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Annual Report 2013
Key Figures / 4
Foreword by the CEO / 5
Van Oord in brief / 8
Company profile / 8
Activities and worldwide challenges / 8
Ownership structure / 9
Report by the Supervisory Board / 10
Report by the Executive Board / 13
2013 in review / 13
Market trends and strategy / 14
Corporate social responsibility / 15
External recognition / 18
Executive Board / 19
Van Oord at work / 20
Dredging and marine engineering / 21
- Netherlands / 21
- Europe / 22
- Asia & Australia / 25
- Middle East, Mediterranean & South West Asia / 26
- America & Africa / 28
- Wicks / 29
Offshore oil & gas / 30
Offshore wind / 31
Employees / 32
Think safe, work safe / 35
Sustainability in practice / 39
Corporate governance / 44
Organisation chart with areas of responsibility / 44
Structure / 45
Risk management / 45
Reporting / 48
Contents
Colofon
Van Oord Schaardijk 211, PO Box 8574, 3009 AN Rotterdam, the Netherlands
T +31 88 8260000 E [email protected] I www.vanoord.com A Van Oord app (App Store and Google Play)
Layout Boulogne Jonkers, Zoetermeer, the Netherlands
Translation Balance Translation, Amsterdam, the Netherlands
Cover photo: Pipelay barge Stingray
Our organisation / 50
Management Committee / 50
Area Management / 50
Staff Management / 51
Branches worldwide / 52
Our people / 53
Equipment / 62
Annual financial statements / 66
Consolidated balance sheet (before
appropriation of profit) / 67
Consolidated profit and loss account / 68
Consolidated cash flow statement / 69
Notes to the consolidated financial
statements / 70
Notes to the consolidated balance sheet / 73
Notes to the consolidated profit and loss
account / 80
Company balance sheet (before appropriation
of profit) / 83
Company profit and loss account / 84
Notes to the company financial statements/ 85
Other information / 87
Independent auditor’s report / 88
Definitions / 89
Notes on financial terms / 89
General terms / 89
2
Flexible fallpipe vessel Stornes
Contact
We welcome your comments about this annual
report. Do you have questions concerning its
contents or our reporting methods? If so,
please send them to us at [email protected]
or contact Robert de Bruin at
T +31 88 8268234. You will receive a response
within ten working days.
Website
3
Key figures
(all amounts x EUR 1,000,000)
2013 2012 2011 2010 2009
Net turnover 1,641 1,676 1,715 1,578 1,424
EBITDA ** 318 265 287 289 260
Depreciation 138 127 114 116 98
EBIT ** 180 138 174 174 161
Net profit 130 98 118 165 120
Total shareholders’ equity and liabilities 2,247 2,412 2,230 2,017 1,928
Shareholders’ equity 742 672 635 695 580
Loans and other credit facilities 408 554 426 156 235
Cash at bank and in hand 243 148 198 200 297
Net debt 203 389 226 22 -50
Order portfolio 1,944 1,924 1,694 1,856 1,777
Cash flow from operating activities 405 156 276 279 397
Cash flow from investing activities -158 -258 -302 -247 -213
Cash flow from financing activities -137 57 25 -129 -52
Dividend payable 62 47 56 77 57
Return on total assets ** 8.0% 6.0% 8.3% 8.9% 8.7%
Return on shareholders’ equity ** 18.5% 15.1% 17.7% 25.9% 21.4%
EBITDA / net turnover 19.4% 15.8% 16.8% 18.3% 18.2%
Net profit / net turnover 7.9% 5.9% 6.9% 10.5% 8.4%
Shareholders’ equity / total assets 33.0% 27.9% 28.5% 34.5% 30.1%
Number of employees in full-time equivalents (FTEs) 4,195 4,550 5,085 4,410 4,060
Ratio male / female (%) 86/14 89/11 91/09 92/08 92/08
Number of nationalities employed by Van Oord 55 70 65 55 45
Number of training sessions 2,827 2,953 2,081 2,125 2,932
Absence due to illness (in % of Dutch payroll) 2.8 3.0 2.9 2.6 2.9
Accident frequency * 0.65 0.96 1.02 1.08 1.28
CO2-footprint (tonnes) 745,978 780,000 785,749 840,190 -
CO2-performance ladder (level) 5 3 3 3 -
* see Definitions** see Notes on financial terms
4
One significant market trend is that we are being
asked to assume all-round responsibility for port
engineering and construction, as the main
contractor.
Offshore oil & gas
Our Offshore business unit marked the year by
deploying our new pipelay barge, Stingray, in
Korea and Taiwan on its first two projects. The
Stingray has allowed us to enter a new market
segment. We can now dredge a trench, lay the
pipeline and backfill the trench for our clients,
offering them a complete service with no interface
risks. Capacity utilisation of our three flexible
fallpipe vessels remained high. The market for
landfalls and single point mooring buoys was
weak in 2013.
Offshore Wind Projects
Our Offshore Wind Projects business unit moved
from its temporary location back to our offices
in Gorinchem, the Netherlands. Offshore (oil &
gas) and Offshore Wind Projects now share the
same premises. The Offshore Wind division
recorded limited turnover in 2013. The year was
dominated by preparations for two major projects,
Luchterduinen and Gemini. The Luchterduinen
wind farm is being constructed 23 kilometres
off the Dutch North Sea coast for energy company
Eneco. 2013 was a key year for the Gemini project,
a 600 MW wind farm that will be constructed
60 kilometres north of the West Frisian island
In 2013, we completed the Maasvlakte 2 port
expansion project to the immense satisfaction
of our client, the Port of Rotterdam Authority.
After more than four years of hard work, the
Netherlands now has an additional 2,000 hectares
of land. Thanks mainly to a high level of cash flow
from operating activities, our net debt declined to
approximately EUR 200 million.
We realigned our strategy in the past year and
subjected our dredging, offshore oil & gas, and
offshore wind activities to close scrutiny.
In the present five-year period (2013-2018),
we will be focusing on a strategy of growth.
That growth will come mainly from our Offshore
(oil & gas) and Offshore Wind Projects business
units. We do not plan to take on any new activities
outside our own sector because we believe our
existing activities offer enough potential for growth.
Dredging
Our volume of activity in the dredging market
remained stable in 2013. Fleet capacity utilisation
was higher than in 2012. There were major
changes in the various markets worldwide,
however. We saw improvements in the market
in Europe, although this has not yet resulted in
higher prices. We observed difficult conditions
in the Brazilian, Nigerian and Indian markets.
We successfully acquired new projects in Indonesia.
We completed the Gladstone project in Australia
and are continuing our work on Ichthys, another
major project. At this point, we do not see any
large follow-up orders on the horizon in Australia.
Foreword by the CEO
Our company had a better year in 2013 than in 2012. We closed the year with
the slightly lower turnover of EUR 1,641 million (2012: EUR 1,676 million).
At EUR 130 million, our net profit was considerably higher than in 2012
(EUR 98 million), and our order portfolio was also better than in the previous
year. Our net profit was positively affected by the settlement of a number of
outstanding claims in Dubai dating from 2005-2008.
5
of Schiermonnikoog. New shareholders have
taken over the project from its developer. The
shareholders are also responsible for project
financing (non-recourse construction finance).
Construction is in the hands of Van Oord and
Siemens. We will own 10% of the project’s equity
capital. We expect the project to reach financial
close in April and construction will proceed in
2015 and 2016.
Safety
We are very pleased with our safety figures in
2013. They were the best in our company’s history
and far surpass our target. Thanks to more than
ten years of concerted effort, we have reduced
our accident statistics by a factor of three. We
believe that we can further reduce the number
of accidents on projects and vessels. That is
why we decided last year to launch a new Safety
Leadership Programme and other initiatives in
2014 and 2015.
Sustainability
Sustainability is important to Van Oord as a
family-owned business. In the past year, we
recorded particularly good fuel efficiency
results, which had a positive impact on our
CO2 emissions. A new metering system on our
trailing suction hopper dredgers showed that we
can save a considerable amount of fuel. We will
be introducing the system more widely in 2014.
Also of note were our efforts to rehabilitate coral
reefs with the help of the mobile coral breeding
laboratory that we developed.
Investment
We took delivery of our second self-propelled cutter
suction dredger, the Artemis, in 2013. The ship was
immediately deployed with great success on a
number of projects in Europe and Asia. There were
further delays in the construction of our offshore
installation vessel Aeolus owing to problems at
the Sietas yard in Hamburg, which applied for a
suspension of payments. The vessel is expected to
be operational by June 2014. In 2013, we decided to
act on our strategy of building offshore wind farms
as an EPC contractor by investing in a large offshore
cable-laying vessel with a 5,000-tonne cable carrousel.
The vessel, Nexus, will be operational in early 2015
and will be deployed on the Gemini project.
Prospects
The global economy is set to make a cautious
recovery in 2014. Growth in emerging economies
is expected to slow, leading to major regional
differences in growth and market opportunities.
With oil prices remaining high, we are optimistic
about growth opportunities for our Offshore (oil &
gas) business unit. The Dutch energy transition
agreement and plans by other European countries
to build offshore wind farms mean we can expect
growth in our Offshore Wind Projects business unit.
All in all, we anticipate considerable growth for our
company in 2014. One important point of concern is
finding enough technically skilled employees. Our low
net debt and healthy cash flow mean that we will have
sufficient financial leeway in 2014 to take a number of
investment decisions concerning new equipment.
Pieter van Oord, CEO
17 March 2014
6
Surabaya
The contract for the land reclamation project
in the port of Surabaya, Indonesia, was
signed on board trailing suction hopper
dredger HAM 310 in the port of Tanjung
Priok, Jakarta, in the presence of Dutch
Prime Minister Mark Rutte and the
Indonesian and Dutch Ministers of Foreign
Trade, Gita Wirjawan and Liliane Ploumen.
7
Van Oord in brief
Company profi le
Profi le
Van Oord operates around the world as a
leading contractor for dredging, marine
engineering and offshore energy projects
(oil, gas and wind), offering innovative solutions
to marine challenges. The company operates
worldwide in more than fi fty countries.
Van Oord is a private company with limited
liability and its head offi ce in Rotterdam, the
Netherlands. Our employees are committed,
entrepreneurial professionals who are passionate
about water and technology. They understand
that cooperation is crucial to achieving the
best possible result. By being open and honest,
they build mutual trust and respect.
Van Oord is a family-owned business offering
marine solutions of value, both now and in the
future. Safety, sustainability and continuity go
hand in hand in this respect. Van Oord takes an
interest in its value chain, which extends from
suppliers to clients.
Mission statement
We are the leading international contractor for
dredging, marine engineering and offshore
projects (oil, gas and wind). We create innovative,
sustainable solutions and safe working conditions
in close cooperation with our clients.
Vision
The growing world population needs more space
and the demand for energy is rising constantly.
The increasing level of world trade requires more
and better port facilities; at the same time, climate
change is threatening coastal areas. Van Oord
provides innovative solutions for these worldwide
maritime challenges, both now and in future.
Activities and worldwide challenges
Activities
Dredging and marine engineering
Constructing and maintaining ports and
waterways
Land reclamation
Constructing artifi cial islands
Coastal defences
Dike and revetment construction
Building jetties, groynes and quay walls
Removing contaminated sediment
Soil improvement by means of vertical
and horizontal drainage
Underwater drilling and blasting
Offshore oil & gas
Installing single point mooring systems and
pipelines, also as EPC contractor (with
responsibility for engineering, procurement
and construction)
Protecting subsea pipelines
Dredging and backfi lling trenches for pipelines
Installing pipelines
Installing offshore Gravity Based platforms
Business drivers
maritime transport
energy consumption
rising sea levels
urbanisation
tourism
Company values
marine entrepreneurship
professionalism and dedication
passion and ingenuity
integrity, openness, respect, and team spirit
care for our people
8
Offshore wind
Building entire offshore wind farms under EPC
contract (with responsibility for engineering,
procurement and construction)
Supplying services to offshore wind farm
contractors
Worldwide challenges
The growing world population needs more space
and the demand for energy is rising constantly.
The increasing level of world trade requires more
and better port facilities; at the same time, climate
change is threatening coastal areas.
Van Oord’s activities create added value for
society because we offer smart solutions to these
worldwide challenges. We develop and implement
methods that are meant to prevent our activities
from having undesirable side effects. We also
Ownership structure
Van Oord’s ownership structure remained unchanged
in 2013. Van Oord N.V. is a public limited company
with its head offi ce in the Netherlands.
MerweOord B.V., the Van Oord family’s holding
company, owns 78.5% of its shares. The remaining
shares are held by Cobepa (Nederland) N.V. (10.75%)
and ConsOord B.V. (10.75%).
Ichthys, Australia
work continuously to improve our equipment and
processes. Our leading position in the offshore
wind market confi rms this. We are trailblazers in
the dredging, marine engineering and offshore
markets.
9
Mr Carel van den Driest’s term will end in 2014;
Mr Van den Driest is available for re-appointment.
Corporate Governance
We believe that our most important task is to
monitor the performance of the company’s
management. Van Oord’s governance model
was altered on 1 January 2013. The Executive
Board has consequently been increased by two
members, who are combining their duties as
Executive Directors with direct responsibility
for their business units. We value their practical
input during our meetings.
Remuneration
The Supervisory Board reviews remuneration
annually. It calls in external consultants to
advise on the relevant criteria when necessary
or desirable, and takes general salary trends in
the industry into account. The Executive Board’s
remuneration consists of a basic fixed salary and
performance-related pay. The Supervisory Board
believes that the performance-related pay should
represent a substantial portion of the Executive
Board’s remuneration. The Supervisory Board
establishes the size of the performance-related
pay annually, relating it to a number of
quantifiable, pre-determined financial and
operational targets that contribute to the
company’s strategy. For 2013, Van Oord’s
operational targets were to improve safety,
turnover and profits, boost the company’s
order portfolio, reduce lay-up expenses, and
successfully develop offshore wind farms.
We would also refer to the notes to the
consolidated profit and loss account.
Risk management
Our priority in risk management is to guarantee
the company’s long-term continuity. We exercise
risk management in the following ways:
The Supervisory Board held six regular meetings
with the Executive Board in 2013. It also held a
separate meeting to discuss the review of the
company’s strategy. We looked very closely at the
risks involved in the Gemini project. Decisions
were taken concerning the project’s shareholders,
the financing by the banks, and the construction
contract with Van Oord. Van Oord is a shareholder
in this project, with a 10% stake. We paid a
particularly inspiring visit to the shipyard in
Hamburg, where Van Oord has taken charge of
constructing offshore installation vessel Aeolus
under challenging conditions. We had extensive
discussions about investing in new equipment.
The decision was taken in 2013 to build a
cable-laying vessel. We also visited our projects
in Jakarta, Indonesia and Darwin, Australia.
Composition of the Supervisory Board
Last year, the General Meeting of Shareholders
re-appointed Mr Jac. G. van Oord as Supervisory
Director for another four-year term.
Report by the Supervisory Board
It gives us great pleasure to present
Van Oord’s annual report for 2013.
Ernst & Young Accountants LLP have
audited the 2013 annual financial
statements and awarded an unqualified
audit opinion. The Supervisory Board has
discussed the auditor’s findings and
approved the annual financial statements
for 2013. We recommend that the General
Meeting of Shareholders should approve
the 2013 annual financial statements and
that a dividend of EUR 61.8 million should
be paid out.
10
visits also make both employees and Supervisory
Directors more aware of safety.
People are important to Van Oord, both now and in
the future. Once a year, we discuss our policy on
management development. We have also discussed
the issue of pensions, and will be taking decisions
on this matter at a later date.
In 2014, we will devote more space on our agenda
to our sustainability policy.
Strategy – we believe it is strategically important
to distribute our human, material and fi nancial
resources properly across our core competence
– dredging – and the growth markets offshore
oil & gas and offshore wind.
Projects – the Supervisory Board appointed
delegates to monitor the risks and profi tability
of project contracts worth more than
EUR 50 million. The delegates are Messrs
Van den Driest and Van Oord. In 2013,
24 advisory reports were issued in this
connection.
Finances – We monitor the company’s
investment opportunities. The Audit Committee,
established in 2012, scrutinises the quarterly
fi gures, forecasts and trends. Messrs
Van der Ven and Laurent Josi are members
of the Audit Committee. Their fi ndings are
discussed with the Executive Board and auditor
and reported to the Supervisory Board.
People
Safe working conditions are at the top of the
agenda for every Supervisory Board meeting.
We receive detailed monthly information on
accidents and the steps taken to control risk.
Our conversations with employees during site
Acknowledgements
We realise that Van Oord is the result
of human effort. At the heart of the
company’s success are fl exible
professionals who go the extra mile as
a team. The Supervisory Board values
all our employees, whether they work
on board our fl eet, on our projects,
or in our offi ces.
On behalf of the Supervisory Board
C.J. van den Driest, Chairman
17 March 2014
11
J.G. van Oord (born 1946)
Board position – Member
Nationality – Dutch
Background – Chairman of the Executive Board
of Van Oord N.V. (2003-2008), Chairman of
MerweOord B.V.
Supervisory directorships – Van Leeuwen Buizen
Groep B.V., GMB Holding B.V., Deltares
J.M.M. van der Ven (born 1953)
Board position – Member
Nationality – Dutch
Background – Executive Director of MerweOord B.V.
Supervisory directorships – Acta Marine, e-Traction,
Majencia Paris, Rhoon Pendrecht & Cortgene
Supervisory Board
C.J. van den Driest (born 1947)
Board position – Chairman
Nationality – Dutch
Background – Chairman of the Management Board of
Royal Vopak N.V. (2002-2005)
Supervisory directorships – Anthony Veder Group
N.V., Teslin Capital Management B.V., Koninklijke
Vopak N.V., NV Nederlandse Spoorwegen
K. Damen (born 1944)
Board position – Member
Nationality – Dutch
Background – Chairman of Damen Shipyards Group
Supervisory directorships – Royal Van Zanten
J.M.J.A.P. Laurent Josi (born 1964)
Board position – Member
Nationality – Belgian
Background – Managing Director of Cobepa
(Nederland) N.V.
Supervisory directorships – International SOS,
JF Hillebrand, Carmeuse, Bank Degroof
Resignations schedule
Year End of
fi rst current
appointed term
C.J. van den Driest 2006 2014
K. Damen 2012 2016
J.M.J.A.P. Laurent Josi 2012 2016
J.G. van Oord 2009 2017
J.M.M. van der Ven 2012 2016
From left: C.J. van den Driest, J.G. van Oord,
J.M.J.A.P. Laurent Josi, J.M.M. van der Ven and
K. Damen
12
Report by the Executive Board
2013 in review
The past year was dominated by diffi cult market
circumstances. Our turnover remained stable at
EUR 1.641 billion (2012: EUR 1.676 billion). Net
profi ts rose to EUR 130 million (2012: EUR 98 million).
The order portfolio grew slightly to EUR 1.944 billion
(2012: EUR 1.924 billion). After many years of
negotiations, we reached agreement with our Dubai
client Nakheel about the amount to be paid for extra
work carried out in the past.
Worldwide, we had 4,195 full-time equivalent
employees (2012: 4,550). The number of employees
outside the Netherlands declined owing to shifts
in our activities and more effi cient operations.
The number of employees working on a Dutch
employment contract remain virtually the same.
Our Offshore Wind Projects business unit expanded
once again, with a combination of internal training
and recruitment continuing to offer employees
plenty of opportunity.
Capacity utilisation of the Van Oord fl eet was higher
in 2013 than in 2012. Deployment of our fl exible
fallpipe vessels remained at virtually
the same high level. By looking closely at the
expenses involved in laying up vessels temporarily,
we were able to reduce the costs signifi cantly.
