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Annual Report 2013


Key Figures / 4

Our organisation / 50 Management Committee / 50 Area Management / 50 Staff Management / 51 Branches worldwide / 52

Foreword by the CEO / 5 Van Oord in brief / 8 Company profile / 8 Activities and worldwide challenges / 8 Ownership structure / 9

Our people / 53 Equipment / 62

Report by the Supervisory Board / 10 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 Van Oord at work / 20 Notes to the consolidated profit and loss Dredging and marine engineering / 21 account / 80 - Netherlands / 21 Company balance sheet (before appropriation - Europe / 22 of profit) / 83 - Asia & Australia / 25 Company profit and loss account / 84 - Middle East, Mediterranean & South West Asia / 26 Notes to the company financial statements/ 85 - America & Africa / 28 Other information / 87 - Wicks / 29 Independent auditor’s report / 88 Offshore oil & gas / 30 Offshore wind / 31 Definitions / 89 Employees / 32 Notes on financial terms / 89 Think safe, work safe / 35 General terms / 89 Sustainability in practice / 39 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

Corporate governance / 44 Organisation chart with areas of responsibility / 44 Structure / 45 Risk management / 45 Reporting / 48

Colofon Van Oord Schaardijk 211, PO Box 8574, 3009 AN Rotterdam, the Netherlands T +31 88 8260000 E I 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


Flexible fallpipe vessel Stornes


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 or contact Robert de Bruin at T +31 88 8268234. You will receive a response within ten working days.



Key figures

(all amounts x EUR 1,000,000) 2013





Net turnover EBITDA ** Depreciation EBIT ** Net profit

1,641 318 138 180 130

1,676 265 127 138 98

1,715 287 114 174 118

1,578 289 116 174 165

1,424 260 98 161 120

Total shareholders’ equity and liabilities Shareholders’ equity Loans and other credit facilities Cash at bank and in hand Net debt

2,247 742 408 243 203

2,412 672 554 148 389

2,230 635 426 198 226

2,017 695 156 200 22

1,928 580 235 297 -50

Order portfolio






405 -158 -137

156 -258 57

276 -302 25

279 -247 -129

397 -213 -52






8.0% 18.5%

6.0% 15.1%

8.3% 17.7%

8.9% 25.9%

8.7% 21.4%

EBITDA / net turnover Net profit / net turnover Shareholders’ equity / total assets

19.4% 7.9% 33.0%

15.8% 5.9% 27.9%

16.8% 6.9% 28.5%

18.3% 10.5% 34.5%

18.2% 8.4% 30.1%

Number of employees in full-time equivalents (FTEs) Ratio male / female (%) Number of nationalities employed by Van Oord Number of training sessions Absence due to illness (in % of Dutch payroll) Accident frequency *

4,195 86/14 55 2,827 2.8 0.65

4,550 89/11 70 2,953 3.0 0.96

5,085 91/09 65 2,081 2.9 1.02

4,410 92/08 55 2,125 2.6 1.08

4,060 92/08 45 2,932 2.9 1.28

745,978 5

780,000 3

785,749 3

840,190 3


Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Dividend payable Return on total assets ** Return on shareholders’ equity


CO2-footprint (tonnes) CO2-performance ladder (level) * **

see Definitions see Notes on financial terms


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.

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.

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 Wind Projects

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.

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

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.


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.

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 Safety 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.

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.

Pieter van Oord, CEO 17 March 2014

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 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.


Van Oord in brief

Company profile

Business drivers maritime transport energy consumption rising sea levels urbanisation tourism

Profile 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 fifty countries.

Company values marine entrepreneurship professionalism and dedication passion and ingenuity integrity, openness, respect, and team spirit care for our people

Van Oord is a private company with limited liability and its head office 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.

Activities and worldwide challenges

Activities 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.

Dredging and marine engineering Constructing and maintaining ports and waterways Land reclamation Constructing artificial 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

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.

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 backfilling trenches for pipelines Installing pipelines Installing offshore Gravity Based platforms

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.


