Page 1

Annual Report 2011

Branches Head office, Rotterdam, the Netherlands

Norway, Bergen Russia, St Petersburg Latvia, Riga Russia, Moscow Netherlands, Rotterdam and Gorinchem Germany, Bremen United Kingdom, Newbury Belgium, Zele Russia, Yusno Canada, Ontario France, Le Blanc-Mesnil CÊdex Kazakhstan, Manigistau Canada, Calgary Italy, Amelia Azerbaijan, Baku Portugal, Lisbon Spain, Madrid Gibraltar Korea, Busan Tunisia, Tunis China, Shanghai United Arab Emirates, Dubai Qatar, Doha Bangladesh, Dhaka Taiwan, Keelung City United States, Houston Bahrain, Manama India, Mumbai Vietnam, Hanoi Philippines, Manila Mexico, Mexico City Thailand, Bangkok Nigeria, Ikeja-Lagos Panama, Panama Curaçao, Willemstad


Malaysia, Kuala Lumpur

Angola, Luanda Indonesia, Jakarta

Australia, Brisbane

Brazil, Rio de Janeiro Australia, Perth

Cover photo: Self-propelled cutter suction dredger Athena.

Annual Report 2011

One of the new additions to the Van Oord fleet: self-propelled cutter suction dredger Athena during its trial run in the Port of Rotterdam, the Netherlands.


Key figures (all amounts x EUR 1,000,000) 2011
















Depreciation of tangible fixed assets






Net turnover

Goodwill amortisation












Net profit






Total shareholders’ equity and loan capital






Shareholders’ equity






Capital base






Loans and other credit facilities






Cash at bank and in hand











Order portfolio 2) Return on total assets 3)






Return on shareholders’ equity 4)






EBITDA 5) / net turnover






Net profit / net turnover






Shareholders’ equity / total assets






Capital base / total assets






Cash flow from operating activities






Cash flow from investment activities






Cash flow from financing activities






Dividend payable
















Number of employees in full-time equivalents (FTEs) Safety Incident frequency (accidents leading to absence per 100 employees)


EBIT = Earnings Before Interest and Taxes


Projects suspended in Dubai have been subtracted from the order portfolio since 2008


EBIT plus interest income divided by average total assets


Net profit divided by average shareholders’ equity


EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortisation


Cutter suction dredger Athena and flexible fallpipe vessel Stornes during their presentation to employees, clients and the media in Rotterdam, the Netherlands.


Contents Key figures / 5 Foreword by the Executive Board / 8 The world of Van Oord / 10 Results in line with strategy / 12 Market trends and prospects / 14 Report by the Supervisory Board / 16 Report by the Executive Board / 18 Activities per area and business unit / 22 Safety at work / 36 Knowledge transfer is a priority / 40 Growing demand for project-level support / 44 IT outsourcing leads to quality improvement / 46 Van Oord and its context / 48 Challenging and varied work environment: our people / 50 Reducing our carbon footprint: our planet / 54 Sustainability as a prerequisite: our prosperity / 56 Van Oord in operation / 58 Activities / 58 Governance model / 60 Fleet / 62 Financial statements / 64 Reports 2011 / 64 Consolidated balance sheet (before appropriation of profits) / 66 Consolidated profit-and-loss account / 67 Consolidated cash flow statement / 68 Notes to the consolidated financial statements / 69 Notes to the consolidated balance sheet / 71 Notes to the consolidated profit-and-loss account / 77 Company balance sheet (before appropriation of profits) / 80 Notes to the company financial sheet / 81 Other information / 83 Independent auditor's report / 84 Our employees / 85 Glossary / 93 Organisation chart / 95


Foreword by the Executive Board The past year had many different sides to it. We began 2011 feeling optimistic. With growth forecast in the world economy and world trade,

working days lost to injury has dropped considerably in the past four years. These figures show that our long-term efforts to

opportunities seemed to abound. Gradually, however, the optimistic

create a company-wide culture of safety have led to

mood was dampened. A recession hit the Eurozone countries, forcing

a sharp decrease in both the number of accidents

them to cut expenditure on infrastructure projects. Growth in world

and absenteeism. We also continued monitoring and reducing our CO2 footprint in 2011.

trade furthermore slowed in the second half of the year. Investment As a company with global operations, we also faced a number of unexpected events in 2011. Tenders

Van Oord continues to invest in new vessels and

were postponed owing to the Arab Spring in North

other equipment. In 2011, we deployed three new

Africa and the Middle East and the sudden crisis in

vessels for the first time: our first self-propelled

the Eurozone. The tsunami in Japan sparked off a

cutter suction dredger, Athena, our new flexible

debate in Germany about nuclear power, with

fallpipe vessel, Stornes, and the first of our two new

discussion in favour of a rapid shut-down of all

multicats, Oceanus. Currently under construction

nuclear power stations and a parallel switch to

are the Aeolus (a wind turbine installation vessel

wind energy. That was a positive development for

for offshore wind farms), Artemis (a second

us, because the offshore wind energy market is

self-propelled cutter suction dredger), and

one of our key priorities.

Stingray (a shallow water pipelay barge for our offshore oil and gas projects).