We work continuously to achieve the right fl eet
composition and deployment. In 2013, we
continued our extensive new vessel programme,
for example our large self-propelled cutter suction
dredger Artemis, offshore installation vessel
Aeolus, pipelay barge Stingray and cable-laying
vessel Nexus. We also sold off a number of
smaller vessels. Our fl eet modernisation
programme focuses not only on technical and
economic equipment innovation but also on
reducing CO2 emissions within the context of
our sustainability policy.
We reviewed our overall organisational expenses
with the help of Activity Value Analyses. This led
to our making a considerable number of changes
meant to improve the effectiveness and effi ciency
of our organisation. It was a troublesome process
at times, but thanks to the efforts of our
employees, we were able to bring it to a
successful conclusion.
Turnover per activity in millions of euros
Dredging Offshore Offshore Wind Projects
2012
402
2012
1,151
2012
123
20122013
1,291
2013
256
2013
94
Utilisation rate in weeks
Occupancy equipment in weeks
Flexible fallpipe vessels
Cutter suction dredgers
Trailing suction hopper dredgers
2013
43
31
36
2012
44
27
34
13
bigger ports, and deeper access channels to those
ports. Another signifi cant factor is the growing
demand for energy worldwide. Oil and gas are
still our most important sources of energy. At the
same time, ongoing advances are being made in
renewable sources, such as wind energy. We
expect these factors to remain favourable in the
long term, offering Van Oord opportunities for
sustained growth.
We continued fi ne-tuning our company strategy in
2013, spurred on by market prospects and our
need for an innovative investment programme
that would capitalise on the company’s growth
opportunities. From the present until 2018, we
will focus our activities in three areas: dredging,
offshore oil & gas, and offshore wind. Dredging
will remain our company’s core activity, and we
now put more effort than before into offering our
clients sustainable methods. We are targeting
worldwide growth in the offshore market for oil &
Market trends and strategy
The global economy experienced only limited
growth last year, but the overall picture was
varied. Emerging economies continued to grow,
while economic growth in the USA and across
much of Europe recovered somewhat. The volume
of work fl uctuated from one market to the next.
The volume in Australia, Indonesia and Brazil was
good, while the market in the Middle East showed
improvement, particularly in Dubai.
Economies of scale in maritime transport and the
growth of the world population are important
drivers for our activities. Bigger ships require
Achievements:
We have improved our position in the market
segment for large, self-propelled cutter
suction dredgers.
We have boosted our position in the
Australian market.
We have reinforced the commercial side or our
organisation and opened branches in growth
markets.
We have appointed a new generation of area
directors and area managers.
Our safety performance showed further
improvement thanks to a stricter policy.
We have boosted our Offshore Wind Projects
organisation.
We have built strong relationships with key
clients.
Pending:
We achieved our target for turnover volume
in dredging, but with a different
geographical spread.
Growth in the Dutch market declined due
to the smaller volume of work in the
market and disappointing price levels.
The Gemini wind farm project has been
delayed.
Delivery of our offshore installation vessel,
the Aeolus, has also been delayed.
We have yet to fi nish building our EPC
(engineering, procurement and
construction) organisation within our
Offshore business unit.
In 2013, we evaluated our company strategy
Our new fi ve-member Executive Board commenced
its work in 2013. The addition of two new
members has given us the necessary commercial
input.
14
Legal requirements
Van Oord has taken note of the new law requiring
a more balanced representation of men and
women on Executive and Supervisory Boards. The
law went into effect on 1 January 2013. Under this
law, at least 30% of the positions must be held by
women and 30% must be held by men. When
making future nominations and appointments,
both our Executive and Supervisory Boards will
take into account not just candidates’ suitability
for a position, but also the statutory requirements
for a balanced representation of men and women.
Safety
In recent years, our safety policy has focused on
raising employee awareness of safety at work. We
put practical procedures into place and offered
structured training and instruction in safe working
practices. The Work Safe Programme, which
includes films and promotional material, has made
employees more aware of the risks they might
encounter in their working environment, the risks
their own behaviour may pose, and the steps they
can take to work responsibly and safely. Thanks to
all these measures, the level of safety has improved
considerably, as shown by our Injury Frequency,
with 0.65 accidents leading to absence per
100 employees. The latest figures continue the
downward trend of the past few years. To improve
safety at work even more, we will focus more on
prevention. Preventing accidents and undesirable
incidents depends on the leadership displayed by
the relevant project managers (along with
competent staff members) and the fleet managers.
That is why we will be Launching a new Safety
Leadership Programme in 2014.
Corporate social responsibility
We take responsibility for our employees by
pursuing a proactive safety culture and by holding
ourselves accountable for the way we deal with
people, the environment, and society. This is
sensible and responsible entrepreneurship that
pays. 2013 saw the founding of a Sustainability
Steering Committee to advise the Executive Board.
Within the Communication & Markets department
a position to coordinate our company-wide
sustainability policy was created.
Our people
We care about people because they are the
foundation of our company. People with passion
make all the difference, and our aim is to recruit,
train and retain the very best people available.
Van Oord offers employees an inspiring working
environment and appealing marine engineering
projects that leave plenty of scope for
entrepreneurship and individual initiative.
gas; the same goes for the wind energy market,
specifically in North West Europe.
Various action programmes have helped us
implement our company strategy in the past year.
We have reinforced the commercial side or our
organisation. Our safety figures have continued to
improve. We have reduced the costs associated
with temporarily laying up vessels (the drain on
our financial resources when vessels lie idle), on
the one hand by selling or dismantling equipment
that can no longer be deployed economically, and
on the other by laying up vessels more efficiently.
In 2013, our fleet welcomed a new pipelay barge,
Stingray, and our second self-propelled cutter
suction dredger, the Artemis.
15
a series of discussions with key stakeholders:
clients, shareholders, suppliers, research
institutes, NGOs, and our own employees.
The key priorities of our sustainability policy
are as follows:
Value creation through Marine ingenuity:
developing and implementing smart
environmental and ecological solutions that
generate value for our clients. The number of
ways that such solutions can be used in projects
and the number of tenders involving such
solutions are important indicators for this
priority. In 2013, we used innovations in fi ve
projects and included them in ten tenders.
Sustainability
Van Oord wants sustainability to become an integral
part of its strategy, decisions and activities. We
have been guided in this by our commitment to
corporate social responsibility and the Global
Reporting Initiative (GRI) guidelines. Within that
context, we are focusing on three themes: Our
People, Safety and Sustainability.
In mid-2013, we identifi ed the relevant subjects
of our sustainability policy during a meeting of
representatives from across the company. The
importance of these subjects will be assessed in
Suppliers and subcontractors
Clients End users
ShareholdersMerweOord B.V.
Cobepa N.V.ConsOord B.V.
Van Oord
Employees Society
Flood safety, accessibility, space and energy
Marine ingenuityLong-term relationships and on-time payments
Continuity and ROI
Attractive employer and safe working practices
Minimal undesirable side-effects and sponsorship
Van Oord creates value for its stakeholders
16
between policy and aims on the one hand and
international trends and developments on the
other, we take active part in discussions between
industry organisations and clients.
Employability: fl exibility and balance
It is vital for our company to have a fl exible pool
of employees who can be deployed around the
world. At the same time, there is a growing
concern about employees’ work/life balance.
We are seeking solutions that suit the nature
of our company, a situation that will require
fl exibility and that remains an important point
of concern in our personnel and recruitment
policy.
Supply chain responsibility: sustainability and feasibility
Sustainable entrepreneurship also means taking
responsibility for our value chain, in which our
suppliers and subcontractors play a vital role.
Trends and developments in this area differ by
industry and region. That is why we are constantly
seeking a viable balance without undermining our
own aims.
Energy effi ciency: reducing our CO2 footprint by
streamlining our energy consumption. The CO2
footprint of our company serves as the indicator
in this context. The target for 2015 is to reduce
our CO2 footprint by 5% compared with 2010.
Our CO2 footprint was more than 11% smaller
in 2013 than in 2010.
Sustainable value chains: our aim is to infl uence
ecological and social circumstances throughout
our supply chain. For 2014, our target is to
survey our 150 top suppliers and subcontractors
so that we know their sustainability targets and
the policy they are pursuing to achieve them. In
2013, we surveyed 37 out of the 150 suppliers.
Sustainable solutions: do clients recognise their value?
Our clients have shown themselves increasingly
willing to invest in sustainable solutions in their
projects, even when those solutions are more
expensive. Examples are the Ichthys project in
Australia and the Maasvlakte 2 project in the
Netherlands. Unfortunately, not all of our clients
recognise the value of such solutions, and there
is the risk that we will ‘price ourselves out of the
market’.
Lowering emissions: moving between spheres of infl uence
Uniformity in emissions standards is highly
important to us because we must be able to
deploy our equipment worldwide. The International
Maritime Organization (IMO) plays an important
role in developing international standards and
legislation on CO2, NO
x, SO
x and other emissions.
In reality, it is the national governments that
produce policy and the clients that decide how
their aims should be interpreted commercially.
We are constantly moving between these different
spheres of infl uence. To prevent divergence
17
International Tunnelling Award
The Strukton-Van Oord joint venture is one of the
winners of the International Tunnelling Awards.
The North/South metro line project in Amsterdam
won in the category Specialist Tunnelling Project
of the Year. The jury was deeply impressed by the
scale of the project and the innovative jet-grouting
and micro-tunnelling techniques applied. The
International Tunnelling Awards are presented by
New Civil Engineer and Ground Engineering trade
journals and are sponsored by the International
Tunnelling & Underground Space Association.
Representation
Van Oord is an active participant in civil society.
We are a member of organisations in such fields as
science, economics and technology and of sector
organisations, both in the Netherlands and abroad.
To give a few examples: Building with Nature,
Civieltechnisch Centrum Uitvoering Research en
Regelgeving, De Koninklijke Vereniging van
Nederlandse Reders, European Dredging
Association, International Association of Dredging
Companies, International Chamber of Shipping,
World Association for Waterborne Transport
Infrastructure (PIANC), EcoShape Foundation,
Association of Dutch Suppliers in the Oil and
Gas Industry, and Dutch Association of Contractors
in Dredging, Shore and Bank Protection.
External recognition
Rusprix 2013
On 18 June, Van Oord and its Russian partner
Sovcomflot won the 2013 Rusprix Award. The
award recognises the successful cooperation
between Russia and the Netherlands in the 2012
Arkutun Dagi Gravity Based Structure project off
the coast of Sakhalin Island. The project, carried
out for Exxon Neftegas Limited, involved installing
a 160,000-tonne concrete foundation for a
platform and additional work such as ballasting,
grouting and installing erosion protection. The
President of the Rusprix Award Committee,
Georgy Petrov, and the Russian ambassador in
the Netherlands, Roman Kolodkin, presented the
award to Joep Athmer, Member of the Van Oord
Executive Board, and Evgeny Ambrosov, Senior
Executive Vice President of Sovcomflot.
Level-5 certification, CO2 performance
ladder
After a successful audit by Lloyd’s Register Quality
Assurance, Van Oord Nederland once again
achieved level-5 certification on the CO2
performance ladder, a procurement tool that
encourages Dutch companies to be aware of their
CO2 footprint. Certification means that in public
procurement procedures, public-sector clients such
as RWS (the Netherlands’ public works agency) will
subtract a fictitious percentage of up to 5% from
Van Oord Nederland’s tender price. We analyse our
CO2 footprint every six months and report on how
much progress our energy-saving measures, for
example smart equipment operation, have made
towards achieving our aim of streamlined energy
consumption. We also expect our key suppliers
and subcontractors to suggest ways of lowering
CO2 emissions further. Supply chain and sector
initiatives play a major role in that regard.
18
From left: Arjan van de Kerk, Niels de Bruijn,
Joep Athmer, Paul Verheul and Pieter van Oord
Pieter van Oord (born 1961)
Position in company – Chief Executive Officer since 2008
Arjan van de Kerk (born 1955)
Position in company – Chief Financial Officer since 2003
Paul Verheul (born 1961)
Position in company – Chief Operational Officer since 2011
Joep Athmer (born 1955)
Position in company – Member of the Executive Board since 2013
Niels de Bruijn (born 1963)
Position in company – Member of the Executive Board since 2013
Executive Board
19
Van Oord at work
Turnover per area and business unit in millions of euros
20
Munnikenland – Room for the River
in 2013 and will run until late 2015. Van Oord is
removing soil from the Meinerswijk floodplain
near Arnhem to allow excess river water to be
distributed and discharged more efficiently.
The project will be completed in 2015. We will
be reinforcing a dike near Dordrecht between
2014 and 2016. Besides construction, our contract
also covers project engineering. We are also active
along the coast. In late 2013, we and our joint
venture partner were contracted to construct
shoreline defences and carry out 20-year
maintenance on the Hondsbossche Zeewering
(Seawall). The project involves creating nature
conservation and recreational areas.
The Maasvlakte 2 port expansion project in
Rotterdam was brought to a successful close: on
schedule, within the budget and in compliance
with the quality requirements. The remaining work
involves maintaining the seawall for a ten-year
period and the quays for a twenty-year period. We
are demolishing an existing quay wall and building
Dredging and marine engineering
Netherlands
Market
The Dutch market shrank in the past year, and there
is downward pressure on prices. For the most part,
the declining volume of work in the market can
be attributed to government budget cuts for
infrastructure projects. The budget for flood safety
remained reasonably stable. Our projects have
mainly concerned flood safety and port
development.
Projects
Van Oord is involved in a number of interesting
projects as part of the national Room for the River
flood protection programme. The Munnikenland
project is meant to protect the area south of the
river Waal from flooding. The project commenced
21
Europe
This region consists of Europe, including Russia, and
the countries around the Black Sea and Caspian Sea
(with the exception of the European Mediterranean
countries).
Market
The economy of Western Europe slowly began
to recover from the economic recession in 2013.
There was a marked increase in the volume of
tenders in France, the UK and Germany. Although
the market offered more work, the downward
pressure on prices remained. Romania is a key
country for our activities in the Black Sea region.
The supply of work on oil and gas field
development projects in the Caspian Sea region
remained stable.
Projects
In 2013, we carried out continuous maintenance
work on the river Elbe in Germany and in the port of
Harwich in the UK. Van Oord’s joint venture was
contracted by Peel Ports to construct a new container
terminal at the mouth of the Mersey in Liverpool.
Our innovative new self-propelled cutter suction
dredger Artemis started working in France on its
first project. It successfully removed rock in the port
of La Rochelle.
Various projects were executed in the Baltic,
including a dredging project to deepen the port of
Klaipeda in Lithuania, where Van Oord’s trailing
suction hopper dredger successfully applied the
latest innovations in clay dredging. The port can now
be accessed by ships with a 14-metre draft. One of
our trailing suction hopper dredgers was kept busy
in 2013 dredging sand for delivery to St. Petersburg
in Russia.
Van Oord commenced work on extending a jetty
in Constanta, Romania’s main port city. In addition
to dry earth-moving equipment, we will deploy
backhoes and a side-stone dumping vessel, produce
our own concrete blocks and install them as jetty
protection. Van Oord has also been contracted to
protect and replenish four beaches in Constanta.
We will design and construct various groynes and
then replenish the beaches with sea sand.
We were commissioned by lead contractor Saipem to
carry out dredging work in the Russian sector of the
Caspian sea, in connection with new infrastructure
for the Filanovsky oil and gas field. We deployed our
new floating crane Titan, a cutter suction dredger
and trailing suction hopper dredger. The winter
circumstances proved exceptionally challenging.
After a temporary break of a few months, the work
will recommence in 2014. We deployed a cutter
suction dredger to deepen a port in Turkmenistan
in late 2013 for our client Petronas.
The biggest project to be put out to tender in
2013 was the Fehmarnbelt Fixed Link. This is an
18-kilometre-long tunnel that will run between
Denmark and Germany. Van Oord and its consortium
partners have been invited to tender for various
subcontracts. The tendering procedure for this
technically complex project is making considerable
demands on our employees and resources, and it
will take a full year to complete.
a new one in Rotterdam’s Amazone Harbour and
carrying out dredging and earth-moving work to
widen the harbour. The project will be completed
in 2014.
Particulars
2013 saw the start of the Delta Technology Task
Force, set up by the private sector with Van Oord as
one of its founders. By involving the private sector
in projects at an early stage, the Dutch government
believes it can make more efficient use of its
budgets, for example by lowering preparation costs
and speeding up processes. As in previous years,
Van Oord is involved in the Building with Nature
programme, run by the EcoShape Foundation.
22
Titan
E-crane Titan dredging a trench for the
Filanovsky pipeline project in the Russian
sector of the Caspian Sea.
23
Ichthys
Dredging work for the new LNG terminal in
Darwin, Australia.
24
Asia & Australia
This region consists of the countries of East Asia and
the continent of Australia.
Market
There were no major new infrastructure projects
in the Australian market in 2013. Exports of raw
materials have stabilised owing to stagnation in
the world economy.
The Asian market, particularly South East Asia,
experienced an increase in activity.
Projects
We finished the Gladstone port expansion joint
venture project successfully this year. We deployed
two cutter suction dredgers and a trailing suction
hopper dredger on the project.
The first campaign of the Ichthys project in Darwin
was completed in the spring. The project involves
dredging a navigable channel and a turning basin
for the new LNG terminal in Darwin, allowing LNG
tankers to enter the terminal safely and dock at one
of the LNG mooring places. The second campaign
commenced in November with the deployment of a
large cutter suction dredger and two large trailing
suction hopper dredgers.
We have been very active in Indonesia. We started
the execution of the Tanjung Priok port expansion
project in Jakarta, part of a more extensive plan
with the deployment of one of our trailing suction
hopper dredgers. Within the context of the Kapuk
Naga Indah development plan for Jakarta, Van Oord
was involved in constructing a polder island. The
project was put on hold owing to a delay in the
licensing procedure. Van Oord is maintaining the
access channel to Bengkulu port on the island of
Sumatra. It has also taken on a land reclamation
project in Surabaya for its port expansion
programme.
Particulars
During a trade mission to Indonesia headed by
Dutch Prime Minister Mark Rutte, the Dutch marine
engineering sector presented its Great Garuda plan
for Jakarta. The plan draws on the knowledge and
skills of the Dutch marine engineering sector and
proposes the construction of a new seawall
combined with better water management and
a lower risk of flooding.
25
We dredged an additional turning basin for the
Iraq Crude Oil Expansion Project Phase 1. We were
awarded the Al Khobar land reclamation project
and have commenced work on it. The new land
will reserved for property development. In Jordan,
we worked on the final phase of the Salt
Mushroom Project, in which our cutter has
dredged potash, one of the main ingredients in
fertilizer. In Kuwait, we carried out the final phase
of a five-year maintenance dredging assignment
for the Sabiya Power Plant.
We maintained various beaches along the
Mediterranean coast. In Gibraltar, we began
constructing an underwater breakwater to protect
the beach at Sandy Bay. The project was delayed
somewhat when British-Spanish relations cooled,
throwing up barriers to the import of stone.
We carried out smaller-scale maintenance
dredging in Mumbai and Dabhol, India. Our new
cutter suction dredger deepened the channel and
anchor points at Jawaharlal Nehru Port in Mumbai.
The start of the Pipavav port development project
was delayed for the third time, unfortunately.
Middle East, Mediterranean & South West Asia
This region consists of the countries of the Middle East,
the Mediterranean and South West Asia (including India).
Market
It was a busy year in this region. Turnover was
markedly higher than in 2012. The economy of
Dubai is clearly recovering. Kuwait has launched a
major investment programme aimed at replacing
its dated infrastructure. There were also interesting
developments in Iraq and favourable market trends
in Saudi Arabia. The economic situation in Spain,
Portugal and Italy remained difficult.