Offshore wind Building entire offshore wind farms under EPC contract (with responsibility for engineering, procurement and construction) Supplying services to offshore wind farm contractors

work continuously to improve our equipment and processes. Our leading position in the offshore wind market confirms this. We are trailblazers in the dredging, marine engineering and offshore markets.

Worldwide challenges

Ownership structure

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

Van Oord’s ownership structure remained unchanged in 2013. Van Oord N.V. is a public limited company with its head office 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


Report by the Supervisory Board

It gives us great pleasure to present

Mr Carel van den Driest’s term will end in 2014; Mr Van den Driest is available for re-appointment.

Van Oord’s annual report for 2013.

Corporate Governance

Ernst & Young Accountants LLP have audited the 2013 annual financial

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.

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

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.

be paid out.

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.

Risk management Composition of the Supervisory Board Our priority in risk management is to guarantee the company’s long-term continuity. We exercise risk management in the following ways:

Last year, the General Meeting of Shareholders re-appointed Mr Jac. G. van Oord as Supervisory Director for another four-year term.


Strategy – we believe it is strategically important to distribute our human, material and financial resources properly across our core competence – dredging – and the growth markets offshore oil & gas and offshore wind.

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.

Projects – the Supervisory Board appointed delegates to monitor the risks and profitability 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.

Acknowledgements Finances – We monitor the company’s investment opportunities. The Audit Committee, established in 2012, scrutinises the quarterly figures, forecasts and trends. Messrs Van der Ven and Laurent Josi are members of the Audit Committee. Their findings are discussed with the Executive Board and auditor and reported to the Supervisory Board.

We realise that Van Oord is the result of human effort. At the heart of the company’s success are flexible professionals who go the extra mile as a team. The Supervisory Board values all our employees, whether they work on board our fleet, on our projects, or in our offices.

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

On behalf of the Supervisory Board C.J. van den Driest, Chairman 17 March 2014


Supervisory Board

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

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

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

K. Damen (born 1944) Board position – Member Nationality – Dutch Background – Chairman of Damen Shipyards Group Supervisory directorships – Royal Van Zanten

Resignations schedule

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

C.J. van den Driest K. Damen J.M.J.A.P. Laurent Josi J.G. van Oord J.M.M. van der Ven

Year first appointed 2006 2012 2012 2009 2012

End of current term 2014 2016 2016 2017 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


Report by the Executive Board

2013 in review

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 significantly. We work continuously to achieve the right fleet 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 fleet modernisation programme focuses not only on technical and economic equipment innovation but also on reducing CO2 emissions within the context of our sustainability policy.

The past year was dominated by difficult market circumstances. Our turnover remained stable at EUR 1.641 billion (2012: EUR 1.676 billion). Net profits 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 efficient 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 fleet was higher in 2013 than in 2012. Deployment of our flexible

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 efficiency 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

Utilisation rate in weeks Occupancy equipment in weeks 2012

2013 Trailing suction hopper dredgers

1,291 1,151


34 Cutter suction dredgers



402 256

2013 Dredging


2013 Offshore






Flexible fallpipe vessels


Offshore Wind Projects



Our new five-member Executive Board commenced its work in 2013. The addition of two new members has given us the necessary commercial input.

bigger ports, and deeper access channels to those ports. Another significant 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.

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 fluctuated 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

We continued fine-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 &

In 2013, we evaluated our company strategy 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 finish building our EPC (engineering, procurement and construction) organisation within our Offshore business unit.


Legal requirements

gas; the same goes for the wind energy market, specifically in North West Europe.

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.

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.

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.



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 five projects and included them in ten tenders.

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 identified 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

Van Oord creates value for its stakeholders

Continuity and ROI

Shareholders Long-term relationships and on-time payments

Suppliers and subcontractors

MerweOord B.V. Cobepa N.V. ConsOord B.V.

Marine ingenuity

Van Oord



Attractive employer and safe working practices


Minimal undesirable side-effects and sponsorship


Flood safety, accessibility, space and energy

End users

Energy efficiency: 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 influence 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.

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: flexibility and balance It is vital for our company to have a flexible 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 flexibility and that remains an important point of concern in our personnel and recruitment policy.

