airport, Belgium. Thanks to this project, the traffic interchange between the Ring (R0) and the Leopold III avenue (A201) will now take place across one bridge over the Ring.
About Jan De Nul Group
Jan De Nul Group is a global familiy business that solves complex challenges of today’s society. Our talented people develop sustainable solutions that contribute to the energy transition, securing the future of the next generation.
Our expertise lies in five main activities: offshore energy, dredging and maritime construction, civil construction, environmental activities and project development. We enable the production of offshore energy and maintain the depth of waterways. We build new ports and create extra land. We realise complex infrastructure works and erect any type of building. We tackle pollution in whatever form. From design and engineering to the execution and maintenance, we unburden our clients with overall solutions that combine one, several or even all activities. – www.jandenul.com