There was less activity in the Indian market, with
economic growth and infrastructure development
lagging somewhat behind earlier expectations.
Projects
Van Oord began constructing two artificial islands,
Bluewaters and Island 2, for Meraas in Dubai, UAE.
Both islands will be linked to the mainland by a
road. Island 2 will accommodate private housing
and leisure properties, and Bluewaters will be the
site of a futuristic amusement park. We also
extended and maintained a number of beaches
on Palm Jumeirah. Various trailing suction hopper
dredgers and a cutter suction dredger were active
in Dubai in 2013.
26
Dubai
Trailing suction hopper dredger Volvox
Atalanta constructing Bluewaters Island.
27
from the bay. We monitored the area extensively
and drew up a protocol for halting the work if
whales were spotted. We also conducted a ‘turtle
watch’ campaign to protect sea turtles, which
breed on the beaches along the bay.
In Brazil, we completed our dredging and
rainbowing work for the new Promar Shipyard in
Suape. Insufficient financial resources forced our
client to terminate the work of deepening the
access channel at sea. We continued working in
São Luis in 2013 under our multiyear maintenance
contract. In the second half of the year, we carried
out dredging work in the port of Santos to improve
access to the harbour. We then deployed two
trailing suction hopper dredgers in the port of
Sepetiba to deepen the harbour for a steel plant
export facility. In late 2013, we were awarded the
contract to construct the port for a new shipyard
in Aracruz.
The Port Authority of Baranquilla, Colombia,
awarded Van Oord a contract to dredge its mooring
facilities. We will continue our work on this project
in 2014. After careful preparation, APM Terminals
awarded the contract to construct a new container
terminal in Moín, Costa Rica. In addition to
dredging the port facilities, our consortium will
be reclaiming 40 hectares of land and constructing
a 1.5 kilometre-long breakwater. Van Oord will
deploy a cutter suction dredger, a trailing suction
hopper dredger and various types of rock
installation equipment on the project, which
will be carried out over a three-year period.
America & Africa
This region comprises the continents of South America
and Africa south of the Sahara.
Market
Turnover levels were not as high as forecast in
2013. Investment in the maritime and energy
sectors were the biggest business drivers. As in
2012, most of the activities were centred on Brazil.
In Africa, the level of activity in Nigeria, one of
our home markets, was stable. We gained a firm
footing in Central America by winning a three-year
contract for the construction of a new container
terminal in the port of Moín, Costa Rica.
Projects
The River Niger dredging project in Nigeria came
to a successful conclusion. The same can be said
of various small-scale projects in the Niger Delta.
Van Oord and its joint venture partner also carried
out a land reclamation project for Gabon Fertilizer
Company in Port Gentil, Gabon, with a cutter
suction dredger creating 80 hectares of land.
Our Marine ingenuity proved extremely useful
in helping us comply with the strict local
environmental requirements. Whales tend to enter
Cape Lopez Bay with their calves between June
and September. To protect them, we designed
and dimensioned the sand extraction site so that
a barrier remained to separate the dredging area
28
Wicks
Market
The Wicks business unit focuses on soil-
improvement projects around the world using
vertical and horizontal drainage and soil compaction
techniques. The Netherlands has been its home
market for many years, but it is also active in the
promising Asian market.
Projects
Wicks carried out horizontal and vertical drainage
projects at various sites in the Netherlands in 2013,
such as the A15 motorway (the Maasvlakte-Vaanplein
section) and Westergouwe, a planned residential
area of Gouda. In the latter case, we installed
approximately two million metres of vertical
drainage with our jumbo, 3,000-metre drain rolls
to prepare the site for construction.
Vertical drainage on the Dutch Westergouwe project
Elsewhere in Europe, we worked on various
infrastructure projects, for example in Germany,
Belgium and Latvia.
We also carried out various soil improvement
projects outside Europe. We installed vertical
drainage in Pasir Panjang, Singapore, down to
a depth of 60 metres and installed the vertical
drainage system for the polder island that will
accommodate a new area of Jakarta in Indonesia,
part of the Kapuk Naga Indah development project.
Particulars
Innovation remains an important factor. We
are constantly working on improvements or
innovations in equipment and working processes.
In 2013, we successfully adapted three of our
machines to work with jumbo drain rolls.
29
Pipelay barge Stingray in Taiwan
Projects
Our new pipelay barge Stingray was active in
Ulsan, Korea. Under contract to Daewoo, where it
installed a 42-inch pipeline over a length of more
than 3 kilometres. Stingray’s next project was in
Taiwan, where it installed a pipeline over a length
of almost 5 kilometres. Van Oord was also
responsible for dredging and backfilling the
trenches and the construction of the landfall on
both projects. The Offshore division took on
a project in Cabiúnas, Brazil in late 2013 in which
Stingray will install a 24-inch gas pipeline over a
length of 18 kilometres for Saipem; work will
commence in spring 2014.
Van Oord’s flexible fallpipe vessels were active
mainly on numerous North Sea projects in early
2013. In Taiwan, Van Oord stabilised a key gas
pipeline and installed scour protection. It carried
out rock-installation work on the Gorgon project
in West Australia for Chevron. Norwegian oil
company Statoil awarded Van Oord various
contracts going into 2014. These projects will
involve installing rock at depths ranging from
-400 to -600 metres.
We were again active in the Bay of Baydaratskaya
near Jamal, where we dredged and backfilled
pipeline trenches. In late 2013, ExxonMobil
contracted Van Oord to construct an Excavated
Drilling Centre in the Hebron oil field off the
coast of Newfoundland, Canada. The work will
be carried out in 2015 at a depth of more
than -100 metres.
Particulars
Bilateral trade relations between the Netherlands
and Russia were the focus of attention in 2013.
Van Oord took part in various Dutch trade
and government missions to Moscow and
St Petersburg, including the St Petersburg
International Economic Forum.
Offshore oil & gas
Market
Oil and gas remained the world’s most important
sources of energy in 2013. To meet the global
demand, oil and gas were extracted from more
isolated fields and transported over long distances.
The Offshore business unit focuses on dredging
and backfilling pipeline trenches, laying pipelines
in shallow water, protecting subsea pipelines with
a protective layer of rock, and installing offshore
platforms. In 2013, Van Oord continued to develop
as an EPC contractor, i.e. with responsibility for
engineering, procurement and construction.
30
in the United Kingdom. In consultation with its
client, Van Oord decided to deliver part of the
DanTysk offshore wind farm project in the German
Bight. The construction of an offshore wind farm
is a lengthy process. In 2013, Van Oord worked
on the engineering and procurement for the
Luchterduinen and Gemini projects. Offshore
work will commence on the Luchterduinen project
– a wind farm located 23 kilometres off the Dutch
coast – in mid-2014. The project should be
completed in the second half of 2015.
Considerable progress was made in 2013
concerning the Gemini offshore wind farm,
which will be located north of the Dutch island
of Schiermonnikoog. The majority investor is
Canada’s Northland Power Inc. The EPC contract
has been awarded to Van Oord and Siemens for
the supply of turbines. The shareholders are
working towards reaching financial close,
including the project financing by the banks.
The project is expected to reach financial close
in the spring of 2014.
Offshore wind
Market
With the broad political support in North West
Europe, the market for wind energy continued to
grow in 2013. Nevertheless, there was pressure on
wind-energy subsidies in many countries. In the
Netherlands, the public and private sectors
concluded an Energy Transition Agreement.
Innovative solutions will be required to ensure
that wind energy becomes more competitive.
In addition to its offshore installation vessel,
Aeolus (now nearing completion), Van Oord
ordered a cable-laying vessel end of 2013.
Named Nexus, it is meant to reinforce our
position in the market and becomes operational
end of 2014.
Projects
Van Oord successfully fulfilled the EPC contract
to construct 27 foundations and the electrical
infrastructure for the 62 MW Teesside wind farm
Installation activities for the British Teesside wind farm
31
Excellence Programme. Managers have been
trained successfully in our Advanced Management
Programme, Strategic Management Programme and
Coaching Leadership workshops. There is a direct
relationship between management style, employee
motivation and the success of our company.
Recruitment
We have expanded and reinforced our organisation,
based on the company’s growth scenarios in
offshore oil & gas and offshore wind. We also
expanded our fl eet with new equipment such as
pipelay barge Stingray, offshore installation vessel
Aeolus, and cable-laying vessel Nexus, for which
we are recruiting crews and superintendents.
Absence due to illness
The level of sickness absenteeism among
employees on the Dutch payroll is consistently low.
Our efforts to cultivate a proactive safety culture
and prevent absences have been rewarded. Alert
case management contributes to the reintegration
of employees who have been off sick. In 2013,
2.8% of working days were lost owing to absence
due to illness (2012: 3%).
Employees
We have strong company values: marine
entrepreneurship, professionalism and dedication,
passion and ingenuity, integrity, openness, respect,
team spirit and we care about our people. These
values and our up-to-date career policy make us an
attractive employer.
Training
Our human resource policy is focused on skilled
craftsmanship, professionalism, and career.
The Van Oord Academy provides a structure for
the professional development and career paths
of employees who work internationally in
Operations, Engineering & Estimating, Ship
Management Department and Survey. The
professional requirements at the various job
levels are matched to the training courses and
programmes offered. Employees can map out
their career path in consultation with their manager
at mycareer@vanoord on the company intranet.
We have also started to review our own training
courses and programmes. This has led to changes
in existing programmes and to our new Commercial
29%
15%24%
32%
22%
29%28%
21%
Safety
1361
26
105218
197920
Trainee programmeLeadership development
Management
Personal skills
<30
31-40
41-50
>50
<5
5-1011-15
>15
<30 years 31-40 years 41-50 years >50 years
2013
24
2013
29
2013
15
2013
32
<5 years 5-10 years 11-15 years >15 years
2013
28
2013
22
2013
29
2013
21
Trainee programme
Leadership
development
Management
2013
105
2013
26
2013
218
Personal skills
Safety
Technical training
2013
920
2013
197
2013
1,361Number of employees who attended training courses, 2013total of 2,827
32
Employee representation
The Works Council plays an important role in
striking the right balance between employee
interests and the company’s interests. That balance
is the guiding principle during meetings between
the Works Council and our CEO, Pieter van Oord.
There are six such meetings a year. In addition, the
Works Council’s executive committee meets with
the P&O staff director every fourteen days. A new
Works Council was installed in the autumn
following elections.
Empathy
On 8 November, Typhoon Haiyan hit the Philippines
with devastating effect, leaving part of the country
ravaged. We empathised deeply with our Filipino
colleagues. Fortunately, they and their families were
unharmed, but the damage to property was
enormous. Van Oord assisted in the emergency aid
operations set up by the KVNR, the Dutch shipping
sector association. It also launched its own initiative
for our Filipino colleagues. Fleet, staff and
shareholders have donated to a fund established to
help fi nance the reconstruction. The money will be
spent on the employees affected, their families, and
their communities.
Total number of employees in full-time equivalents (FTEs)
2012
4,550
2010
4,410
20122009
4,060
2011
5,085
2013
4,195
Crew of cutter suction dredger Artemis
33
29%
15%24%
32%
22%
29%28%
21%
Safety
1361
26
105218
197920
Trainee programmeLeadership development
Management
Personal skills
<30
31-40
41-50
>50
<5
5-1011-15
>15
<30 years 31-40 years 41-50 years >50 years
2013
24
2013
29
2013
15
2013
32
<5 years 5-10 years 11-15 years >15 years
2013
28
2013
22
2013
29
2013
21
Trainee programme
Leadership
development
Management
2013
105
2013
26
2013
218
Personal skills
Safety
Technical training
2013
920
2013
197
2013
1,361
Average age (%) Average years of service (%)
29%
15%24%
32%
22%
29%28%
21%
Safety
1361
26
105218
197920
Trainee programmeLeadership development
Management
Personal skills
<30
31-40
41-50
>50
<5
5-1011-15
>15
<30 years 31-40 years 41-50 years >50 years
2013
24
2013
29
2013
15
2013
32
<5 years 5-10 years 11-15 years >15 years
2013
28
2013
22
2013
29
2013
21
Trainee programme
Leadership
development
Management
2013
105
2013
26
2013
218
Personal skills
Safety
Technical training
2013
920
2013
197
2013
1,361
Jan Verwijs – Works Council Chairman
‘The Works Council plays an important role as
the employees’ representative body. Van Oord
takes their views into account in its policy.’
of the 2,175 employees on the
Dutch payroll, 2013
of the 2,175 employees on the Dutch
payroll, 2013
Back row, from left: Klaas van Dijk, Ivar Brink, Leo Pronk, Herman Gerritsma, Reinier van der Roest, Willem Honders,
Jan Verwijs, Arend Feije, Clarinda Kramer, Jan Glas, Pauline van Winden, Frans Riemens. Front row, from left: Bert Rodenburg,
Leen Paans, Martin Slagboom, Kees Paans, Mollo Spijkstra. Not pictured: Paul Rietveld, Anton Verberk, Stef Wiersma and
Maarten Willemse
34
Safety training
There were numerous safety training courses in
2013, including the Van Oord General Safety
Introduction course (VOGSI), meant to teach new
employees what safe working practices they are
expected to adopt. We have also developed
Hazard Identifi cation Training (HIT), in which we
instruct employees with up to two years’
experience how to recognise hazardous
situations. Finally, our Safety Leadership course is
intended for employees with at least fi ve years’
experience who are active as Safety Leaders.
They must be able to identify the risks on site
and decide how to manage the safety risks. The
training cycle began in late 2013 and will be
continued in 2014 and 2015, with more than
450 managers taking part.
Think safe, work safe
Think safe, work safe. This is a clear, concise
description of our aims. Safety is always at the
heart of everything we do. Van Oord employees
work at a wide variety of locations – on land, on
the water, and in hot and cold climates. It goes
without saying that safety is our core value, no
matter where our work takes us. Any accident is
one too many.
Fewer accidents
The downward trend in accidents continued in
2013, resulting in an Injury Frequency of 0.65 per
100 employees. We owe this improvement to our
proactive safety culture and safety training.
We regret every accident, and especially those that
cause personal injury. Unfortunately, one accident
in 2013 resulted in permanent personal injury. It
was a serious incident involving a crew member
on one of our cutter suction dredgers. After a
detailed investigation, steps were taken to
minimise the risk of similar incidents happening
on other vessels.
Proactive safety culture
To maintain the downward trend in incidents,
Van Oord introduced the Work Safe Programme in
2011, based on the Hearts & Minds programme
developed by Leiden University, Shell and other
institutions. Work Safe is meant to sharpen the
awareness of safety within our organisation, the
ultimate goal being a proactive safety culture. Our
specially developed training courses show
managers that they must set an example.
Employees are alerted to the dangers that they
face during their work, and then taught how to
avoid accidents. Part of senior management’s
variable pay also depends on the company’s
safety performance.
Jim K. Flood, Vice President Arctic/Eastern
Canada, ExxonMobil:
‘We support and encourage leadership in
adopting improved safety practices.’
35
Work Safe Rules
We have instituted Work Safe Rules for the
highest-risk activities in our industry. Illustrations
have been created for the Rules and we have
promoted them in a series of posters that are
displayed at all work sites throughout the
organisation. Each poster illustrates a specifi c
Work Safe Rule, helping us to continuously draw
our employees’ attention to safety. We have also
released an instructional fi lm that shows how the
Work Safe Rules should be implemented. The fi lm
is an excellent aid during toolbox meetings and
induction/orientation on board or at a project site.
Personal commitment
We believe that management must set an example
and display personal commitment if we are to
achieve our safety targets. We therefore expect
all senior managers to conduct regular safety
inspections. In 2013, senior management carried
out a total of 79 inspections. This was well above
target and illustrates how important they believe
safe working conditions are. While visiting project
sites, our senior managers enquired about the
project’s safety level and talked to employees
about improving their working environment and
their role in that environment.
2009
2012
2010
2013
2,5911,998
2012
45
2010
46
2009
53
2011
50
2013
28
0
10
20
30
40
50
60
20111,190
2,238
1,691
Accidents involving absence
Days absent
0.65
0.961.02
1.08
1.28
1,52
2013
20122011
2010
2009
2008
Injury Frequency (IF) Accidents involving absence per 100 employees
2009
2012
2010
2013
2,5911,998
2012
45
2010
46
2009
53
2011
50
2013
28
0
10
20
30
40
50
60
20111,1901,1901,1901,1901,1901,1901,1901,1901,1901,1901,1901,1901,190
2,238
1,691
36
The first issue of About Marine ingenuity,
Van Oord’s client magazine, devoted
plenty of space to safety
Magazine
37
Room for improvement
Our company has a procedure for reporting,
analysing and managing all relevant incidents
worldwide. In 2013, a total of 665 incidents were
reported; additional investigations were carried
out in 32 cases, with the actions being monitored
company-wide. Alongside incidents leading to
personal injury, they also include environmental
incidents that cause property damage and ‘near
misses’ (accidents that could have happened). As
part of our management system, 246 near misses
were reported in 2013. This represents an increase
of 40% over 2012 and indicates that we must be
even more vigilant. On that basis, we will continue
to work on reducing the risk of accident.
On board the Athena at the Ichthys
project in Darwin, Australia
38
FaunaGuard
FaunaGuard is an innovative method that uses
harmless underwater acoustic signals to
temporarily keep marine mammals and fish away
from zones where construction or dredging work is
being carried out. Van Oord ordered the design of
a powerful underwater loudspeaker that emits
specially developed shockwaves. Using
FaunaGuard, project crews can emit the right
shockwave warning for every species before they
start work. The method has already demonstrated
its practical effectiveness in Norrköping, Sweden
and São Francisco do Sul, Brazil. FaunaGuard will
also be used during offshore wind farm
construction in the North Sea (Luchterduinen
and Gemini).
ReefGuard
The challenge we face worldwide is to find
responsible ways to build the infrastructure
necessary for economic growth in close proximity
to sensitive ecosystems. Inspired by the Building
with Nature programme, Van Oord is developing
innovative methods such as ReefGuard. ReefGuard
is a mobile laboratory that can scale up proven
small-scale coral breeding techniques and use
them to actively rehabilitate coral reefs. ReefGuard
will be used for the first time in the spring of
2014 on the Ningaloo Reef in Australia.
Value creation through Marine ingenuity
Van Oord maintains an innovation programme that
focuses on improving our value for our clients. On
the one hand, this means preventing or minimising
any undesirable environmental effects of our
activities; on the other, it means increasing
opportunities for nature to develop. All of this is
designed to anticipate tomorrow’s world.
Van Oord Guards
We have joined with international experts in
investigating how to solve recurring environmental
issues more effectively and proactively. Our
collaboration has led to a number of innovations,
which we refer to as the Van Oord Guards. We used
the Van Oord Guards in five projects in 2013. We
also included our Guards in ten different tenders.
We will be identifying further development and
utilisation targets for our Guards in 2014. Below
we describe three of them, i.e. PlumeGuard,
FaunaGuard and ReefGuard.
PlumeGuard
One important issue in marine engineering projects
worldwide is how to monitor turbulence caused by
dredging. PlumeGuard is a mobile metering frame
that integrates modern metering techniques into
advanced technology for Big Data processing
(OpenEarth). Thanks to PlumeGuard, we can
monitor turbulence in detail and take the necessary
steps against it. We used PlumeGuard in 2013 in the
Ichthys project in Darwin, Australia. We expect that
the demand for PlumeGuard applications will
increase worldwide. Thanks to this innovation,
Van Oord has delivered top quality and the latest
technology for its clients and the authorities.