Sustainable solutions: do clients recognise their value?

Supply chain responsibility: sustainability and feasibility

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’.

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.

Lowering emissions: moving between spheres of influence 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, NOx, SOx 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 influence. To prevent divergence


External recognition

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.

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.

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.

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.


Executive Board

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


Van Oord at work

Turnover per area and business unit in millions of euros


Dredging and marine engineering

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.


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.

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

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

Munnikenland – Room for the River


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.

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.

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.


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



E-crane Titan dredging a trench for the Filanovsky pipeline project in the Russian sector of the Caspian Sea.



Dredging work for the new LNG terminal in Darwin, Australia.


Asia & Australia

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.

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.

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.

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.


Middle East, Mediterranean & South West Asia

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.

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.



Trailing suction hopper dredger Volvox Atalanta constructing Bluewaters Island.


America & Africa

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.

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



Elsewhere in Europe, we worked on various infrastructure projects, for example in Germany, Belgium and Latvia.

Market The Wicks business unit focuses on soilimprovement 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.

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.

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.

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.

Vertical drainage on the Dutch Westergouwe project


Offshore oil & gas

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.

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.

Pipelay barge Stingray in Taiwan

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 wind

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.

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




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.

29 24

We have strong company values: marine 15 entrepreneurship, professionalism and dedication, passion and ingenuity, integrity, openness, respect, team spirit and we care about our people. These values up-to-date career policy 2013 2013 make us an 2013 2013 and our attractive employer. <30 years

31-40 years

41-50 years


>50 years

We have expanded and reinforced our organisation, based on the companyâ&#x20AC;&#x2122;s growth scenarios in offshore oil & gas and offshore wind. We also expanded our fleet 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.

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 29 Operations, Engineering & Estimating, 28 Ship Management Department and Survey. The 22 21 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. 2013 2013 2013 2013 We have also started to review our own training <5 years and 5-10 years 11-15 years >15 led yearsto changes courses programmes. This has in existing programmes and to our new Commercial

Number of employees who attended training courses, 2013

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%).


total of 2,827 920



105 26 2013



Management Leadership



Trainee programme

Safety Personal skills

Technical training




Employee representation

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 finance the reconstruction. The money will be spent on the employees affected, their families, and their communities.

The Works Council plays an important role in striking the right balance between employee interests and the companyâ&#x20AC;&#x2122;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 Councilâ&#x20AC;&#x2122;s executive committee meets with the P&O staff director every fourteen days. A new Works Council was installed in the autumn following elections.

Total number of employees in full-time equivalents (FTEs)


5,085 4,550


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




Crew of cutter suction dredger Artemis









29% 32%





<30 years

31-40 years

41-50 years

>50 years


Average age41-50 (%)

Average years of service (%)

32 29

29 >15


<5 24









11-15 2013


<30 years

31-40 years

41-50 years

5-10 2013 >50 years

of the 2,175 employees on the Dutch payroll, 2013





<5 years

5-10 years

11-15 years

>15 years

of the 2,175 employees on the Dutch payroll, 2013

Trainee programme Leadership development Management


Personal skills

Jan Verwijs – Works Council Chairman 26218 920 105 197 29

28 Safety

‘The Works22Council plays an important role as 21 1361 the employees’ representative body. Van Oord takes their views into account in its policy.’ 218


105 2013




<5 years

5-10 years

11-15 years

>15 years



2013 Management

2013 Safety


Personal skills

development 1,361


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, 218 Leen Paans, Martin Slagboom, Kees Paans, 197Mollo Spijkstra. Not pictured: Paul Rietveld, Anton Verberk, Stef Wiersma and 105 Maarten Willemse 26




Management Leadership development



Trainee programme


Personal skills



Technical training

Think safe, work safe

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 Identification 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 five 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. 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.’


