Damen Shipyards Group’s newbuilding backlog has soared to another all-time high as offshore wind deals boost its business.
The Dutch shipbuilder’s orderbook rose from €8.8bn to €11.3bn ($12.2bn) in 2023, its third straight year of record growth.
The specialist in cargo and offshore wind vessels and tugs described last year as “positive”.
Revenue also hit a record for the second year, finishing at €3.09bn, up from €2.49bn in 2022.
Ebitda was €157m, up from €85m, and net earnings jumped from €14.6m to €43,2m.
“Unfortunately, even though Damen is doing well overall, there are still business units facing exceptionally challenging conditions,” the group said.
Chief executive Arnout Damen explained that Ukrainian colleagues are “suffering the terrible consequences of the war in their homeland, despite the fact that we have moved our branches”.
The Damen Support Foundation is helping the workers and their families.
Ship repair orders increased from 1,123 to about 1,200 last year.
Damen delivered nearly 100 new ships in 2023, ranging from 12 Combi Freighter 3850 coastal cargo ships and three cutter suction dredgers for Mexico, to seven LNG-powered inland vessels via subsidiary Concordia Damen, tugs and an expedition yacht.
The CEO highlighted offshore wind as a growth market in Europe, the US and South East Asia.
Windcat deals
Last month, the Saverys family’s Windcat completed its newbuilding splash on dual-fuel hydrogen-powered offshore wind vessels by declaring an option at Damen.
The company, now part of Euronav/CMB.Tech, firmed a deal for a sixth commissioning service operation vessel.
A successful refinancing of Damen for the next three years led to a delay in publication of the 2023 figures.
“But with a very positive outcome,” Arnout Damen added. “In addition to our existing and loyal financial partners, a number of leading national and international financial institutions have come on board to join us in investing in, and building on, our ambitions and those of our clients.
“In many markets where we operate, demand is strong and interest in sustainable ships is increasing. The lights for the future are on green.”
Damen operates 35 shipyards and 20 other companies in 20 countries.