Sustainability in practice
Mathew Parr, International Union for
Conservation of Nature
‘To achieve sustainability, a net positive
impact on natural capital has to become the
norm for dredging companies. Van Oord has
the ingredients to adopt such a strategy over
the next few years.’
39
ReefGuard
A mobile laboratory developed for coral
breeding programmes.
Website
40
applying Building with Nature design principles.
The ultimate goal is to reduce the carbon
footprint life cycle of marine engineering projects
by 20%. The fi rst step will be taken in 2014 when
we conduct a chain analysis of the dredging
process. This will identify the ‘settings’ that can
be adjusted in the design phase to infl uence the
carbon footprint of projects. Van Oord will be
working with engineers and fi rms of consultants,
NGOs such as The North Sea Foundation and
Wetlands International, and research organisations
such as Deltares.
Energy effi ciency
Energy effi ciency is one of the top items on our
agenda. Our aim is to reduce the carbon footprint
of our equipment and offi ces. To continue making
progress in this respect, the Energy Management
steering group measures, manages and limits our
energy consumption as much as possible. The
group is developing action plans for each
business unit to continue lowering our energy
consumption. Our target for 2015 is to improve
energy effi ciency by 5% compared to 2010.
Smaller carbon footprint
We are proud to report that our carbon footprint
has been shrinking since 2010. In 2013, our
footprint was more than 11% smaller than in 2010.
Compared to 2012, fuel consumption by our
equipment as a share of our total carbon footprint
remained virtually the same, due to a comparable
fl eet utilisation. We have taken company-wide
steps in the right direction (see page 63).
Reducing the carbon footprint life cycle of
marine engineering projects
Van Oord and various partners have launched a
CO2 reduction campaign as part of the Building
with Nature research programme. The campaign
looks at opportunities to improve the CO2
absorption capacity of marine ecosystems by
CO2-footprint
840,19097.40%
785,74995.99%
780,00095.46%
745,97895.47%
2010 2011 2012 2013
Totale carbon footprint
of which was attributable to fuel consumption by equipment
In tonnes (= 1,000 kg) CO2
Martin Vos, Captain, trailing suction
hopper dredger Volvox Asia:
‘Awareness on board is increasing. We
optimised our propulsion against our power
consumption and found that we can save
10% on energy consumption at the same
output levels.’
41
Safe and Environmentally Sound Recycling of
Vessels. Four of our vessels were dismantled by
accredited shipyards.
Sponsorship
Van Oord’s sponsorship policy focuses on five key
areas, the aim being to put our sense of corporate
social responsibility into practice.
Maritime sector
As a marine contractor, we sponsor the Maritime
Museum in Rotterdam, the Netherlands and the
National Dredging Museum in Sliedrecht, the
Netherlands. Both are one-of-a-kind museums
worldwide and teach visitors about the past and
present of the maritime sector and the Dutch
dredging industry. The Royal Netherlands Sea
Rescue (KNRM) can also count on our support.
Culture
We believe it is important to preserve our cultural
heritage. That is why we support the Netherlands
Youth String Orchestra’s participation in the youth
orchestra festival in Aberdeen, Scotland. A
biographical dictionary of Dutch entrepreneurs
between 1850 and 1950 (compiled by the
Ondernemersgeschiedenis Foundation) was
published with our assistance. In Rotterdam, we
support the Rotterdam Philharmonic Orchestra and
in Amsterdam we are one of the patrons of the
Amsterdam Hermitage Museum.
Business locations
We support local institutions and events in
Rotterdam and Gorinchem, where our Dutch head
offices are located. In 2013, Van Oord sponsored
the Summer Festival and the Lingehaven concert in
Gorinchem, and we are a Friend of the local Beatrix
Hospital. We are helping to fund a new aquarium at
Blijdorp Zoo in Rotterdam. We have also lent our
support to Emma at Work, a temping agency that
mediates for young people with a chronic illness or
physical impairment, and ROTJONG, a networking
club for young professionals.
Sustainable supply chain
Van Oord purchases hundreds of millions of euros
worth of equipment, fuel and lubricants every year.
We can influence the sustainability of our supply
chain. By developing and implementing a Sustainable
Supply Chain Programme, we can create an
important basis for fulfilling our aims in this area.
The first steps in that direction were taken in 2013.
Electronic pre-qualification system
Van Oord uses an electronic pre-qualification
system to register and monitor its suppliers and
subcontractors. The system is based on the UN
Global Compact Programme and on legislation in
the country in which we have undertaken the
relevant project. We are surveying the sustainability
practices of our top 150 suppliers and
subcontractors and establishing their compliance
with current standards and values related to labour
(e.g. safety), integrity (e.g. anti-corruption policy),
human rights and environmental policy. By the end
of 2013, 37 of the 150 companies had been
registered in our pre-qualification system.
EPC contracts
Part of our strategy is to offer total solutions
within the context of EPC contracts, where we are
responsible for Engineering, Procurement and
Construction. The materials and work provided by
subcontractors can account for a substantial part
of the overall project budget in such cases. In EPC
contracts, it is vital that the entire project supply
chain is set up with the utmost care and precision.
The Sustainable Supply Chain programme plays an
important role in this too.
Recycling vessels
Vessel recycling has been a major issue in recent
years. In line with our aims, we want our vessels
to be recycled in a way that has the least impact
on human beings and the environment. In 2013,
we tightened up our policy in anticipation of
international legislation. As a result, we subscribe
to the Hong Kong International Convention for
42
Sport
Sport is one of our core values. We support
cooperation in team sports, physical exercise
and a healthy lifestyle within our organisation.
We are proud that many of our employees have
assembled their own Van Oord teams, for
example in rowing, sailing, football, running,
cycling, tennis and volleyball. We also sponsor
employees who use sport to raise money for good
causes, for example Koppie Au, a foundation that
funds research into brain tumours in children.
Van Oord sponsors Proteus-Eretes, the student
rowing society in Delft, in order to promote itself
among future employees. Our company eight also
takes part in Proteus-Eretes’ annual Winter Races.
In addition, in 2013 we were the main sponsor of
the Splash and Flash Class World Championships
held in the Netherlands and of the Dutch Cadet
Class sailors who participated in the World
Championships in Tasmania.
Community investment
Education
The MoreThanMe organisation offers young girls
on the streets of Liberia an alternative to forced
prostitution: the opportunity to return safely to
school. Van Oord sponsors this organisation. We
played a role in establishing the Dutch school
RiOranje, which gives Dutch children in Rio de
Janeiro access to Dutch primary education. Van
Oord also made a contribution to the Red Cross’
latest edition of the Water Toolkit, a ready-made
lesson package that allows pupils and teachers at
any primary school to organise a project about
water.
Health
With the assistance of Beautiful People, all
employees at our Dutch branches drink fair trade
coffee and tea. Beautiful People and its clients –
which include Van Oord – built a new childcare
facility for women who work on tea plantations in
Sri Lanka. Each year, we award a junior doctor a
scholarship through the Doctors for Mozambique
organisation. During our cutter Artemis’ open
house, we set up a special wishing fountain to
draw attention to Send a Drop, a foundation that
works to improve drinking water in developing
countries.
Teamwork by the Van Oord eight during the Van Oord Winter Races
43
Organisation chart with areas of responsibility
CFOArjan van de Kerk
Member Executive Board Niels de Bruijn
CEOPieter van Oord
Finance & Administration
Personnel &Organisation
Treasury
InformationTechnologyQHSE
Legal & Contracts
Procurement Area Middle East, Medit. & SW AsiaArea Netherlands
Facility Services Area Asia &Australia
Staff DepartmentsAreas/Business Units
Executive Board
Business unit Offshore
Wind Projects
COOPaul Verheul
Engineering &Estimating
Ship ManagementDepartment
OperationsDepartment
Survey
Area Europe
Area America &Africa
Member Executive Board Joep Athmer
Business unit Offshore
Business unit Wicks
Communication & Markets
Corporate governance
44
Risk management
For Van Oord, risk management means monitoring,
checking and managing events that could have a
negative impact on our value chain. Project
management is our primary process. The
procurement phase is where our risk management
activities begin. It is important that any risks that
might arise during project execution should be
identified at the earliest possible stage. Our
company-wide risk management system is based
on project risk control. Safety and environmental
risks have been integrated into this system.
Controlling project risks
Because contracting and executing major projects
also entail major risks, our internal management
system focuses on identifying such risks in advance
whenever possible and taking appropriate action.
Our management system is set up to be accessible
to everyone in the company, both digitally and in
hard copy. Procedures and lines of authority are laid
down in this system. The procedures describe how
we are to act with respect to project tendering and
execution. Systematic evaluations of project risks –
but also, for example, of client satisfaction – are an
essential part of our management system.
Structure
Supervisory Board
The Supervisory Board’s task is to monitor the policy
of the Executive Board and the general state of affairs
in the company. The Supervisory Board has a
separate Audit Committee. The Supervisory Board
has five members who meet at least six times a year.
Executive Board
The Executive Board bears primary responsibility for
company management. Its tasks include setting
targets, defining the company’s strategy and policy,
and managing the organisation. The Executive Board
consists of three managing directors appointed
under the company’s articles of association and two
other managing directors. The five members meet at
least once every two weeks.
Management Committee
The Management Committee meets once every four
weeks and is chaired by Pieter van Oord (CEO).
During its meetings, the Management Committee
discusses any noteworthy developments in the areas,
business units or large staff departments, as well as
any strategic matters. The primary aim of the
meeting is to assist the Executive Board in its
decision-making. In addition, there is a Planning
Meeting every other week, chaired by Paul Verheul
(COO). These meetings are attended by the Executive
Board, the area directors, and the staff directors of
Engineering & Estimating and the Ship Management
Department. They are specifically meant to address
equipment planning decisions.
45
Overview of main risks and control measures
Risk Control measure
Financial
Fuel price Instalment contracts or allocation to client
Politics/payment Export credit insurance; if this is not possible, then the project
must generate a positive cash fl ow
Currency Hedging or allocation to client
Liquid assets Cash management
Interest Hedging
Technical
Soil Soil inspection and remediation laid down in contract
Risks associated with
project location
Survey local circumstances on site
Assess feasibility based on statistics and prices or remediation
laid down in contract
Environmental impact Adjust execution methods or make technical adjustments to
design and scheduling
Changing cutter teeth on board cutter
suction dredger Athena in Australia
46
Van Oord has been ISO 9001 certifi ed since 1996.
In 2013, we obtained OHSAS 18001 certifi cation for
our entire worldwide organisation; at the same
time, our personnel management system for
seafarers was certifi ed under the Maritime Labour
Convention.
This means that Van Oord has now gained
full certifi cation for all worldwide activities
in accordance with the standards deemed
important within our industry.
The QHSE Department bears all-round
responsibility for monitoring and safeguarding
the integrated management system. It also offers
professional support when implementing and
improving processes.
As part of our strategy of making safety, quality
and sustainability an integral part of all of Van
Oord’s activities, the position of Staff Director
Quality, Health, Safety & Environment was added to
the Management Committee in 2013. In addition, a
Manager Sustainability was appointed to focus our
attention on the issue of sustainability. He is
responsible for addressing this issue within the
organisation and acts as the contact person for
any matters related to our corporate social
responsibility.
Company-wide risk management
In 2013, Van Oord introduced a new reporting
system for each area/business unit and staff
department. The new system makes use of Key
Performance Indicators (KPIs). Every quarter, the area
directors, staff directors or managers and members
of the Executive Board meet to discuss performance
based on these KPIs. During the meeting, they
report and discuss market trends, tenders and
contract awards, as well as the company’s fi nancial
results, risks and control measures. The Supervisory
Board monitors our approach to risk management
and oversees commercial and fi nancial
developments. To make this possible, each quarter
the Supervisory Board receives a detailed
consolidated management report that is also
discussed at length by the Audit Committee.
Integrated management system
All procedures and relevant valid documentation
have been incorporated into the Van Oord
Management System (VOMS). The system is
reviewed every year by Lloyd’s, an impartial party,
which assesses its compliance with international
quality, safety and environmental standards.
Key certifi cates
ISO9001: Quality Management System
EN14001: Environmental Management System
OHSAS 18001: Occupational Health and Safety System
ISM code: International Safety System
MLC: Maritime Labour Convention
VCA (SCC): Safety, Health and Environment Checklist for Contractors
47
the shareholders on 24 April 2014. Our financial
statements have been drawn up in accordance with
the Dutch GAAP, the generally accepted accounting
principles for financial reporting in the Netherlands,
and with the statutory provisions on annual
reporting as laid down in Title 9, Book 2,
of the Dutch Civil Code.
Van Oord reports on sustainability based on
internal reporting lines. We have been guided in
our choice of indicators by the Global Reporting
Initiative guidelines and interviews with our
stakeholders.
Each year, we conduct an internal audit of our
energy management. Part of the audit involves
analysing our energy flows. We also conduct at
least one internal audit a year of our carbon
footprint for reporting purposes, in accordance
with ISO 14064. Finally, Lloyd’s Register Quality
Assurance performs an annual external carbon
footprint verification.
This report is available in Dutch and English at
www.vanoord.com and the Van Oord app (App
Store and Google Play). In the event of a difference
of interpretation, the Dutch version will prevail.
Reporting
Van Oord’s financial policy is based on two
underlying principles: an adequate level of
profitability and guaranteed continuity. In addition
to our standard risk management efforts, we also
base our decision-making on multiyear scenarios
and the related bandwidths. In the past year, the
Executive Board continued to fine-tune the risk
surveys in its regular reports. The Executive Board
discusses the reports with the relevant directors
every four weeks and every quarter.
Van Oord has reported on the state of affairs in the
company, its subsidiaries and its partnerships (for
an overview, see the notes to the consolidated
annual financial statements) in its 2013 annual
report. This report is intended for anyone who
takes an interest in Van Oord. It contains
comprehensive reports on the company’s
performance, its value to society, and its financial
results.
This report, of which the annual financial
statements have been awarded an unqualified audit
opinion by Ernst & Young Accountants LLP, was
approved by the Supervisory Board and adopted by
48
Colombia
Trailing suction hopper dredger Lelystad in
Buenaventura.
49
Our organisation
From left: Jan Schaart, Niels de Bruijn, Arnoud Kuis, Joep Athmer, Ronald Schinagl,
Jeroen Kwakernaak, Govert van Oord, John Knoester, Ivar Daemen, Huib de Jong, Jaap de Jong,
Johan van Wijland and Ton van de Minkelis
Area Management
Area Netherlands
area director
J. (Jan) Schaart
area manager
C. (Carlos) Mollet
area manager
J. (Jaap) Wiersma
Area Europe
area director
G. (Govert) van Oord vanaf 1 januari 2014
area director
F. de Wit tot 1 januari 2014
area manager United Kingdom & Ireland
M. (Maurits) den Broeder
Management Committee
area manager Germany
H.G. (Henk) Lunsing
area manager South East Europe
M.C. (Ries) Kamsteeg
Area Middle East, Mediterranean &
South West Asia
area director
A.F. (Arnoud) Kuis
area manager Middle East
J.J. (Jan-Willem) Elleswijk
area manager South West Asia
R.H. (Reinout) Viersma
regional manager Dravo S.A. (50%)
K.B. (Koen) Sweers
50
Staff Management
Staff directors
Engineering & Estimating
I.F.R. (Ivar) Daemen
Finance & Administration
H. (Huib) de Jong
Personnel & Organisation
J.D. (John) Knoester vanaf 13 januari 2014
Procurement
J.M. (Jeroen) Kwakernaak
Ship Management Department
J. (Jaap) de Jong
Quality Health Safety & Environment
A. (Ton) van de Minkelis
Staff Managers
Communication & Markets
R.E. (Robert) de Bruin
Facility Services
L.J. (Ben) Seekles
Information & Technology
A.G.M. (Ton) Arrachart
Legal & Contracts
J.M. (Job) de Groot
Operations Department
A.J. (Jan) Vrijhof
Survey
M.J.L. (Michel) Koper
Treasury
M.S. (Marlies) Janssen
Area America & Africa
area director
R.A.M. (Ronald) Schinagl
area manager South America
T. (Tim) Helbo
area manager North & Central America
M.W. (Mark) Roelofs
area manager Africa
R.K. (Ruud) Romijn
regional manager Nigeria
A.C. (August) Runge
Area Asia & Australia
area director
C.A. (Niels) de Bruijn
area manager North & South East Asia
M. (Martin) Smouter
area manager Australia
M.P. (Martin) Meijers
Business unit Offshore
area director
J.B.E.M. (Joep) Athmer
area manager North Sea, Central &
South America
J.G. (Koos) van Oord Azn.