Injury Frequency (IF) Accidents involving absence per 100 employees

1,52 1.28


1.08 2009



2010 2011 2012

0.65 2013

Accidents involving absence

Work Safe Rules 60

60 We have instituted Work Safe Rules for the highest-risk activities50in our industry. Illustrations 50 have been created for the Rules and we have 40 promoted them in a series of posters that are 40 displayed at all work30sites throughout the 30 organisation. Each poster illustrates a specific 20 Work Safe Rule, helping us to continuously draw 20 our employeesâ&#x20AC;&#x2122; attention to safety. We have also 10 released an instructional film that 10 shows how the Work Safe Rules should be implemented. The film 0 0 is an excellent aid during toolbox meetings and induction/orientation on board or at a project site.

53 50

53 46




28 28

2010 2009


2012 2011

2011 2010

2013 2012


Personal commitment

Days absent

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 projectâ&#x20AC;&#x2122;s safety level and talked to employees about improving their working environment and their role in that environment.


2010 2010






1,190 2011




2013 2013








The first issue of About Marine ingenuity, Van Oordâ&#x20AC;&#x2122;s client magazine, devoted plenty of space to safety


Room for improvement

personal injury, they also include environmental incidents that cause property damage and â&#x20AC;&#x2DC;near missesâ&#x20AC;&#x2122; (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.

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

On board the Athena at the Ichthys project in Darwin, Australia


Sustainability in practice

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).

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.

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.

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.

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.’



A mobile laboratory developed for coral breeding programmes.



Energy efficiency

applying Building with Nature design principles. The ultimate goal is to reduce the carbon footprint life cycle of marine engineering projects by 20%. The first 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 influence the carbon footprint of projects. Van Oord will be working with engineers and firms of consultants, NGOs such as The North Sea Foundation and Wetlands International, and research organisations such as Deltares.

Energy efficiency is one of the top items on our agenda. Our aim is to reduce the carbon footprint of our equipment and offices. 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 efficiency 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 fleet utilisation. We have taken company-wide steps in the right direction (see page 63).

Martin Vos, Captain, trailing suction hopper dredger Volvox Asia:

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

‘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.’














In tonnes (= 1,000 kg) CO2


Totale carbon footprint of which was attributable to fuel consumption by equipment

Sustainable supply chain

Safe and Environmentally Sound Recycling of Vessels. Four of our vessels were dismantled by accredited shipyards.

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.

Sponsorship Van Oordâ&#x20AC;&#x2122;s sponsorship policy focuses on five key areas, the aim being to put our sense of corporate social responsibility into practice.

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.

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 Orchestraâ&#x20AC;&#x2122;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.

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.

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.

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


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.

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.

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

Teamwork by the Van Oord eight during the Van Oord Winter Races


Corporate governance

Organisation chart with areas of responsibility

CEO Pieter van Oord

CFO Arjan van de Kerk

COO Paul Verheul

Personnel & Organisation

Finance & Administration

Engineering & Estimating

Communication & Markets


Ship Management Department


Information Technology

Operations Department

Legal & Contracts


Area Netherlands


Business unit Offshore Wind Projects

Facility Services

Member Executive Board Joep Athmer

Member Executive Board Niels de Bruijn

Area Europe

Business unit Offshore

Area Middle East, Medit. & SW Asia

Area America & Africa

Business unit Wicks

Area Asia & Australia

Executive Board Staff Departments Areas/Business Units



Risk management

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.

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.

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.

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.

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.


Changing cutter teeth on board cutter suction dredger Athena in Australia

Overview of main risks and control measures Risk Financial Fuel price Politics/payment Currency Liquid assets Interest Technical Soil Risks associated with project location Environmental impact

Control measure

Instalment contracts or allocation to client Export credit insurance; if this is not possible, then the project must generate a positive cash flow Hedging or allocation to client Cash management Hedging

Soil inspection and remediation laid down in contract Survey local circumstances on site Assess feasibility based on statistics and prices or remediation laid down in contract Adjust execution methods or make technical adjustments to design and scheduling


Company-wide risk management

Van Oord has been ISO 9001 certified since 1996. In 2013, we obtained OHSAS 18001 certification for our entire worldwide organisation; at the same time, our personnel management system for seafarers was certified under the Maritime Labour Convention.