area manager Europe, Canada, North America,
Africa & Middle East
M.B.A.M. (Maurice) de Kok
area manager Russian Federation
P.P. (Peter Paul) Hordijk
area manager South East Asia & Australia
J. (Hans) van Meeuwen
Business unit Offshore Wind Projects
area director
J.G. (Johan) van Wijland
project director
D.B. (Didi) te Gussinklo Ohmann
Wicks
area manager
G.J.A.M. (Jelle) Mens
51
Head office, Rotterdam, the Netherlands
Nigeria, Ikeja-Lagos
Angola, Luanda
Brazil, Rio de Janeiro
Curaçao, Willemstad
United States, Houston
Australia, Brisbane
Australia, Perth
Korea, Busan
China, Shanghai
Taiwan, Keelung City
Vietnam, HanoiPhilippines, Manila
Thailand, Bangkok
Malaysia, Kuala Lumpur
India, Mumbai Bahrain, Manama
Kazakhstan, ManigistauItaly, Amelia
Russia, St Petersburg
Portugal, Lisbon Spain, Madrid
United Kingdom, Newbury
France, Le Blanc-Mesnil Cédex
Germany, BremenBelgium, Zele
Indonesia, Jakarta
Latvia, Riga
Qatar, DohaUnited Arab Emirates, Dubai
Panama, Panama
Azerbaijan, Baku
Netherlands, Rotterdam and Gorinchem
Singapore
Norway, Bergen
Gibraltar
Canada, OntarioCanada, Calgary
Mexico, Mexico City
Russia, Moscow
Russia, Yusno
Hongkong
Branches Website
Branches worldwide
52
Our people
The strength of our company
Aa P.J.W.J. van der, Aalders C.M., Aanraad A.T.J., Aarens R., Aartrijk M.F. van, Abano B.S., Abdon L.M., Abdu Awaji A, Abdul Alim M.D., Abdul Barique M.K., Abdul Khadar N., Abdul Rachman A., Abdul-Gani M., Abdullah N.H. Binte, Abdulle A.M.A., Abhijeet Prakash A.P., Aboobaker B.M., Abordo C.B, Abrasaldo R.B., Abrenica Jr P.S., Abrera A.D.T., Abrori U, Abu Rob M.K.M., Acanto Jr. R.B., Acasio R.B., Acaso F.C., Acenas J.D., Achanzar J.A., Acharya K.M., Acquoij-Leshchenko, I.V. van, Adaci J.D., Adam U.I., Adari R., Adema Y.B., Adeola K.O., Adriaanse C.A., Adriaanse J., Advocaat-van den Heuvel, S.J., Afari M.K., Agayeva L., Agele I, Agnew R.W., Ago-o E.R., Ahmad N, Ahmad N., Aizobua S., Ajieh J., Akdemir K., Akershoek E.W., Akhrij S., Akinboye T., Akindele O., Akker A.R. van den, Akker M. van den, Akkermans R.J.C.J., Akmamedova J., Akol R.L., Akolade A.O., Akster G., Al Balushi A.A.M., Al Balushi M.S.M., Al Madhi H, Al Sultan N, Al Sultan R, Al Sultan W.I., Alberda P., Albert D., Albertino T, Alblas M., Albuquerque C.C. de, Alcala S.L., Alday R.A., Aldea J.C., Ale D.M., Alensonorin O.B., Ali Anberi A, Ali Hazazi M, Ali Mohammed R., Ali Z, Alibaks K.F., Alibudbud J.A.L., Aligam R.A, Alisangco N.L., Aliyaru Kunju I., Aliyev A, Alkema A.G., Alkema K., Allegretta C, Allegretta E., Allison S, Almeida M.A. de, Almeida O.A. de, Almeida V.C., Almiz A.V., Almodiel J.H., Alvarez P.D.C., Alvarez R.H., Alves E.N., Amabipi-Ibiama B.E., Amadi A., Amadi B., Amadi O.I, Ambachtsheer V., Ambalath Veettil Kottapurath H.A.V., Ambalathu Veetil R.M., Ambre K.M., Amels J., Amersfoort D.C. van, Ammerdorffer D.J., Anafed D, Anar E.G., Andel J. van, Anderson M.J., Anemaet P.A., Angchekar A.A., Angelen R.F.C. van, Anil Austin T, Anissimova A., Anjos M.G.O. dos, Anneveld J.A., Ansari I., Anthonijsz M.J., Antony D, Antony N.C., Anyabisi T.O., Apeldoorn R. van, Apeli G., Aper G.M.E., Apitan V.C., Appollo P., Aquino G.M, Aquino R.B., Aranez R.C., Aras B.S., Arathu Peethambaran P, Araujo E.J. de, Araujo G.C.F. de, Araujo R.F. de, Araujo W.G.V., Araya Godoy L.E., Arbeider F.R., Arca P.E., Arcay H.J., Arceo J.H., Archer P.K, Arfandi B, Arias M.P., Arillo J. A., Aritya S, Arkarov Y., Arkel-Snoek, T.H. van, Armstrong K, Arnaldo T.A., Arnhem W.J.J. van, Arquiza F.C., Arrachart A.G.M., Arteza L.O., Asadov S., Asaolu E., Ashraf A., Ashyrov P., Asika J., Asmus S., Asobie T., Assche R.J.L. van, Asseervatham M., Asselé A., Asunto L.R., Atapary C.D., Atapary-Sahetapy, V.E., Athmer J.B.E.M., Athmer M.J.H.M., Atkinson C., Atta A.I., Atun E.D.C., Augustina R, Auman M.A., Avondrood E.C., Awakyan A., Aydin Y.B., Ayenuro F., Azad A, Azfar A, Baars P.O., Baars R., Baas R.H., Babatunde M., Babu R, Baby B., Backhuis W.M.H., Bacsafra M.R.V., Badilla M.Q., Badukonda K.K., Baeck A.C., Baggerman C., Baggerman C., Bagiac M., Baihaky H, Baikenov A., Bailey L.A., Bak A., Bakazhanov A., Bakelaar J., Baker D.M., Bakker A., Bakker A., Bakker B., Bakker D.J., Bakker G., Bakker J., Bakker J.M.A., Bakker M.J., Bakker R., Bakker S.P.M., Bakytzhanova G., Balaban C.A, Balakrishnapillai M., Balder P.P., Baldock R.G., Baldonado M.J., Balen M.A.G.P. van, Balesco S.M., Baligo J.B., Baljé H.A., Baljet D.M., Balontong N.G., Balsamo E.F., Balvert W.J.P., Bambacht W., Banayo R.C., Banerjee S., Banga U.P., Bangma C., Banogon V.B., Barendregt E.C., Baricaua D.C., Barlisan D.C., Barneveld J., Baron A.G, Barredo C.D., Barreto G.A.M., Barrit J.R., Barselaar S. van den, Bartel R., Bartels J.E.W., Bartolata J.D., Bartolovic-Baban, N., Basheer Ansar U, Baskarakrishnan K, Basten Batenburg F.L.J. van, Basuel M.C.A., Basuel R.O., Batasin-in N.A., Baumann M., Baus C., Baus H.A., Bautista J.G., Bautista J.S., Bax R.L.H., Baxshiyev T., Bayliyeva B., Baynes D.G., Bayo-Philip P., Bayot J.N., Beck C.S., Becker J.H., Bedford T.M., Beek A. van, Beek A.K. van, Beek G. van, Beek R.H. van, Beek S.L. van, Beekhuijzen S.J., Beela J., Beelen C. van, Beemsterboer T.N., Been F.L., Beentjes F.J., Beerta J.P.W., Beest J.M. van, Beest M. van, Beij I.A., Beijer R., Beissbarth J.H., Bekaert N.E.F.H.J., Bekendam H.J., Bekezhanov Z., Bekkema S., Belano J.O, Belder-Lagrouw, C.J.C.A.M., Belderok H.J.M., Belkadi N., Belleza J.A., Belotindos J.M., Belstra L.C., Beltran A.L., Bemmel H.J.G. van, Bemmelen S.A. van, Benadict J., Bend L.M. van der, Benevides D.C.D.A., Bengare M., Benie K., Benkov O.V., Bennimon B., Bent J.M. van der, Bentlage J., Berberabe J.S., Berde J, Berg B.J. van den, Berg C.G. van den, Berg C.M. van den, Berg E.E. van den, Berg G. van den, Berg H.B. van den, Berg J. van den, Berg M. ten, Berg M. van den, Berg M.J. van den, Berg R.A. van den, Berg R.J., Berg W.B. van den, Berge C.E.R. van den, Bergh E.C. van den, Bergh M. van den, Bergman M.M.M., Berk A.H. van, Berkel A. van, Berkelaar J.T., Berkouwer C.T., Berkouwer J.A., Berkouwer T.A., Bermejo M.M., Bermingham C., Bernaards D., Bernaards P.J., Bernabe M.M., Bernabela M., Bernard B., Bernardes de Freitas P.M., Bernds T.M.F., Bernido Jr. F.A., Bertacin F., Bertens E.C.A., Besancon C.Y., Besien W.J.T. van, Besinga N.B., Besse D., Besse E., Besseling C.J., Bestebreurtje, K., Bettinger S., Beugelsdijk J.J., Beuker C.F.J., Beukers K., Beurden M. van, Beurs H.A. de, Beurs P. de, Beurskens W., Beute H.G., Beuving B.J.M., Beverloo J., Bheempalli V.P., Biemans C.D.H., Bierma S.D.R., Biesemans T.M.L., Biesheuvel A., Biesheuvel W., Bigay B.M., Bijen J.H.G., Bijkerk P., Bijl H., Bijl J.J., Bijl P.A., Bijl W.A. van der, Bijloo E.M., Bijnen R.F.A., Bijsterbosch H., Bilok M.A.A.B, Bin Abdu Awaji A, Bin Abdul Hamid S., Bin Abdullah A.A., Bin Ali M.I. bin, Bin Mohamed Ismail I.B.I., Bin Rais M., Bin Yusof I., Bingat B.A., Binsbergen A.C. van, Binuya C.M., Bisht S., Bisnar C.J., Biswal D., Biswas M., Bitter A.J.N., Blaauw J., Blachi R., Blake P.A, Blakely A.D., Blankespoor H.C., Blansjaar S., Bleeker P., Bleijendaal C.H.E., Bles J., Bliek A.J., Bloem F.E., Bloemendal G.W., Blohm B.D.H., Blom A.M.J., Blom J. van der, Blonk Y.A.M., Bloodshoofd B., Bloppoel A.L. van, Bluhm T, Bode L.R., Bode T.C.F., Bodegraven R.M. van, Boender M.B., Boer A.J. den, Boer C., Boer C.M. den, Boer E.J. de, Boer F.M. de, Boer
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G., Boer H.R. de, Boer K. de, Boer K.I. de, Boer L. de, Boer P., Boer R.J., Boer T.J.M. de, Boer W., Boer W.F. de, Boeree E.P.C., Boersma A., Boertien E.J., Boeschoten H.A., Boeter J.M., Bogaerts R., Bogerd H.N., Bohalteanu R.E., Bok E.J., Bokhoven P.W. van, Bokova O.S., Bokslag-Beenhakker, K.M., Bolang L., Boldrik W.C.F.H. van, Bolivar F.P., Bomas A.P., Bommadevara G., Bon V., Bonachita D.S, Bongartz A.H.G., Bont C.M. de, Bont R.T.M. de, Booij R.M., Boom J., Boom M., Boon J. van der, Boon S., Boone M., Boonstra J., Booster L.N., Borcea C., Borcea L.M., Borggreve M.J., Borgman S., Borromeo R, Borsje C.S., Borst J.C. de, Borst M.P.H., Borst P.J, Bos A.H., Bos A.T., Bos C., Bos C.M., Bos E., Bos H.E., Bos J.L., Bos K.A.W., Bos P.W., Bos T.A., Bosch B. van den, Bosch F.G.J. van den, Bosch H.A., Bosch J.W.G., Boscher R., Bosmann T.J., Bossche E. van den, Bos-Souisa, A. van den, Bot M.G., Botelho S.O., Both B., Botma Jr. G., Botma Sr. G., Bottomley T.A., Bouckaert - Zeeman Y.L., Bouland A.R., Bould S.G., Bouma P.J., Bouma T., Bouman J.P., Bourgeois M.N.G., Boven J.L.H. van, Bovenhorst L.R., Bowers J.B., Bowra M.L, Braam P., Braber F.J. den, Brajkovic B.B.B., Brand P., Brandenburg M. van, Brands P., Bras T.A., Bratu A.I., Braven I.A. den, Bravo Navarro J., Brebde J.A., Bree E.W. de, Bree R. de, Breedeveld J.F., Breejen A. den, Breejen A. den, Breet W.M., Breeuwsma L.J., Bregman R.A., Breis S.R., Bremer F., Breure J.J., Brienen H., Brijeski D, Brink B.E., Brink I.C. ten, Brink I.E.A., Brink S.N. van den, Brinkers G.B., Brinksma A., Brito Y Heynen H.L., Brockhus D.L, Broeder M. den, Broeder P.R.M. den, Broeders H.J.M., Broek P.S. van den, Broek R.J.C. van den, Broeken J.A., Broekhoven P.P. van, Broekhuizen M.N., Broere F., Broeren W.J.P., Bronder A.J., Bronsveld F., Brookes B.T., Brouw D.M. op den, Brouwer A.J., Brouwer K.J.C., Brouwer M.J., Brouwer N.J. de, Brown C.J., Brown D.V., Brown L.M., Brown P.A, Brown P.J., Browne S., Brug E. van der, Brugmans J.H.H., Bruijn C.A. de, Bruijn F.L. de, Bruijnes G., Bruin D. de, Bruin G.J. de, Bruin H. de, Bruin P. de, Bruin P.H. de, Bruin R.A. de, Bruin R.E. de, Bruin T., Bruine A.M. de, Bruinsma J., Brunner W.J., Bshara Al Halasa H, Buan W.L., Buarque F.C., Buchem R.V. van, Bucio A.R., Budhi S., Buël F.G.A. van, Bugna B.I., Buhat A.B., Buhat E.S., Buitehuis W.J., Buizert A.W., Buizert R.C., Buksh F., Bulte C.H., Bultekov S., Bumagat P.M., Bunders F.S., Bunn M, Bunschoten P.H., Buren-Helsinger, F.C. van, Burg A.H.M. van der, Burg J. van der, Burg M., Burger R.J., Burgering C.J., Burgess D., Burggraaf M., Burgt H.L.C. van der, Buriu C., Burkit A., Busé J., Buster A.C.J., Butau A., Butenko V.N., Buter P., Butzelaar F.A.M., Buunk A., Buurmeijer J., Buurmeijer-Wierenga, K., Buursma J., Buzina D.C., Byrne G.M., Caaij S.N. van der, Cabahug O.S, Caballero J.L., Cabaloza R.C., Cabico A.A, Caboverde G.S., Caburnay D.L., Cacho R.A., Cacho R.P., Cadion A.P., Caem R.G.J. van, Café J.H.W., Cagande M.E.M., Calanoc C.C., Calera D.B., Calidades L.O, Callon S, Callueng A.M., Calo T.C., Caluag C.M, Caluwé E., Camino R.B., Caminos N.A., Campbell T, Campen L.F.C. van, Campina M.T., Campos M.V., Canaria E.M., Candava M.B., Candava M.B., Cantini R., Cantre G.B., Canut Jr. N.R., Capa Jr. D.S., Capanan B.A., Cape A.O., Capello W.L., Caponpon H.G., Cappelle A.G. van, Cardon L.F.H., Caric A.N, Carillo Jr. E.Q., Caringal M, Carlos J.L.S., Carre F., Carredo B.A, Carredo P.A., Carson C.M., Carter M.A., Carvalho E.M.S.G., Cary J., Casand A.R. van, Caseres J.P., Casiquin J.D.C, Casteren R.A.N. van, Castillo F.O., Castro E.M., Castro J.M.D.O., Castro M.E., Cats F.H., Caulier P., Cavents C.C.L., Cayapan A.B., Cayone N.M., Ceria J.P., Ceton J., Chakkungal Thankappan M, Challa L., Chan K.C., Chan K.W., Charles Haris A, Chaturvedi T, Chaudhary R.K., Chaudhary S.K., Chavan B.P., Chavan M.R, Chavdar Y.D., Chavez F.G., Chazil Bava Haji A.M., Chebaux T., Cheenikkal Veedu C.V., Chenathuparambil B.P., Cheung S., Chevalier E.A., Chiefe S.A., Chin-Chun S, Chirkova O.V., Chittleborough P.J, Chogule P.S., Chokkalingam G, Chokkara P.R., Chowalloor Mathappan P., Chowallur Mathappan D., Chowdhury S, Chunatu Sunil Kumar S, Cias K., Cigaral A.A, Ciocan V.C., Ciochon J.M., Claeys F., Clapone C., Clarke N, Coenders M., Colance M.L., Cole D.A., Cole G.D., Colk T.C., Collens C., Colpaert E., Colvin T.B., Comia N.D., Conde L.B., Condino P.P., Condurache A., Consignado R.B., Contemplacion A.T., Conti J, Cooijmans-Rijkers, S., Cook L.J., Cook S.J., Coolegem M., Coolen H.M., Coppejans S., Corbillon J.C., Cordova A.B., Cordova J.B., Cordova R.A.P., Corfixen L, Cornelisse J.K., Corpeleijn A.J., Correa E.C., Cosijnsen F., Costerus A.A., Costerus A.R., Coterlet M.W.J. van de, Cousijn D.A.M., Cousijn M.M., Cousijn S., Coutts R., Couweleers J.P.E.M., Couzis-Vos, C.E., Crabb B., Craciun R.A., Cramer J.D., Creuwels E.E.H.J., Crielaard A., Cripps T.A., Croon J., Cruz E.B. da, Cubarrubias D.B., Cuevas A.G., Cullantes J.S., Cumberlidge S.P, Cunningham S.J, Curran J.M., Currell J.A., Curry D.E., Curry K.F.J., Custodio A.J., Custodio B.S., Cutamora D.A., Cuvelier M.A.J., Dacanay III L.A., Daculos E.P., Daemen I.F.R., Dalen A.D., Dalen C.P.J. van, Daly S.J., Dam M.J. van, Dam T. van, Dam Y.H. van, Damian L.R., Damming P.J., Damo R.R., Dams J.R., Damsma T., Daniels M.C., Danilyants S., Daniot K.O., Dankers K.M., Darroch S.G., Darwis D, Davelaar B.A., David P.C., Davies M.W, Dayan M.G., De Aroz J.P., De Vera L.C., Dechavez A.A., Declaro R.D., Decoster P.M., Dee H. van, Deelen C.H., Degollacion R.B., Dekeukeleire F., Dekker C.G., Dekker J.A., Dekker M.G.M., Dekker S., Dekker-de Been, J.C.M., Dekkers A.C.M., Del Monte R.U., Dela Cruz E.A., Dela Cruz R.S., Delden J.M. van, Delfin R.E., Delfin V.D., Delfino E.J., Delft D. van, Delft-van der Giessen, J.M. van, Delgado R.M., Delleman M., Delos Reyes M.L., Densow L., Depenbrock A.J., Derks J.M., Derks J.M.L., Derksen G., Deruyter A.K.R., Desamito L.V., Descargar J.D, Destiswastikasari N., Determann J.G., Detmers M.P.M., Devassy B., D’Hollander H.M.J., Dianati P., Dias P.P., Diaz R.C., Dickhoff C.R., Die A.A. van, Diego L.R., Diekema A., Diekmann R.A., Dieleman J.J., Diepen D.J. van, Diepenbroek P.K., Diependaal C.P., Diestler C.U., Dieten M.R. van, Dignos M.F, Dijk A.R. van, Dijk B.R., Dijk C. van, Dijk D. van, Dijk H.A. van, Dijk H.J.