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 financial results, risks and control measures. The Supervisory Board monitors our approach to risk management and oversees commercial and financial 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.

This means that Van Oord has now gained full certification 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.

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 certificates 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



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 Oordâ&#x20AC;&#x2122;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 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, Lloydâ&#x20AC;&#x2122;s Register Quality Assurance performs an annual external carbon footprint verification.

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 companyâ&#x20AC;&#x2122;s performance, its value to society, and its financial results.

This report is available in Dutch and English at and the Van Oord app (App Store and Google Play). In the event of a difference of interpretation, the Dutch version will prevail.

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



Trailing suction hopper dredger Lelystad in Buenaventura.


Our organisation

Management Committee

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 manager Germany H.G. (Henk) Lunsing area manager South East Europe M.C. (Ries) Kamsteeg

Area Netherlands area director J. (Jan) Schaart area manager C. (Carlos) Mollet area manager J. (Jaap) Wiersma

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

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


Staff Management

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

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

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

Staff Managers

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

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

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


Branches worldwide

Canada, Ontario Canada, Calgary

Norway, Bergen Russia, St Petersburg Latvia, Riga Netherlands, Rotterdam and Gorinchem Germany, BremenRussia, Moscow United Kingdom, Newbury Belgium, Zele France, Le Blanc-Mesnil CĂŠdex Kazakhstan, Manigistau Italy, Amelia Azerbaijan, Baku Portugal, Lisbon Spain, Madrid Gibraltar United Arab Emirates, Dubai Qatar, Doha Bahrain, Manama India, Mumbai

United States, Houston Mexico, Mexico City

Russia, Yusno

Korea, Busan China, Shanghai Hongkong Taiwan, Keelung City Vietnam, Hanoi Philippines, Manila Thailand, Bangkok

Nigeria, Ikeja-Lagos Panama, Panama Curaçao, Willemstad


Malaysia, Kuala Lumpur

Angola, Luanda Indonesia, Jakarta


Australia, Brisbane

Rio de Janeiro Australia, Perth

Head office, Rotterdam, the Netherlands




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., AcquoijLeshchenko, I.V. van, Adaci J.D., Adam U.I., Adari R., Adema Y.B., Adeola K.O., Adriaanse C.A., Adriaanse J., Advocaatvan 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., AsselĂŠ 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., BaljĂŠ 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., BartolovicBaban, 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


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., BuurmeijerWierenga, 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., CouzisVos, 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, 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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.



New vessels

Progress is being made on our new offshore installation vessel, the Aeolus. The vessel will be commissioned in June 2014.


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.

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.

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 vesselâ&#x20AC;&#x2122;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.

Flexible fallpipe vessels

New vessels

Van Oord has taken over the technical management of its flexible fallpipe vessels from an external party.

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 shipyardâ&#x20AC;&#x2122;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

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


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



Fleet, large-scale equipment Flexible fallpipe vessels

Trailing suction hopper dredgers


3 Side stone dumping vessels

Cutter suction dredgers


4 Jack up vessel

Split hopper barges



Water injection dredgers Shallow water pipelay barge



Backhoe dredgers

Drilling and blasting jack up barge



Van Oord also has dozens of items of specialpurpose and auxiliary equipment at its disposal.

Click here


to go to the website.

Annual financial statements


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 Fixed assets Intangible fixed assets Tangible fixed assets Financial fixed assets

1. 2. 3.

68,660 1,493,970 406

31 December 2012 75,526 1,452,449 14,997

1,563,036 Current assets Stock Receivables Cash at bank and in hand

4. 5.

38,547 402,010 243,366

Total assets Shareholdersâ&#x20AC;&#x2122; equity Provisions Long-term liabilities

6. 7. 8.


43,385 677,939 147,654 683,923




741,591 138,667 407,855

672,134 157,027 553,947 1,288,113

Current liabilities Work in progress Other liabilities

9. 10.

226,732 732,114

Total shareholdersâ&#x20AC;&#x2122; equity and liabilities



225,058 803,784 958,846




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 Net turnover Costs Depreciation of tangible fixed assets Amortisation of intangible fixed assets

11. 12.

1,641,414 -1,268,695





Operating profit Net interest expense


Profit on ordinary activities before taxation Income taxes



Gross profit General and administrative expenses



Net profit


-6,866 -1,323,101
















Consolidated cash flow statement

(x EUR 1,000)

Cash at bank and in hand at 1 January Cash flow from operating activities Cash flow from investing activities Balance




404,784 -158,060

Cash flow from financing activities Net cash flow Exchange and translation gains and losses

156,171 -258,421 246,724


-137,368 109,356

56,904 -45,346



Increase/(decrease) cash at bank and in hand Cash at bank and in hand at 31 December Operating profit Depreciation of tangible fixed assets Amortisation of goodwill Changes in working capital - Decrease/(increase) stock - Decrease/(increase) receivables - Increase/(decrease) work in progress - Increase/(decrease) other liabilities






180,409 131,130 6,866

138,124 120,469 6,866

4,838 256,794 1,674 -82,779

-14,854 -87,960 -7,049 50,425 180,527 -18,360

Changes in provisions Cash flow from business operations Interest paid Income tax paid Cash flow from operating activities

-59,438 -16,160 480,572 -30,250 -45,538 404,784

Net additions to tangible fixed assets Net investments in financial fixed assets Cash flow from investing activities

-172,651 14,591

189,861 -20,439 -13,251 156,171 -262,719 4,298


Dividend paid Changes in long-term liabilities Cash flow from financing activities

-47,368 -90,000

-56,155 113,059 -137,368




Notes to the consolidated financial statements

Accounting principles

Participating interests Dravo S.A. (50%)

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.

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.

Basis of consolidation The consolidated financial statements include the financial information of Van Oord and its whollyowned 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.

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%.

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)

Accounting policies Intangible fixed assets Goodwill is the difference between the purchase price for newly acquired participating interests and the value of the companyâ&#x20AC;&#x2122;s share in the fair value determined in accordance with the


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.

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.

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.

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.

Derivatives and hedge accounting Based on a policy adopted by the Executive Board, Van Oord nv, in its ordinary business operations, uses financial instruments (â&#x20AC;&#x2DC;derivativesâ&#x20AC;&#x2122;), 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.

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.

Income and expenses

Long-term liabilities Long-term liabilities are stated at amortised cost.

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.

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


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.

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.

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.


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


Book value at 1 January 2013 Amortisation Book value at 31 December 2013

75,526 6,866 68,660

Cost Accumulated amortisation

137,320 68,660

Amortisation period in number of years


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 buildings

floating and other contracting equipment

63,478 1,176

1,053,922 66,734

9,611 2,097

325,438 117,246

1,452,449 187,253


235,821 1,356,477

-171 11,537

-236,825 205,859

-1,175 1,638,527



12,969 1,343,508

458 11,079


13,427 1,625,100

Depreciation Book value at 31 December 2013

2,354 62,300

124,659 1,218,849

4,117 6,962


131,130 1,493,970

Cost Accumulated depreciation

79,814 17,514

2,579,589 1,360,740

42,262 35,300

205,859 -

2,907,524 1,413,554

Depreciation period in number of years

10 - 25

3 - 20


Book value at 1 January 2013 Additions Assets taken into operation and other changes


vehicles, assets under fixtures and construction fittings


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).

3. Financial fixed assets

non-consolidated long-term participating receivables interests

Balance at 1 January 2013 Acquisitions Share in results Redemption/divestment of loans Other changes Balance at 31 December 2013

442 31 -29 -38 406

4. Receivables



279,518 12,263 110,229 402,010

462,655 68,423 146,861 677,939



239,295 4,071 243,366

144,889 2,765 147,654

Trade debtors Other receivables Prepayments and accrued income

14,555 -14,555 -


14,997 31 -29 -14,555 -38 406

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 Cash, giro and bank Deposit accounts

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.