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van, Dijk J. van, Dijk J.C. van, Dijk K.A. van, Dijk P.W.J. van, Dijk R.M. van, Dijke D.H. van, Dijke W. van, Dijkema R.J., Dijkerman J.M., Dijkgraaf E.G., Dijkshoorn C.A., Dijksma E.C.H., Dijkstra D., Dijkstra F.J., Dijkstra H., Dijkstra S.T., Dikken H. den, Dikkerboom A., Dikkerboom J., Dillisse I.A.C.J.H., Dimaiwat B.S., Dimayuga V.D., Ding S.N., Dingjan W.H.M., Dinil J., Diniz J.D.C.N., Diniz L.D.A., Diocampo N.A., Diong N.D., Dioquino N.D., Diosomito M.P.M., Dirks W.G., Dirkse M.W., Disco M.J., Dissel A. van, Dixon D., Dixon J, Djasai W.P., Do B., Doelman P.J., Does M.H.J., Dofeliz R.B., Dogoldogol E.D., Dolder B.E Van, Doliente A.A., Dolueras R.D., Domingos E.S., Dongen C.P. van, Donk B.N.M. van der, Donk H.J.D. van der, Donker A., Doodeman P.J.T., Doorn P. van, Doorn R. van, Doornbos T., Doorne M. van, Doorn-Rooijakkers, M.J., Dorresteijn M.J., Dorrington S.C., Dörsch A.A., Dorst P.L. van, Douma I., Down W.L., Downs T.J., Drabsch G.J., Dragomir L.C., Dragomir R.I., Driel J.C. van, Driest J.J. van den, Drobinskaya E.V., Droog B., Dros P., Drost A.Y., Drost M., Dsouza C.L., Dsouza E.S.M., D’Souza M, Dsouza R., Dubois J.A., Dudok van Heel F., Duijn A.M. van, Duijn D.M. van, Duijn G. van, Duijn H. van, Duijn J.P. van, Duijn M. van, Duijneveld R.P., Duinen G. van, Duinen J.M. van, Dulk M. den, Dulken J. van, Dulmen B.W.A. van, Dumagpi G.D., Dumaguin N.T., Dumapong R.P., Dun J., Duong K.L., Dupin F., Duraivel A, Duran R.B., Durdin T., Durge F.A., Duruin A.P, Dutta A., Duurkoop T.J., Dyadyushko O., Eagles D, East K, Ebarle J.G., Ebarle Jr. J.D., Ebisa J.C., Eboh L., Ebregt N., Ebulison E.S., Ecamina A.D.L., Echemunor O., Eck E.M. van, Eck G.H.J. van, Eddy T, Edukugho H., Edward T.D., Edwards J, Eekelen E.M.M. van, Eekhof E.A., Eekhof-Kaat, H.C., Eekman W., Eeuwen A. van, Efunkoya I.D., Egberts J., Eijdenberg J.B., Eijnsbergen B. van, Eijsbergen N.C., Ekedike C., Ekwere G. N., Elamparo J.B, Elauria R.A., Elburg A.J., Elder D.J, Eldik J. van, Elleswijk J.J.W., Elshout K.K., Elsinga R., Elslande G.M.A. van, Elst T.W. van der, Elzinga J.J., Elzinga P.J., Emandi K, Emboltura J.D., Emelyanov V.L., Emmerik E.J. van, Enad L.L., Encargues E.T., Encarnacao J.A. da, Encinares R.E., Engel C., Engels D.O., Engels R.A., Enriquez A.L., Epema T.J.R., Epowu C., Erashov V.P., Eregare E., Eroth Thazha Kuniyil B., Erp J.F.M. van, Es A. van, Es M.D.A. van der, Es P.J. van, Escalante G.L., Espiritu F.C., Espiritu L.A., Espiritu R.B., Espiritu Y.G., Esteban R.D. De, Estigoy K.C., Estomago J.B., Estourgie A.L.P., Etac D.M., Etman-Tieman, E., Euser W., Eustaquio L.G, Evangelista Jr. I.I., Evans R.J., Evora C., Evora M.A., Ewuola T., Faas E., Faasse R.A., Fagan D.M.J, Fagarita R.D., Falkena B.L., Fauzi C, Fe B.N., Featherstonhaugh D., Fechner H., Fedorova-Miroshnichenko E.A., Feelders M.J., Feeleus G., Feenstra D., Feenstra E., Feije A.P., Felices R.M., Felton J, Fenequito E.A., Fenton J.C., Fernandes A.R., Fernandes J.A., Fernandes S, Fernandez A.Y., Fernandez D.O., Fernandez Martinez I.C., Ferreira A.D., Ferreira G.J., Ferreira J.D.D., Ferreira S.D.R.D.S., Ferreira W.C., Ferreol P.T., Festin H.F., Festus T., Feunekes M., Fidder M.M., Fielder L.J., Fierens D.L.P., Fieten F., Figueiredo J.E.D.C., Fijan T., Filho A.A.D.S., Filho E.C., Filho L.E.D.S., Filho M.S.D.S., Filho S.C.F., Filius F., Firdaus A, Fitton C, Flägel M.K., Flanderhijn M.A.J., Flentge A., Fletcher J, Flikweert C., Flinterman E.J., Flips C.G.G., Florentino A.V., Flores A.Q., Flores J.B., Flores R.T., Fluriach Pla G., Flynn G.M., Foeken A.J.D., Fok F., Fontijn J.W., Francis S., Francisco A.M., Francisco F.A., Francisco J.C., Francisco J.L., Franco R.B., Frankema B.F., Franklin B. 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R.M., Scherrenberg K.M., Schets J., Scheurwater B.A., Schie R.J.H. van, Schinagl R.A.M., Schinkel A.A., Schippers W.L., Schipper-van den Broek, W.M., Schlabbers H., Schlieker B., Schmidt G., Schmidt U., Schneider H.J., Schoemaker H.M., Schoenmaker N.R., Schoffelmeer R.M., Schollaart R.P., Scholte W.H.J., Schoon C., Schoon H.T., Schoonheim M.G.A., Schoor G. van der, Schooten P., Schot S.C., Schotanus M., Schout R.F., Schouten J.P., Schreuder P., Schröder C.B.G.J., Schroën M.H.J., Schroevers R.J.M., Schroten C.R., Schucko B.D., Schuit A.J.P.M., Schuit P., Schuitemaker H.P., Schulte S.A., Schults J.F., Schütt J.R., Schuur F. van der, Schuurman H., Schuurman W.J., Scott A.J., Sebastian Paliparamban G., Seekles L.J., Seelen S.C.J., Segarra R.O., Segers I.E.A., Sein M., Seiragakis M., Septer W.F.R., Serohodskyy Y., Sevilla E.B., Sewgobind W., Shabeer Ahmad S.A., Shafqat B, shaik A, Shanahan K, Sharifova V., Sharma A., Sharma B., Sharma N., Sharma R, Sharma T, Shchekina N, Shi Y.W., Shield T.P, Shine G.L, Shine Pambungal V., Shixnesirli C., Short K.D, Sibarani H., Siepel T.J., Sijbrandij R., Sijden R.C.E. van der, Sijm J., Sijm J., Sijnke-de Ruiter, J.E., Sijstermans F.C.J., Silang R.C., Silling M., Silongan M.C., Silva A.B. da, Silva A.D., Silva A.V. da, Silva C.A., Silva C.P. da, Silva E.A. da, Silva E.J.D.S., Silva E.R. da, Silva F.C. da, Silva G.B. da, Silva G.M. da, Silva H.G. da, Silva J.J. da, Silva J.L.N. da, Silva J.R. da, Silva M.G. da, Silva M.O.P.C. da, Silva R. da, Silva R.S.G. da, Silvestre M.D., Simon J.A., Simpelaar R., Singh B.P., Singh D., Singh G., Singh H, Singh K., Singh M., Singh P., Singh R.P., Singh S., Singh S.K, Singh V, Sinio N.M., Sinke M.H., Sinke R., Sinttruije M.W. van, Sison R.S., Sissembaye A., Sissingh W.J.J., Sit Y.K., Sivadasan D., Slabber J.H, Slagboom T.M., Slagboom T.T., Slager M., Slangen R.G.B., Slemmer A., Slieker J.A.J, Slikke C.G. van der, Slikker H.P., Slinger A., Slingerland A., Sloot M. van der, Slooten S.J.J., Sloots M.G., Slootweg R.T., Slot I.P.B. van’t, Sluijmers S., Sluimer A., Sluis T.J. van, Sluisveld P.A.F. van, Smeding E., Smedt B. de, Smeehuijzen V.A., Smeets E.J.C., Smeu A., Smid J., Smirnova A.V., Smit B., Smit H., Smit J.M., Smit M., Smit P., Smit S., Smith A, Smith G., Smith G.M., Smith S.G., Smith T.P., Smits R.F.A., Smitsman J., Smitsman W., Smolders T.F., Smouter M., Smyth J.J., Snaaijer I., Sneddon A., Snel P.A., Snijders P.J., Snijders R., Snippe R., Snoek R., Soares A.C.D.C., Sodhi R., Soebhag-Datadin, C.S.S., Soedhoe W.K., Soedjarto E, Soeterboek S., Sofiyanto D, Sol P.M., Solkar M.L., Solleveld C., Soloren R.S., Sombroek J.J., Somers A.P.J., Sommeijer W.M., Soreno C.V., Souza J.C. de, Souza L.H.D.S., Souza M.C. de, Spaargaren G., Spedding G.E., Speekenbrink I., Spek C.A. van der, Spek D. van der, Spek F.S. van der, Spek M.R., Speksnijder L.H., Spelier E.J.C., Spencer A.P., Spencer J.A., Spencer Jnr J.A., Sperling G., Spiering H.A., Spijk J.H., Spijkstra M.S., Spoelstra S., Sprenger O.W., Spruit R.M., Srivastava N., Sta. Ana A.B., Stacey A.R., Staggers A., Stalman A.G., Stam C.J.M., Stam M.H., Stamat M.G., Stams J.J.H., Stams M.P.J., Star J., Statema P.E., Steen R.L. van der, Steen S. van den, Steenbeek W., Steenbergen B., Steenbergen R., Steensma W., Steenwinkel C.H.J. de, Steer M.W, Steevens J., Steffen E.G., Stegmann K., Steijlen M.A.H., Steijvers M.J., Stein M.J. van, Steinbusch P.J., Stel P.G. van der, Steur S., Stevens B.R., Stevense K.M.J., Stewart M.A., Stigter R., Stins R., Stoel T., Stoelhorst J.J., Stoica G., Stok M.J. van der, Stokes M.W., Stokes M.W., Stolk A., Stolk J.R., Stolk-de Paauw, J., Stollman F.L.H., Stout M.M., Stow A.D., Straatman M.R., Straubel R.D., Strijbis J.D., Stroo R., Stumpf M.F.J.M., Sturrus M.P., Stuurman C., Suaffield J.A., Suarez R.T., Subong A.G., Subotins A., Sucur G., Sud V.S., Sudario J.D., Sugih I.D.P., Sugirbayev T., SUHAELI ESU, Suijlekom A. van, Suijlekom P.C. van, Sukamto D, Sukamto U, Sulaeman M, Sumarinas E.B., Sumter-Gilds, C.N., Sundarraj R., Sunil Kumar Mulavana T.B., Suresh Srambikal K., Surin C, Surve M., Sushil Kumar S, Sutarno T, Swain N.C., Sward L.D., Swart N.W.L., Sweers K.B., T Schroots P.K., Tabeling M.G., Tabingo S.S., Taeza E.F., Tagolimot G.S., Taguinod B.T., Takes J.J., Talsma A.J.R., Talsma R.W., Talybov E., Tamang B.S., Tamayo L.O., Tamis T., Tammana T., Tan A.P., Tan R.T., Tanahatoe-Barendregt, M., Tang Q.Y., Tang Z.B., Tange B.J., Tangeres R.A., Tanis C., Tanis D.J., Tanja J.A., Tano A.N., Tarantseva O., Tarigan T, Tatangindatu J., Tawde A., Tawfic Almadhoun A, Tawjoeram I.M., Tayag L.J., Taylor L., Taylor M.D., Tazelaar M.C., Teerhuis C., Tegelaar G.B., Templanza J.G., Teodor C.A., Tepper M., Terencio R.G., Terlouw J.A., Terlouw-Langerak, M.E., Tesselhoff S.J., Thakur B.V., Thalakale Veetil B., Thanimalai S., Thankachan C., Thapliyal M.P, Tharme J., Thekkeettil T., Thijssen R.T.D., Thimothose A., Thirupati M., Thiry M., Thiyancherry A, Thiyanchery M., Thomas J., Thomas M, Thompson M.R, Thuruvan Kuzhikalam J, Thyvalappil N., Thyvalappil S., Tieben J.H., Tiedra R.G., Tiemessen M.W.H., Tiflaru L., Tilman J.G., Timan T.G., Timbs M.A., Timersma J.H., Timmer A., Timmer D.J., Timmerman P., Timmermans M.D., Timmermans T., Tirri P., Titus I., Tobing R, Toby W., Todung U, Togoto J.P., Tokula A., Tol R. van den, Tolenaars A., Tolentino A.D.G., Tombroek J.C., Tommasino C.M., Tongerlo W.C. van, Tönis I.E., Tonma J., Tonyor P., Topala R., Torallo J.G., Torralba G.M., Torres C, Tosu C., Touber K.B., Tourabi K., Trakzel T., Tralau K., Tralau P., Trembevilla C.N., Treurniet O., Triebels M.J., Trifan C., Trikoyanto D., Tripathi M.R, Tripathi S.P., Triyono U, Tromp P., Troost R., Trouwen W.G.M., Truita J.S., Tubobereni G., Tucker R.S., Tueon D, Tuin B. van der, Tuin M., Tummers W.J.M., Turcu M., Turingan E.C., Twigt M.J., Tyson R.J., Ubels J.J., Uden A.L.M. van, Uden E. van, Udoh Bradford A., Uelman E.F., Ugbo E., Ughanze M., Uijterwijk A.G., Uitermark F., Urk B.G. van, Urk J. van, Usman I.M.M., Utomo B., Utomo M., Uunk L., Uzor C.S., Vaags G.W.J., Vaal T.O. de, Vacunawa G.P., Vadakedath Mylapravn S.S., Vadamodula R.K., Vadamodulu S.R., Vadamodulu S.V.P, Vafayev A., Valdez M.S, Valenzuela F.M., Valiyattil A., Valk G., Valkenier J.T.R., Valois R.M., Vanjani M., Varghese D, Varma A., Vasquez J.D.G., Vaz D.F., Vazhakuttiyakath A.G., Veen A., Veen A.P. van der, Veen J. van der, Veen J.G.J. van der, Veen
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M. van, Veen M.V. van, Veen P. van, Veen R. van der, Veenema S.C., Veenstra J., Veeraiyan V., Veer-Rijpma, B. van der, Vega P., Veigas J., Velagala V., Velasco R.C, Velayudhan K.M., Velde C. van der, Velde C.M. van de, Velde J.H. op den, Velde M.R. van der, Velde W. van der, Velden F.R. van der, Veldhoen S., Veldhuijzen M.R., Veldhuizen R. van, Veldkamp W., Veldman D., Veldt R.P. van der, Veloso N.S., Velzen C.A.D. van, Vemala N.S.V., Ven J.M.M. van der, Venida V.A., Veninga W.J., Venis C., Vennik H.J., Venu A, Verbakel J., Verberk A.K., Verberk M.J.A., Verblackt R.H.W.B., Verbrugge R.A.M., Verbruggen H., Verburg A., Vergara T.B., Verhaar P., Verheul P.W., Verhoeven A., Verhoeven K., Verhoeven P., Verhulst G., Verkade J., Verlee P., Vermaat N.B., Vermeer P.W., Vermeer R., Vermeulen A.C., Vermeulen A.P., Vermeulen C., Vermeulen L.C., Vernimmen P.M.A., Verschoor A., Verschuren C., Versluis R., Verspaget S.A.F., Versteeg B., Versteeg M.B.A., Versteeg-den Dekker, A.A., Verstraaten J.P.W.B., Verveer P.D., Verweij B., Verweij C.A.J., Verweij J.F., Verwijs J., Verwijs P., Verzeilberg J.R., Vessies W.C.N., Veth B., Vette K.R. de, Vettukattil Valappil A.K., Victor S., Victoria L., Vidad J.A.L.G., Vidanes V.M., Viennet P.M.R.A.C., Viersma R.H., Vijfhuizen A.W., Vijverda J., Vilanilathil N.T., Villa F.V. de, Villaflores O.B., Villalobos E.C., Villanueva D.A., Villanueva R.M., Villarante F.C., Villareal R.B., Villareal R.K., Villarete E.M., Villarmino Jr. E.P., Villaruel S.M., Viloria Jr. S.G., Vincent S., Vincent V., Vink H., Vink T.H., Vinke S.O., Vis M.C.J. van der, Vis P., Viset M.H.A., Visscher W.P.L., Visser A., Visser A., Visser A.M., Visser B.C., Visser C.H., Visser E., Visser E.W., Visser G., Visser G.A., Visser H.C., Visser H.J.C., Visser J., Visser J.N.T., Visser J.R., Visser K.C., Visser L.C., Visser M., Visser M., Visser R.T., Visser R.W., Visser S.L., Visser W.P., Vissers J.J.M., Vissers R.T.M., Vitales E.P., Vivas S.P., Viveen G.Y., Vlak J., Vlaspoel A.G., Vleuten S.J.E. van der, Vliegenthart J., Vliet L.E. van, Vliet R. van, Vliet T. van, Vliet-Steenhuisen, A.C. van, Vlot D., Vlot W.M., Vogel P., Vogelaar-van Wunnik, M.E., Vogelsang R., Volbeda W.G., Volmamedov M., Vols E., Vonk J., Vonk W., Voogd van der Straten V.F. de, Voogel R.J. de, Voorde J.F.J. ter, Voormolen J.R., Voorn P. van, Voorthuis A.H., Voorthuysen P.J. van, Voorwinde J., Vording J.A., Vorm J. van der, Voronkov V.V., Vorstenbosch M.F. van de, Vos G., Vos J., Vos J.A. de, Vos J.L., Vos M., Vos M.M., Vos R.H.C. de, Vos S.P., Vrede O.K.A., Vredegoor S., Vreeke J.M., Vreeken A., Vrenken J.P.L., Vries G.B. de, Vries G.J. de, Vries H. de, Vries J. de, Vries N.J. de, Vries P.O. de, Vries R. de, Vries R. de, Vrieswijk D.J., Vrij I.J., Vrij S., Vrijhof A.J., Vringer T.C.C.M., Vroegindeweij M.A., Vrolijk L.A.C., Vugt A.T. van, Vugts J.A.A.M., Vyazovs’kyy S., Waaij W.C. de, Waal J.C.G. de, Waal M. van der, Waal R.J. van der, Waals R.J. van der, Waard B. de, Waard F.C.P. de, Waard J.W.C. de, Waardt N.S.K. de, Waes D.G.M. van, Waes P. van, Wagner L., Wagter M.L., Wal A.K. van der, Wal R. van der, Walda-Piket, D., Walkers G.T., Walsh W.J., Wams G.J.L., Wanders J.P., Wanders R.T.B.G., Wang J.B., Wang P.X., Wang X., Warse S.R., Waslander A., Waters C.M.D., Waterston N.J., Watson G.M., Waumans E., Wéber P., Wedman N., Wee P.J. van, Weelden A. van, Weelden D. van, Weerdenburg H.P.A. van, Weerkamp-Sleurink, M., Weerman J.W., Weers H.M. de, Weert W.H.A. van, Weetman K., Wei S., Wei T.Y., Weijde A.F.P.M. van der, Weimer W.P., Weinberg M.J.M., Welle D.C.A.P., Welle V.P.C.I., Welten M.J.G., Wens A.H. van der, Wens G. van der, Werk S., Werkhoven M. van, Werkman E.C., Wessel E.H., Wessel G.L., Wessels G.J., Wessemius A.F., Westeinde C. van ‘t, Westen B.J., Wester B.M., Westerbeek G.G., Westerhuis M., Westerlaken C., Westerlaken M.A.C., Westland H., Westmeijer A., Weston P., Wetering D.H. van de, Wetselaar E.H., Wheeler W., Whitton J.R., Wichen E. van, Wiechen J.J.J. van, Wiedijk W.O., Wiegman S.W.J., Wiegmann J., Wielaart E.P., Wierda C.H., Wieren A.T.N. van, Wieriks A.J., Wiersema J.H., Wiersma C.A.C., Wiersma J., Wiersma S., Wiese M., Wiesemann I., Wijers B.C., Wijk G.P.A. van, Wijk J. van, Wijk P.A.G. van, Wijk R. van, Wijland J.G. van, Wijnands M.P., Wijngaarden-de Waard, P.M.T. van, Wijngaert J. de, Wijnia R., Wijnker N.W., Wijs B.J.M. de, Wijtman K.G., Wijtman R., Wijtsma J., Wildt J.J.P.W. de, Wildt W.N. de, Wilgenhof B., Wilgerson G.F., Wilkin S.L., Willemen B.W.M., Willems E.H., Willems G.A.J., Willems, S., Willemse F.M., Willemsen E.W.A., Willemsen K., Willemsen M., Willemsen S.P.M., Willemsma G.A., Willemstein A.G., Willemstein M., Willemstein N., William S., Williams C.D., Williams G.S, Wilmink J.H., Win T., Wind H., Winden P.M. van, Winter F.J., Winters M.J.N., Wismans C.P.E., Wisse E., Wisse S.N., Wissink H.F., Wit A., Wit A.M. de, Wit C.H.C. de, Wit F. de, Wit J. de, Wit M.F. de, Withagen E.J.A., Witkam F., Witte J.G.A. de, Wittekoek C., Woestenburg T.J.M., Wöginger M.L.M., Wolff A.J., Wong W.F.C., Woning M., Wonink M.H., Woodward S, Wootten C. L. Von, Wormgoor H.J., Wout F. van ‘t, Wouters A., Wright D, Wright J.A., Xaviour S., Xu J.F., Xue J., Yadav P.S., Yadav R.G., Yadav R.S., Yadava H., Yalong R.M., Yang W., Yao G., Yeltizerova B., Yendada A.K., Yendada L.K., Yesudasan A., Yesudasan A., Youard A, Young D.R., Ytac A.C., Yudin S., Yusoff Z.B., Zaal A.T., Zaalberg R.W., Zaenuri M., Zaharia V., Zalingen S.M.M. van, Zalk G. van, Zandbergen A.J. van, Zanten R. van, Zaragoza A.D., Zareef M, Zarnescu I., Zeeuw J.W.G. de, Zeeuw S. de, Zegers M., Zevarov N., Zhang C.F., Zhang N.N., Zholbasarova M., Zholdybayev K., Zhou Y.L., Zhumazhanov Y., Zielinski F.A.M., Zijl P.M.N. van, Zijlstra M., Zoetemelk C.J.G.M., Zomeren A. van, Zondervan S., Zonneveld T.J., Zorge I.J., Zuiddam J., Zuiderhoek M., Zuidgeest R.F.J., Zundert M.F. van, Zundert V.C.A. van, Zuo S.P., Zuur R.G., Zuurmond J.S., Zwaag B. van der, Zwaal J.R., Zwaan H., Zwan N.L. van der, Zwanenburg P., Zwanenburg P.D., Zwart A., Zwart J., Zwets M.M., Zwienen O.P. van, Zwiggelaar A.L.