Liabilities 6. Shareholders’ equity Statement of changes in shareholders’ equity of Van Oord:



Shareholders’ equity of Van Oord at 1 January



Consolidated net profit attributable to Van Oord



Translation differences arising on foreign participating interests



Total direct changes in shareholders’ equity of Van Oord



Total profit of the legal entity






Total changes in shareholders’ equity of Van Oord in relation to shareholders



Shareholders’ equity of Van Oord at 31 December



For further details, please refer to the notes to the company balance sheet, under c.

7. Provisions

Regular maintenance of fixed operating assets Tax liabilities Other provisions

1 January 2013



109,289 47,367 371 157,027

121,773 7,409 86 129,268

137,839 608 25 138,472

The provision for regular maintenance of fixed operating assets is formed for systematic maintenance of equipment.

release 31 December 2013 1,797 7,359 9,156

91,426 46,809 432 138,667

The provision for tax liabilities is formed for ongoing tax proceedings in the Netherlands and abroad. All provisions are generally long term in nature.


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 year-end 2013, the company comfortably met the loan terms agreed for the credit facilities.

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.

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.

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 â&#x20AC;&#x2DC;Interest rate risksâ&#x20AC;&#x2122;.

9. Work in progress Cost of work in progress, profit recognised, provision for expected losses Realisable value of work completed

This item includes agreements for which the cost of work in progress exceeds the realisable value of work completed.



-1,591,773 1,818,505 226,732

-1,578,997 1,804,055 225,058

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.

10. Other liabilities Repayments falling due within one year Trade creditors Taxes and social security contributions Other liabilities Accruals and deferred income

Accruals and deferred income mainly concern accruals for project costs.




36,957 111,816 52,570 52,103 478,668 732,114

104,789 84,943 48,954 565,098 803,784

Financial instruments 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.

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.


Van Oord carries these instruments at cost and applies cost price hedge accounting.

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 (x EUR 1,000)

Cash at bank and in hand Revolving Credit Facility (euro’s) US Private Placements 2004 (US dollars) US Private Placements 2011 (US dollars)

effective interest rate

The effective interest rates and maturities of cash at bank and in hand and long-term loans are as follows:

less than 1-2 years 2-3 years 3-4 years 4-5 years one year

more than 5 years


0.8% 5.5%

243,366 -





- 243,366 - 40,000













- 360,609 360,609


on assessed market values by independent parties on the basis of net present value calculations.

Fuel price risk The fuel price risk is largely hedged by entering into forward contracts and contractual arrangements with principals.

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.

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.

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.

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


Commitments not shown in the balance sheet

Capital commitments Commitments relating to investments in tangible fixed assets amounted to EUR 106 million at the balance sheet date (EUR 111 million).

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.

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.

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.


Notes to the consolidated profit and loss account

(x EUR 1,000)

11. General Turnover on work carried out in 2013, including the companyâ&#x20AC;&#x2122;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 In the Netherlands In the rest of Europe In the rest of the world

2013 164,516 382,168 1,094,730 1,641,414

2012 10% 23% 67% 100%

235,952 383,484 1,056,959 1,676,395

14% 23% 63% 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

Wages and salaries Social security contributions Pension costs



232,138 29,713 23,221 285,072

244,454 33,708 27,398 305,560

EUR 0.2 million (EUR 0.3 million) is not included in the remuneration of the Executive Board and Supervisory Board.

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

Annual pension charges are equal to the pension contributions payable to the pension administrator.


Breakdown of average number of employees (full-time equivalents) Employed in the Netherlands Employed outside the Netherlands

2013 2,126 1,389 3,515 805 4,320

Hired personnel

2012 49% 32% 81% 19% 100

2,169 1,808 3,977 853 4,830

45% 37% 82% 18% 100%

11 en 12. Gross profit

13. General and administrative expenses

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.

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.

14. Interest Interest income Interest expense

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



5,301 32,336 -27,035

2,068 24,796 -22,728

included in the profit and loss account. This results in fixed interest expenses for these loans.



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):



Weighted average nominal tax rate



Tax implications of: Use of losses available for set-off not accounted for



Loss carry-forwards not accounted for Tax-exempt profits and non-deductible expenses Amortisation of goodwill Effective tax rate

5.0% -5.9% 1.1% 14.9%

2.4% -9.8% 1.5% 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.