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New vessels
Progress is being made on our new offshore
installation vessel, the Aeolus. The vessel will
be commissioned in June 2014.
Equipment
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international requirements, we developed our
own ballast water management system for our
stationary units and the smaller vessels in our
self-propelled fleet. The purpose of the system
is to prevent ballast water discharge from
disseminating organisms around the world.
Phase 1 (IMO G9 procedure), approval of the
use of chemicals to treat ballast water, has
been completed. Phase 2 (IMO G8 procedure),
system certification, will take place in 2014.
Equipment and Process Technology
Van Oord has combined its innovative knowledge
of equipment engineering and process
management in its new Equipment and Process
Technology (EPT) unit, part of the Engineering &
Estimating Department. EPT has played an
important role in developing new equipment,
such as our large self-propelled cutter suction
dredger Artemis; it was involved in everything
from engineering to construction and the vessel’s
first project in La Rochelle, France. EPT has also
worked on developing new systems for unloading
and installing rock and for releasing clay from a
trailing suction hopper dredger.
New vessels
In 2013, our second self-propelled cutter suction
dredger, Artemis, and our new pipelay barge,
Stingray, became operational. Steady progress is
being made on our new offshore installation
vessel, Aeolus. The shipyard’s financial situation
and the late delivery of parts led to a longer
delay than anticipated. We expect the Aeolus
to be commissioned in June 2014.
Van Oord has awarded the contract for the
construction of a new cable-laying vessel and
cable-laying equipment. The vessel, which will
be named Nexus, is being built at Damen
Shipyards in Romania. We expect it to be
completed in late 2014. The Nexus has been
designed to install electrical cabling for offshore
wind farms and fits in with our strategy of
The fleet is managed by the Ship Management
Department, an operational unit. This department
covers new vessels, maintenance and crews.
Fleet Management System
The embedding and certification of the Van Oord
Fleet Management System is an important factor.
In 2013 we certified labour conditions on board
our vessels according to the Marine Labour
Convention. In the first quarter of 2013, the Ship
Energy Efficiency Management Plan (SEEMP) was
rolled out across the entire fleet, much faster
than the prescribed statutory implementation
period of 2.5 years. Our enthusiastic crews are
tackling the challenge of striking the right
balance between output and reduced energy
consumption. The crew of trailing suction
hopper dredger Volvox Asia worked with Ship
Management Department and Engineering &
Estimating to achieve a considerable saving on
fuel. We have rewarded this initiative by
presenting the crew with our annual Ingenuity
Award for the best innovative idea.
Flexible fallpipe vessels
Van Oord has taken over the technical
management of its flexible fallpipe vessels
from an external party.
Innovation
There were a number of important innovations in
the past year. The Blockbuster e-crane, deployed
on the Maasvlakte 2 project, has been converted
into a crane ship, the Titan, now operating
successfully as a dredging crane. Side stone
dumping vessel HAM 602 has been readied to
operate as a cable-laying vessel for the
construction of offshore wind farms. The suction
pipe of trailing suction hopper dredger HAM 318
has been extended so that it can work at -110
metre depths in the Hebron oil field along the
Canadian coast. In order to comply with
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offering a full package of services for offshore
wind farm construction under an EPC contract,
in which we bear responsibility for engineering,
procurement and construction.
Jelle Brantsma, Damen Shipyards,
project manager for the construction of
cable-laying vessel Nexus:
‘When the aim is to design and operate
equipment sustainably, it’s important to look
beyond investing in new equipment and also
consider the maintenance side of things. After
all, what’s important is the total life cycle.’
Artist impression cable-laying vessel Nexus
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Fleet
Under construction:
1 cutter suction dredger;
1 offshore windfarm transport and installation vessel
hopper barge pushboats
wavewalker
ground material
Trailing suction hopper dredgers
Cutter suction dredgers
Split hopper barges
Water injection dredgers
Backhoe dredgers Drilling and blasting jack up barge
Flexible fallpipe vessels
Side stone dumping vessels
Jack up vessel
Shallow water pipelay barge
21
25
3
4
Water injection dredgersWater injection dredgersWater injection dredgersWater injection dredgersWater injection dredgersWater injection dredgersWater injection dredgersWater injection dredgersWater injection dredgersWater injection dredgersWater injection dredgersWater injection dredgersWater injection dredgersWater injection dredgersWater injection dredgersWater injection dredgersWater injection dredgersWater injection dredgersWater injection dredgersWater injection dredgersWater injection dredgersWater injection dredgersWater injection dredgersWater injection dredgersWater injection dredgersWater injection dredgers
10 1
11 1
5 1
Van Oord also has dozens of items of special-
purpose and auxiliary equipment at its disposal.
Fleet, large-scale equipment
Click here to go to the website.
65
Annual financial statements
66
Consolidated balance sheet (before appropriation of profit)
(x EUR 1,000)
The numbers next to the items refer to the corresponding numbers in the notes to the consolidated balance sheet.
31 December 2013 31 December 2012
Fixed assets
Intangible fixed assets 1 . 68,660 75,526
Tangible fixed assets 2 . 1,493,970 1,452,449
Financial fixed assets 3 . 406 14,997
1,563,036 1,542,972
Current assets
Stock 38,547 43,385
Receivables 4 . 402,010 677,939
Cash at bank and in hand 5 . 243,366 147,654
683,923 868,978
Total assets 2,246,959 2,411,950
Shareholders’ equity 6 . 741,591 672,134
Provisions 7 . 138,667 157,027
Long-term liabilities 8 . 407,855 553,947
1,288,113 1,383,108
Current liabilities
Work in progress 9 . 226,732 225,058
Other liabilities 10 . 732,114 803,784
958,846 1,028,842
Total shareholders’ equity
and liabilities 2,246,959 2,411,950
67
Consolidated profit and loss account
(x EUR 1,000)
The numbers next to the items refer to the corresponding numbers in the notes to the consolidated profit and loss account.
2013 2012
Net turnover 11. 1,641,414 1,676,395
Costs 12. -1,185,105 -1,268,695
Depreciation of tangible fixed
assets -131,130 -120,469
Amortisation of intangible fixed
assets -6,866 -6,866
-1,323,101 -1,396,030
Gross profit 318,313 280,365
General and administrative
expenses 13. -137,904 -142,241
Operating profit 180,409 138,124
Net interest expense 14. -27,035 -22,728
Profit on ordinary activities
before taxation 153,374 115,396
Income taxes 15. -22,905 -17,000
Net profit 130,469 98,396
68
Consolidated cash flow statement
(x EUR 1,000)
2013 2012
Cash at bank and in hand at 1 January 147,654 197,620
Cash flow from operating activities 404,784 156,171
Cash flow from investing activities -158,060 -258,421
Balance 246,724 -102,250
Cash flow from financing activities -137,368 56,904
Net cash flow 109,356 -45,346
Exchange and translation gains and losses -13,644 -4,620
Increase/(decrease) cash at bank
and in hand
95,712
-49,966
Cash at bank and in hand at 31 December 243,366 147,654
Operating profit 180,409 138,124
Depreciation of tangible fixed assets 131,130 120,469
Amortisation of goodwill 6,866 6,866
Changes in working capital
- Decrease/(increase) stock 4,838 -14,854
- Decrease/(increase) receivables 256,794 -87,960
- Increase/(decrease) work in progress 1,674 -7,049
- Increase/(decrease) other liabilities -82,779 50,425
180,527 -59,438
Changes in provisions -18,360 -16,160
Cash flow from business operations 480,572 189,861
Interest paid -30,250 -20,439
Income tax paid -45,538 -13,251
Cash flow from operating activities 404,784 156,171
Net additions to tangible fixed assets -172,651 -262,719
Net investments in financial fixed assets 14,591 4,298
Cash flow from investing activities -158,060 -258,421
Dividend paid -47,368 -56,155
Changes in long-term liabilities -90,000 113,059
Cash flow from financing activities -137,368 56,904
69
Participating interests
Dravo S.A. (50%) Madrid (Spain)
A list of participating interests and contracting
consortiums included in the consolidation has
been filed at the offices of the Chamber of
Commerce in Rotterdam (the Netherlands) in
accordance with Section 414 of Part 9 of Book 2
of the Dutch Civil Code.
Foreign currency translation
Balance sheet items of foreign group companies
denominated in foreign currencies are translated
at the exchange rates ruling at the balance sheet
date. Income and expenditure in foreign
currencies, to the extent that these are hedged by
forward exchange transactions, are translated at
the forward exchange rates. All other items are
translated at average exchange rates or at the
exchange rates ruling at the balance sheet date.
Other exchange gains or losses are taken to the
profit and loss account directly. Translation
differences arising on the translation of foreign
participating interests are taken to reserves.
Pensions
The principal pension plan is a career average
defined benefit plan based on provisional
indexation. The multi-employee plan, in the form
of a segregated investment fund, is administered
by a pension insurance company. The guiding
principle is that annual pension charges are
equal to the pension contributions payable to
the pension administrator. The coverage ratio
at year-end 2013 was 118%. The coverage ratio
at year-end 2012 was 111%.
Accounting policies
Intangible fixed assets
Goodwill is the difference between the purchase
price for newly acquired participating interests
and the value of the company’s share in the fair
value determined in accordance with the
Notes to the consolidated financial statements
Accounting principles
General
Van Oord is the holding company holding the shares
of the Van Oord group companies. The financial
statements have been prepared in accordance with
accounting principles generally accepted in the
Netherlands (Dutch GAAP) and comply with the
financial reporting requirements included in Part 9
of Book 2 of the Dutch Civil Code.
Basis of consolidation
The consolidated financial statements include
the financial information of Van Oord and its wholly-
owned group companies using the full consolidation
method. Participating interests and contracting
consortiums are consolidated proportionally,
provided that the company exercises at least the
same influence on policy as each of the other
participants. Joint and several liability for the
commitments of contracting consortiums is taken
into account if necessary. The abbreviated company
profit and loss account is prepared in accordance
with Section 402 of Part 9 of Book 2 of the
Dutch Civil Code.
List of principal group companies
and participating interests
Wholly-owned group companies
Van Oord Dredging and
Marine Contractors bv Rotterdam
(the Netherlands)
Van Oord Offshore bv Gorinchem
(the Netherlands)
Van Oord Nederland bv Rotterdam
(the Netherlands)
Van Oord Offshore Wind
Projects bv Gorinchem
(the Netherlands)
Van Oord Equipment bv Gorinchem
(the Netherlands)
Van Oord Finance bv Rotterdam
(the Netherlands)
70
35%. The realisable value of work completed is
understood to mean the total work in progress
instalments charged, plus work completed but not
yet invoiced. A provision for possible losses is
deducted from the balance of work in progress.
General expenses are not capitalised.
Other liabilities
Other liabilities are stated at amortised cost.
Pensions
The contributions payable to the pension
administrator are recognised as a liability at
the balance sheet date, to the extent they have
not been paid as at that date.
Derivatives and hedge accounting
Based on a policy adopted by the Executive Board,
Van Oord nv, in its ordinary business operations,
uses financial instruments (‘derivatives’), such as
forward currency contracts and (cross-currency)
interest rate swaps, to hedge against risks
associated with fluctuations in currencies and
interest rates. Van Oord carries these instruments
at cost and applies cost price hedge accounting.
Hedge relationships have been documented and
are pre-reviewed for expected effectiveness.
Effectiveness is subsequently reviewed on a
regular basis. If the hedging instrument exceeds
the hedged position (overhedging), ineffectiveness
arises, with the ineffective portion being carried at
fair value through profit and loss.
Income and expenses
Turnover
Net turnover represents the value of the work
carried out in the year under review plus the profit
on work completed in the year under review, and
income from some trading activities.
accounting policies of Van Oord. Goodwill is
amortised on a straight-line basis.
Tangible fixed assets
Tangible fixed assets are stated at the lower of
cost and net realisable value, less straight-line
depreciation and/or impairments of tangible fixed
assets based on their expected useful economic
lives as stated in the notes to the consolidated
balance sheet. Investments made during the year
are depreciated from the date of purchase.
Financial fixed assets
Participating interests are stated at the lower of
the proportional share of their net asset value
determined in accordance with the accounting
policies of Van Oord and net realisable value.
Long-term receivables are stated at amortised cost.
Stock
Raw materials and consumables are stated at
the lower of cost and net realisable value.
Van Oord applies the first-in/first-out system.
Receivables
Receivables are stated at amortised cost, net of
provisions for doubtful debts where necessary.
Cash at bank and in hand
Cash at bank and in hand is stated at nominal
value.
Provisions
Provisions are stated at nominal value.
Long-term liabilities
Long-term liabilities are stated at amortised cost.
Work in progress
Work accepted is stated at cost, plus attributed
profit, less the realisable value of work completed.
The profit is determined on the basis of the
technical progress of the work once this profit can
be estimated reliably and the progress is at least
71
Costs
Costs are determined in accordance with the
accounting policies set out above and are
allocated to the financial year to which they
relate. Provisions are formed for expected
losses on work in progress.
Income taxes
Income taxes are calculated on the basis of the
result disclosed in the profit and loss account,
taking into account current tax facilities and
deferred tax assets and liabilities.
Cash flow statement
The cash flow statement is prepared based on the
indirect method. This method makes adjustments
to the results for items in the profit and loss
account which do not affect inflows and outflows
in the year under review, changes in balance sheet
items and profit and loss account items for which
inflows and outflows are not deemed to be from
operating activities.
72
Notes to the consolidated balance sheet
(x EUR 1,000)
The figures shown in brackets are the corresponding figures for the previous financial year.
Assets
1. Intangible fixed assets goodwill
Book value at 1 January 2013 75,526
Amortisation 6,866
Book value at 31 December 2013 68,660
Cost 137,320
Accumulated amortisation 68,660
Amortisation period in number of years 20
Goodwill is amortised straight-line over a period
of twenty years in which the economic benefits
attributable to the asset are deemed to flow to
Van Oord.
2. Tangible fixed assets land and floating and vehicles, assets under total
buildings other
contracting
fixtures and
fittings
construction
equipment
Book value at 1 January 2013 63,478 1,053,922 9,611 325,438 1,452,449
Additions 1,176 66,734 2,097 117,246 187,253
Assets taken into operation and
other changes - 235,821 -171 -236,825 -1,175
64,654 1,356,477 11,537 205,859 1,638,527
Disposals - 12,969 458 - 13,427
64,654 1,343,508 11,079 205,859 1,625,100
Depreciation 2,354 124,659 4,117 - 131,130
Book value at 31 December 2013 62,300 1,218,849 6,962 205,859 1,493,970
Cost 79,814 2,579,589 42,262 205,859 2,907,524
Accumulated depreciation 17,514 1,360,740 35,300 - 1,413,554
Depreciation period in number
of years
10 - 25 3 - 20 3 - 6
73
3. Financial fixed assets non-consolidated
participating
interests
long-term
receivables
total
Balance at 1 January 2013 442 14,555 14,997
Acquisitions 31 - 31
Share in results -29 - -29
Redemption/divestment of loans - -14,555 -14,555
Other changes -38 - -38
Balance at 31 December 2013 406 - 406
4. Receivables 2013 2012
Trade debtors 279,518 462,655
Other receivables 12,263 68,423
Prepayments and accrued income 110,229 146,861
402,010 677,939
Prepayments and accrued income predominantly
represents the realisable value of work performed
relating to projects that have as yet remained
uninvoiced.
5. Cash at bank and in hand 2013 2012
Cash, giro and bank 239,295 144,889
Deposit accounts 4,071 2,765
243,366 147,654
Of the total of cash at bank and in hand,
EUR 92 million (EUR 49 million) relates to
proportionally consolidated contracting
consortiums and participating interests and is
therefore not at free disposal of the company.
Assets under construction are not depreciated,
unless the recoverable amount of the assets under
construction is lower than the carrying amount,
which was not the case in 2013. Upon first use,
these assets are properly categorised and
depreciated in accordance with the accounting
policies stated above.
The insured value of tangible fixed assets at
year-end 2013 amounted to EUR 2.5 billion
(EUR 2.4 billion).
74
Liabilities
6. Shareholders’ equity
Statement of changes in shareholders’ equity of Van Oord:
2013 2012
Shareholders’ equity of Van Oord at 1 January 672,134 634,513
Consolidated net profit attributable to Van Oord 130,469 98,396
Translation differences arising on foreign participating interests -13,644 -4,620
Total direct changes in shareholders’ equity of Van Oord -13,644 -4,620
Total profit of the legal entity 116,825 93,776
Dividend -47,368 -56,155
Total changes in shareholders’ equity of Van Oord
in relation to shareholders -47,368 -56,155
Shareholders’ equity of Van Oord at 31 December 741,591 672,134
For further details, please refer to the notes to the
company balance sheet, under c.
7. Provisions
1 January addition withdrawal release 31 December
2013 2013
Regular maintenance of
fixed operating assets 109,289 121,773 137,839 1,797 91,426
Tax liabilities 47,367 7,409 608 7,359 46,809
Other provisions 371 86 25 - 432
157,027 129,268 138,472 9,156 138,667
The provision for regular maintenance of fixed
operating assets is formed for systematic
maintenance of equipment.
The provision for tax liabilities is formed for ongoing
tax proceedings in the Netherlands and abroad.
All provisions are generally long term in nature.
75
At year-end 2013, the company comfortably met
the loan terms agreed for the credit facilities.
Further details of effective interest rates,
remaining maturities and currencies in which
the interest-bearing liabilities are denominated
are provided in the note on financial instruments
under ‘Interest rate risks’.
The average rate of interest on long term loans
in 2013 was 5.51% (4.57%). The repayment of long
term liabilities after 5 years until final maturity
amounts to EUR 361 million (EUR 377 million).
No direct security is provided for the loans.
8. Long-term liabilities
In 2011, a Revolving Credit Facility in the amount of
EUR 405 million and a US Private Placement in the
equivalent of USD 501 million were arranged in order
to extend and partially replace existing credit lines.
The Revolving Credit Facility has a term of 5 years.
The US Private Placement has 4 tranches with terms
of 8, 10, 12 and 15 years and is converted into
EUR 358 million using a cross-currency swap.
At the end of 2013, the already before 2011 existing US
Private Placement from 2004 consists of two tranches
with a remaining term of less than one year and three
years respectively and is converted into EUR 48 million
using a cross currency swap.
10. Other liabilities 2013 2012
Repayments falling due within one year 36,957 -
Trade creditors 111,816 104,789
Taxes and social security contributions 52,570 84,943
Other liabilities 52,103 48,954
Accruals and deferred income 478,668 565,098
732,114 803,784
9. Work in progress 2013 2012
Cost of work in progress, profit recognised,
provision for expected losses -1,591,773 -1,578,997
Realisable value of work completed 1,818,505 1,804,055
226,732 225,058
Total cost of work in progress and realisable value
of work completed amounted to EUR 655 million
and EUR 600 million, respectively, at year-end 2013.