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 Fixed assets Intangible fixed assets Financial fixed assets

a. b.

68,660 453,730

31 December 2012 75,526 581,980

522,390 Current assets Receivables Amounts owed by group companies Cash at bank and in hand




134 14,916

Total assets Shareholdersâ&#x20AC;&#x2122; equity Paid-up and called-up share capital Share premium account Statutory reserves Other reserves Profit/(loss) for the financial year






c. 12,100


270,400 -11,402 340,024 130,469

270,400 -1,095 292,333 98,396 741,591

Current liabilities Amounts owed to group companies Other liabilities

773 972

Total liabilities



470 1,745




Company profit and loss account

(x EUR 1,000)

Profit of participating interests after taxation Various income and expenditure after taxation Net profit






-2,125 130,469

-7,972 98,396

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


Book value at 1 January 2013 Amortisation Book value at 31 December 2013

75,526 6,866 68,660

Cost Accumulated amortisation

137,320 68,660

Amortisation period in number of years


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 Dividend received Result of participating interests Translation differences of participating interests Changes long-term loans Book value at 31 December 2013

581,980 -170,000 132,594 -13,644 -77,200 453,730


Passiva c. Shareholdersâ&#x20AC;&#x2122; equity The authorised share capital in accordance with the Articles of Association amounts to EUR 40,000,000, divided into 40,000 ordinary

shares of EUR 1,000. The issued share capital amounts to EUR 12,100,000, divided into 12,100 ordinary shares.

paid-up and called-up share capital

share premium account

statutory reserves

other reserves

undistributed result


12,100 -

270,400 -

3,525 -

230,566 61,767 -

117,922 -61,767 -56,155

634,513 -56,155



-4,620 -1,095


98,396 98,396

-4,620 98,396 672,134




51,028 -

-51,028 -47,368




-10,307 -11,402

-3,337 340,024

130,469 130,469

-13,644 130,469 741,591

2012 Balance at 1 January 2012 Added to reserves Dividend paid Translation differences and other changes in participating interests Profit for the financial year Balance at 31 December 2012 2013 Added to reserves Dividend paid Translation differences and other changes in participating interests Profit for the financial year Balance at 31 December 2013

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.


Other information

Profit appropriation Profit appropriation takes place in accordance with Article 14 (1) of the Articles of Association, which reads as follows: â&#x20AC;&#x2DC;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.â&#x20AC;&#x2122; The proposed appropriation of the profit is as follows: Proposed dividend on ordinary shares Added to reserves Profit for the financial year

61,801 68,668 130,469

Rotterdam, the Netherlands, 17 March 2014 Supervisory Board C.J. van den Driest, Chairman K. Damen J.M.J.A.P. Laurent Josi Jac.G. van Oord J.M.M. van der Ven

Executive Board P. van Oord, CEO A.J. van de Kerk P.W. Verheul J.B.E.M. Athmer C.A. de Bruijn


Consolidated auditor’s Independent balance sheet report(before appropriation of profit)

To the General Meeting of Shareholders of Van Oord nv, Rotterdam 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.

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.

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.

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.

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.

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.

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.

Rotterdam, 17 March 2014 Ernst & Young Accountants LLP

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

Signed by M. Bangma-Tjaden



Notes on financial terms

General terms

Amortisation – Depreciation of intangible assets such as goodwill.

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.

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.

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.

EBIT – Earnings Before Interest and Taxes.

Cutter suction dredger – A dredger that uses a rotating cutter head to loosen the material in an ocean or river bed.

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.

EPC – Type of contract in which the contractor is responsible for Engineering, Procurement and Construction.

Non-recourse financed project – A project that is financed by banks for the most part.

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.

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.

Global Reporting Initiative – International organisation that has established guidelines for sustainability reporting.

Return on total assets – EBIT plus interest income divided by average total assets.

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.

Solvency – Equity expressed as a percentage of the balance sheet total (fixed and current assets).


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.

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.

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.

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.


Annual Report 2013