This item includes agreements for which the cost
of work in progress exceeds the realisable value
of work completed.
Accruals and deferred income mainly concern
accruals for project costs.
76
Foreign exchange risk
Many project contracts are denominated in foreign
currencies. Virtually all positions in foreign
currencies are fully hedged by means of forward
exchange contracts. Forward currency contacts
concluded to hedge against exchange rate
fluctuations are valued at cost, and cost price
hedge accounting is applied. Differences in
forward rates arising from renewed forward
exchange contracts are included in the balance
sheet under current liabilities or assets. Forward
exchange contracts are concluded for future cash
flows mainly in US dollars. For this purpose, an
amount of EUR 7 million is included under other
liabilities at 31 December 2013, which is released
as soon as the hedged future cash flow occurs. In
2012, EUR 4 million was recognised under other
receivables for this purpose. The portion of the
long-term loan denominated in US dollars has
been hedged against foreign exchange risks using
a cross-currency swap. At 31 December 2013, an
amount of EUR 0.1 million is included under other
liabilities for this purpose. In 2012, EUR 20 million
was recognised under other receivables for this
purpose.
Financial instruments
General
Van Oord and its group companies use various
financial instruments as part of their normal
business activities. These are either accounted for
under assets and liabilities or not included in the
balance sheet.
Credit risk
In principle, payment risks are covered by bank
guarantees, insurance, etc., unless the
creditworthiness of the debtor has been assured.
These procedures and the geographical spread of
the group companies activities limit exposure to
credit concentrations and market risks.
Liquidity risk
The principle underlying liquidity risk
management is that sufficient cash resources
must be maintained or credit facilities available to
meet current and future financial commitments
under both normal and exceptional
circumstances. Liquidity forecasts, which include
available credit facilities, form part of the regular
management information provided to the
Executive Board.
In view of the nature of the activities and
corresponding strongly fluctuating cashflows,
the available cash at bank and in hand is usually
not tied up for more than one year.
77
Van Oord carries these instruments at cost and
applies cost price hedge accounting.
The effective interest rates and maturities of cash
at bank and in hand and long-term loans are as
follows:
Interest rate risk
Liabilities are both of a variable-interest and a
fixed-interest nature. The principle underlying
interest rate risk management with respect to
loans taken out is that interest rates are generally
fixed for the loan’s entire term. This is achieved
by using (cross-currency) interest rate swaps.
At 31 December 2013 effective less than 1-2 years 2-3 years 3-4 years 4-5 years more total
(x EUR 1,000) interest
rate
one year than
5 years
Cash at bank and in hand 0.8% 243,366 - - - - - 243,366
Revolving Credit Facility
(euro’s)
5.5% - - 40,000 - - - 40,000
US Private Placements
2004 (US dollars)
4.2% 36,957 - 7,246 - - - 44,203
US Private Placements
2011 (US dollars)
5.5% - - - - - 360,609 360,609
on assessed market values by independent parties
on the basis of net present value calculations.
Based on a review of the effectiveness of the
hedge relationships as at year-end 2013, it was
established based on current guidelines that no
overhedging was involved. The financial
instruments are therefore carried at cost.
In December 2013, the Council for Annual
Reporting has published ‘RJ statement 2013-15:
Changes in RJ 290 Financial Instruments’. This RJ
statement is mandatory for financial years starting
at or after 1 January 2014, but early adoption is
allowed and recommended. This RJ statement is
not early adopted by Van Oord. As if, in 2014
Van Oord adopt this statement, this will lead to
a change in the ineffectiveness measurement and
a change in accounting policies as per 1 January
2014, at which the comparative figures do not
have to be adjusted and accounting differences
can be directly recorded in the opening balance
of equity.
Fuel price risk
The fuel price risk is largely hedged by entering
into forward contracts and contractual
arrangements with principals.
Financial instruments included in the balance
sheet and fair value
The fair value of financial instruments included in
the balance sheet, such as financial fixed assets,
cash at bank and in hand, receivables, and current
and long-term liabilities, is virtually identical to
their carrying value.
Financial instruments not included in the
balance sheet and fair value
As at 31 December 2013, the value of the forward
exchange contracts at the forward rates amounted
to EUR 632 million (EUR 706 million). The value
of the currencies to be received under these
contracts at the exchange rates at 31 December
2013 was EUR 607 million (EUR 686 million).
At 31 December 2013, the fair value of the
(cross-currency) interest rate swaps was
EUR 41 million negative. The fair value is based
78
Capital commitments
Commitments relating to investments in tangible
fixed assets amounted to EUR 106 million at the
balance sheet date (EUR 111 million).
Related parties
Van Oord classifies group companies, the
Executive Board, the Supervisory Board and the
shareholders as related parties. Related-party
transactions are carried out on terms applied in
third-party transactions.
Commitments not shown in the balance sheet
Warranty commitments
The warranty commitments not included in the
balance sheet amounted to EUR 477 million at
year-end 2013 (EUR 515 million). A portion of
the risks arising from this has been reinsured.
The vast majority of the commitments relate to
performance bonds issued to clients, which is
standard practice in marine contracting.
Van Oord is involved in a number of legal claims.
Based on the information available, Van Oord
believes any potential negative outcomes have
been sufficiently provided for.
Rental and lease commitments
Total commitments under long-term rental and
lease contracts amount to EUR 14 million (EUR 14
million). An amount of EUR 7 million will be repaid
in 2014. Total operational car lease commitments
amount to EUR 8 million, of which EUR 3 million
will be repaid in 2014.
79
Notes to the consolidated profit and loss account
(x EUR 1,000)
11. General
Turnover on work carried out in 2013, including
the company’s share of turnover generated by the
consolidated consortiums (excluding value added
tax), amounted to EUR 1,641 million (EUR 1,676
million).
Breakdown turnover by geographical area 2013 2012
In the Netherlands 164,516 10% 235,952 14%
In the rest of Europe 382,168 23% 383,484 23%
In the rest of the world 1,094,730 67% 1,056,959 63%
1,641,414 100% 1,676,395 100%
(EUR 306 million). This related to an average of
3,515 (3,977) employees (in full-time equivalents)
and can be broken down as follows:
Wages, salaries and social security contributions
in 2013 for employees of Van Oord and its group
companies amounted to EUR 285 million
2013 2012
Wages and salaries 232,138 244,454
Social security contributions 29,713 33,708
Pension costs 23,221 27,398
285,072 305,560
EUR 0.2 million (EUR 0.3 million) is not included in
the remuneration of the Executive Board and
Supervisory Board.
Annual pension charges are equal to the pension
contributions payable to the pension
administrator.
These costs relate only to own employees.
The above figures include wages, salaries,
social security contributions and pension costs
of EUR 81 million (EUR 99 million), relating to the
companies consolidated on a proportional basis.
Remuneration of the members of the Supervisory
Board and Executive Board totalled EUR 2.7 million
(EUR 2.8 million). Members of the Supervisory
Board received EUR 0.2 million (EUR 0.2 million),
members of the Executive Board EUR 2.5 million
(EUR 2.6 million). A crisis tax levy of
80
13. General and administrative expenses
General and administrative expenses are costs not
charged to projects, such as head office,
corporate department and foreign costs.
In accordance with Section 382a of Part 2 of
Book 2 of the Netherlands Civil Code we specify
the expenses for services provided by our
independent auditor, Ernst & Young Accountants
LLP. The fees for audit of annual reports of group
companies, included in the consolidated financial
statements of Van Oord, amount to EUR 0.6
million (EUR 0.3 million). The fees for other
audit services in 2013 amount to EUR 0.1 million
(EUR 0.1 million) and the other non-audit fees
amount to EUR 0.1 million (EUR 0.1 million). All
fees are included in the general and administrative
expenses.
11 en 12. Gross profit
Gross profit represents the balance of net
turnover and the cost of work, plus the profit
recognised on work in progress.
Gross profit also includes:
• the addition to or release from the provision for
expected losses on work in progress;
• prior-year income and expenses on work
completed in previous years;
• income from fixed operating assets charged as
rent to projects and third parties, less operating
expenses, including periodic maintenance costs,
and excluding depreciation;
• various items of income and expenditure, such
as gains on the sale of tangible fixed assets,
exchange differences and compensation for
damage;
• depreciation and/or impairments of tangible
fixed assets;
• amortisation of goodwill.
Breakdown of average number of employees 2013 2012
(full-time equivalents)
Employed in the Netherlands 2,126 49% 2,169 45%
Employed outside the Netherlands 1,389 32% 1,808 37%
3,515 81% 3,977 82%
Hired personnel 805 19% 853 18%
4,320 100 4,830 100%
14. Interest 2013 2012
Interest income 5,301 2,068
Interest expense 32,336 24,796
-27,035 -22,728
When interest rates on loans are fixated by (cross
currency) interest rate swaps, besides the interest
expenses also the change in carrying amount of
the (cross currency) interest rate swaps are
included in the profit and loss account.
This results in fixed interest expenses
for these loans.
81
82
15. Income taxes
This item includes both Dutch and foreign taxes.
The effective and nominal tax rates differ by
country.
Reconciliation between the weighted nominal
tax rate and the effective tax rate is as follows
(in percentage terms):
2013 2012
Weighted average nominal tax rate 16.6% 25.1%
Tax implications of:
Use of losses available for set-off not accounted for -1.9% -4.5%
Loss carry-forwards not accounted for 5.0% 2.4%
Tax-exempt profits and non-deductible expenses -5.9% -9.8%
Amortisation of goodwill 1.1% 1.5%
Effective tax rate 14.9% 14.7%
Future losses relief of approximately EUR 19
million are not included in the balance sheet of
Van Oord. The set off of these compensating
losses are amongst others dependent on any
future taxable profits.
82
Company balance sheet (before appropriation of profit)
(x EUR 1,000)
The letters next to the items refer to the corresponding letters in the notes to the financial statements.
31 December 2013 31 December 2012
Fixed assets
Intangible fixed assets a. 68,660 75,526
Financial fixed assets b. 453,730 581,980
522,390 657,506
Current assets
Receivables 160 48
Amounts owed by group
companies - 134
Cash at bank and in hand 220,786 14,916
220,946 15,098
Total assets 743,336 672,604
Shareholders’ equity c.
Paid-up and called-up share
capital
12,100 12,100
Share premium account 270,400 270,400
Statutory reserves -11,402 -1,095
Other reserves 340,024 292,333
Profit/(loss) for the financial year 130,469 98,396
741,591 672,134
Current liabilities
Amounts owed to group companies 773 -
Other liabilities 972 470
1,745 470
Total liabilities 743,336 672,604
83
Company profit and loss account
(x EUR 1,000)
2013 2012
Profit of participating interests
after taxation 132,594 106,368
Various income and expenditure
after taxation -2,125 -7,972
Net profit 130,469 98,396
84
Notes to the company financial statements
(x EUR 1,000)
The figures shown in brachets are the corresponding figures for the previous financial year.
Unless stated otherwise, reference is made to the
notes to the consolidated financial statements.
Assets
a. Intangible fixed assets goodwill
Book value at 1 January 2013 75,526
Amortisation 6,866
Book value at 31 December 2013 68,660
Cost 137,320
Accumulated amortisation 68,660
Amortisation period in number of years 20
b. Financial fixed assets
The group companies included in this item are
listed in the notes to the consolidated financial
statements.
group companies
Book value at 1 January 2013 581,980
Dividend received -170,000
Result of participating interests 132,594
Translation differences of participating interests -13,644
Changes long-term loans -77,200
Book value at 31 December 2013 453,730
85
shares of EUR 1,000. The issued share capital
amounts to EUR 12,100,000, divided into 12,100
ordinary shares.
Passiva
c. Shareholders’ equity
The authorised share capital in accordance with
the Articles of Association amounts to
EUR 40,000,000, divided into 40,000 ordinary
paid-up and share statutory other undistributed
result
total
called-up premium reserves reserves
share capital account
2012
Balance at 1 January 2012 12,100 270,400 3,525 230,566 117,922 634,513
Added to reserves - - - 61,767 -61,767 -
Dividend paid - - - - -56,155 -56,155
Translation differences
and other changes in
participating interests - - -4,620 - - -4,620
Profit for the financial year - - - - 98,396 98,396
Balance at 31 December 2012 12,100 270,400 -1,095 292,333 98,396 672,134
2013
Added to reserves - - - 51,028 -51,028 -
Dividend paid - - - - -47,368 -47,368
Translation differences and
other changes in participating
interests - - -10,307 -3,337 - -13,644
Profit for the financial year - - - - 130,469 130,469
Balance at 31 December 2013 12,100 270,400 -11,402 340,024 130,469 741,591
The share premium account is tax exempt.
Statutory reserves consist of a currency translation
reserve of EUR -14.9 million (EUR -0.3 million) and
a reserve for participating interests of
EUR 3.5 million (EUR -0.8 million).
Commitments not shown in the balance sheet
The company is jointly and severally liable for the
tax liabilities of the group companies forming part
of the Van Oord nv fiscal unit.
86
Other information
Profit appropriation
Profit appropriation takes place in accordance with
Article 14 (1) of the Articles of Association, which
reads as follows: ‘The profit as disclosed in the
profit and loss account approved by the General
Meeting of Shareholders will be at the disposal of
the General Meeting of Shareholders.’
The proposed appropriation of the profit is as follows:
Proposed dividend on ordinary shares 61,801
Added to reserves 68,668
Profit for the financial year 130,469
Rotterdam, the Netherlands, 17 March 2014
Supervisory Board Executive Board
C.J. van den Driest, Chairman P. van Oord, CEO
K. Damen A.J. van de Kerk
J.M.J.A.P. Laurent Josi P.W. Verheul
Jac.G. van Oord J.B.E.M. Athmer
J.M.M. van der Ven C.A. de Bruijn
87
Consolidated balance sheet (before appropriation of profit)Independent auditor’s report
Report on the financial statements
We have audited the accompanying financial
statements 2013 of Van Oord nv, Rotterdam, which
comprise the consolidated and company balance sheet
as at 31 December 2013, the consolidated and
company profit and loss account for the year then
ended and the notes, comprising a summary of the
accounting policies and other explanatory
information.
Management’s responsibility
Management is responsible for the preparation and
fair presentation of these financial statements and for
the preparation of the management board report,
both in accordance with Part 9 of Book 2
of the Dutch Civil Code. Furthermore management
is responsible for such internal control as it
determines is necessary to enable the preparation of
the financial statements that are free from material
misstatement, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an opinion on
these financial statements based on our audit. We
conducted our audit in accordance with Dutch law,
including the Dutch Standards on Auditing. This
requires that we comply with ethical requirements and
plan and perform the audit to obtain reasonable
assurance about whether the financial statements are
free from material misstatement.
An audit involves performing procedures to obtain
audit evidence about the amounts and disclosures
in the financial statements. The procedures selected
depend on the auditor’s judgment, including the
assessment of the risks of material misstatement
of the financial statements, whether due to fraud
or error.
In making those risk assessments, the auditor
considers internal control relevant to the entity’s
preparation and fair presentation of the financial
statements in order to design audit procedures that
are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the
effectiveness of the entity’s internal control. An
audit also includes evaluating the appropriateness
of accounting policies used and the
reasonableness of accounting estimates made by
management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have
obtained is sufficient and appropriate to provide
a basis for our audit opinion.
Opinion with respect to the financial
statements
In our opinion, the financial statements give a true
and fair view of the financial position of Van Oord
N.V. as at December 31, 2013 and of its result for
the year then ended in accordance with Part 9 of
Book 2 of the Dutch Civil Code.
Report on other legal and regulatory
requirements
Pursuant to the legal requirement under Section
2:393 sub 5 at e and f of the Dutch Civil Code,
we have no deficiencies to report as a result of
our examination whether the management board
report, to the extent we can assess, has been
prepared in accordance with Part 9 of Book 2 of
this Code, and whether the information as
required under Section 2:392 sub 1 at b-h has
been annexed. Further we report that the
management board report, to the extent we can
assess, is consistent with the financial statements
as required by Section 2:391 sub 4 of the Dutch
Civil Code.
Rotterdam, 17 March 2014
Ernst & Young Accountants LLP
Signed by M. Bangma-Tjaden
To the General Meeting of Shareholders of Van Oord nv, Rotterdam
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Definitions
General terms
Activity Value Analysis (AVA) – Research into
the time employees spend on activities, related
to their salary costs. The aim of this analysis is to
control and reduce operating costs.
Backhoe – A hydraulic grab crane mounted on a
dredging pontoon. Backhoes are used in hard soil.
Carbon footprint – Depiction of CO2 emissions
resulting from operational activities in a specific
period.
Cutter suction dredger – A dredger that uses a
rotating cutter head to loosen the material in an
ocean or river bed.
EPC – Type of contract in which the contractor
is responsible for Engineering, Procurement and
Construction.
Flexible fallpipe vessel - A vessel that installs
rock on a sea bed using a fallpipe for the purpose
of protecting underwater structures or evening
out the bed.
Global Reporting Initiative – International
organisation that has established guidelines
for sustainability reporting.
Hong Kong International Convention for
Safe and Environmentally Sound Recycling
of Vessels – Convention held in Hong Kong in
2009 where the members of the International
Maritime Organization, NGOs, the International
Labour Organization and the parties to the Basel
Convention on the Control of Transboundary
Movements of Hazardous Wastes and their
Disposal reached agreement on the sustainable
recycling of ships.
Notes on financial terms
Amortisation – Depreciation of intangible assets
such as goodwill.
Dutch GAAP – The generally accepted accounting
principles for financial reporting in the Netherlands
(Dutch Annual Reporting Guidelines [Richtlijnen
voor de Jaarverslaggeving]) and the statutory
provisions on annual reporting as laid down in
Title 9, Book 2, of the Dutch Civil Code.
EBIT – Earnings Before Interest and Taxes.
EBITDA – Earnings Before Interest, Taxes,
Depreciation and Amortisation.
Hedging – Covering all or part of the financial risk
of an investment by means of another investment.
Non-recourse financed project – A project that is
financed by banks for the most part.
Order portfolio – The value of turnover on
projects that Van Oord has already been awarded
but has yet to carry out.
Return on equity – Net profit divided by average
equity.
Return on total assets – EBIT plus interest income
divided by average total assets.
Solvency – Equity expressed as a percentage of
the balance sheet total (fixed and current assets).
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Trailing suction hopper dredger – A vessel with
large, powerful pumps and engines that enable it
to suction up sand, clay, sludge and even gravel
from ocean or river beds. A trailing suction
hopper dredger stores the material it has taken
in in its own hopper. It can empty its hopper in
a variety of different ways:
- release the hopper contents through doors
or valves on the bottom of the vessel
- use pumps and water jets to liquefy the sand
and then pump the mixture through a pipeline
onshore
- rainbowing, with the hopper contents once
again being liquefied and then deposited
directly at the intended location through a
pressure pipe.
UN Global Compact Program – The UN Global
Compact is a strategic policy initiative for
companies that wish to align their strategy and
activities with universally accepted principles of
human rights, labour conditions, environmental
protection and anti-corruption.
IF (Injury Frequency) – Index showing the
number of accidents leading to absence per one
hundred employees.
Marine ingenuity – Van Oord’s corporate
motto. It stands for a passionate, smart, shrewd,
international marine contractor that finds
innovative solutions to its clients’ problems.
Maritime Labour Convention – International
treaty governing working and living conditions
on board sea-going vessels.
NGO – Non-governmental organisation,
an organisation that is independent of the
government and that focuses on a socially
relevant aim.
Procurement – A Van Oord department
responsible for procuring equipment and
manpower.
Room for the River – Dutch national programme
intended to improve flood safety and protect the
rivers region of the Netherlands against flooding.
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