Van Oord’s turnover in 2011 was EUR 1,715 million, generated in even measure by our divisions and


our various areas. Our net result for 2011 was EUR 118 million, in line with our annual plan. All

In 2011, our company was once again financed by

in all, we achieved a higher level of activity in 2011

means of two private loans on the US and European

than in 2010. New projects in Gladstone and Cape

markets respectively. The refinancing and low net

Lambert have considerably improved our market

debt have given us a solid financial basis.

position in Australia. Shareholders People The Van Oord family has increased its stake in In 2011, Van Oord’s workforce increased from

Van Oord nv considerably in the past year to 78.5%

4,410 to 5,085 employees. Most of the new

by acquiring the shares previously owned by NPM

employees were hired at our branches outside the

Capital (27.5%). These shares are now owned by

Netherlands, especially in Australia, to work on a

MerweOord B.V., the Van Oord family’s holding

number of major new projects. Our workforce in

company. Op 22 December 2011, Royal BAM

the Netherlands also increased in 2011 compared

Group nv sold its minority stake in Van Oord nv

with the previous year. We have continued to pay

(21.5%) to two investment companies. They are

close attention to the recruitment and retention of

the Dutch private limited company ConsOord B.V.,

highly qualified technical staff in the Dutch labour

which consists of three investment firms (Janivo,

market. Fortunately, our recruitment campaign of

Breedinvest and Rinkelberg), and the Belgian

the past year is beginning to pay off.

investment company Cobepa. ConsOord and Cobepa each owns 10.74% of the shares.

Safety, sustainability and the environment

Van Oord nv now has three shareholders: the Van Oord family (through MerweOord B.V.),


Our safety performance showed further

ConsOord and Cobepa. The new share distribution

improvement in 2011. Our incident frequency (IF)

reinforces the character of the company as a

remained well below target, and the number of

family business.

Strategy 2011 – 2015 After finalising our strategy for the next period in 2010, we made a successful start in 2011 implementing the associated policy. In addition to bolstering our activities in the dredging market, particularly in the cutter suction dredging segment, we also expanded our activity in the offshore sector. One important new line of work for this division is pipe laying in shallow water. In addition, our offshore wind division has been boosted by our new wind turbine transport and installation ship, the Aeolus, and by additional staff. In the Netherlands, we are concentrating more on upcoming large-scale infrastructure projects and aim to act as a main contractor in future Design, Build, Finance & Maintain (DBFM) projects. Prospects for 2012 The global economy will remain highly volatile in 2012. Despite the recession in Europe, we believe that the world economy will grow. We do not, however, expect 2012 to be an easy year for our company. We anticipate increasing pressure on prices and a lower capacity utilisation rate for our vessels in the dredging market. On the other hand, we do foresee growth in the oil and gas markets, and in large-scale infrastructure projects in the Netherlands. This summer we will move into our new head office along the Nieuwe Maas river in Rotterdam.

Rotterdam, 13 March 2012

We foresee growth in the oil and gas markets, as well as in offshore, offshore wind farm construction, and infrastructure projects in the Netherlands.

P. van Oord, CEO


The world of Van Oord Van Oord is a leading international contractor specialising in dredging, marine engineering and offshore projects (oil, gas and

Ownership structure Van Oord NV is a private limited company with its

wind). We are an innovative partner for our clients and, for over than

registered office in the Netherlands. MerweOord BV,

one hundred years, have been helping to create the infrastructure for

the Van Oord family’s holding company, owns 78.5% of its shares. The remaining 21.5% of its

the world of tomorrow.

shares are owned by a consortium made up of the Dutch investment firms Janivo, Breedinvest and

The growing world population needs more space

Rinkelberg, united in the private limited company

and the demand for energy is rising constantly.

ConsOord BV, and by the Belgian investment firm

Increasing world trade requires more and better

Cobepa, through its public limited company Cobepa

port facilities and climate change is threatening

(Nederland) NV.

coastal areas. Van Oord provides innovative solutions for these worldwide maritime challenges, both now and in the future. Van Oord is a Dutch-based, independent family business which is characterized by visible leadership, long-term vision and a sound financial position. Substantial investments in people and

Our activities

equipment are made with great care to ensure the

• Dredging

continuity of our business. Our staff are committed,

• Offshore oil and gas

entrepreneurial professionals who are passionate

• Marine engineering

about water and technology. They know the

• Offshore wind farm construction

importance of cooperation in achieving the best

• Infrastructure

possible result. By being open and honest, they

• Soil improvement

build on mutual trust and respect.

Our corporate culture and values Van Oord’s culture consists of the values that

and have many years of experience. The

we share and the way in which we conduct

professionalism and dedication shown by our


staff are the basis of our continuous growth.

Marine entrepreneurship

Passion and inventiveness

Today, Van Oord is one of the largest dredging

Our staff are driven by their passion for the

and marine contractors in the world, but our

profession and by inventiveness. We share a

origins lie in the maritime tradition of the

passion for water, technology and for achieving

Netherlands and its struggle against the water.

sustainable solutions for the maritime challenges

We encourage all our employees to adopt an

that the world is facing.

entrepreneurial attitude. In this way, we achieve our shared ambition to meet the needs of our

Integrity, openness, respect and team spirit

clients all over the world.

By being open and honest, we build on mutual trust and respect. Our staff recognise the

Professionalism and dedication

importance of cooperation in achieving the best

Marine engineering is a high-tech industry.

possible result. Teamwork is the key.

Our professionals undergo continuous training


Marine Ingenuity A passionate, smart, shrewd, international marine contractor – that is how we see ourselves. We find innovative solutions designed to meet our clients’ and business partners’ challenges.

Trailing suction hopper dredger Vox Máxima working on the port development project in Bilbao, Spain.


The world of Van Oord

Results in line with strategy

Infrastructure on the map

In 2010, we defined our new strategic agenda for the next five

Another strategic target is to continue our growth

years (2011 – 2015). We also identified three key markets within that

in the infrastructure market, starting in the Netherlands. Van Oord will focus more specifically

agenda: the dredging market, the offshore market, and the market

on complex, multidisciplinary infrastructure

for offshore wind farms. These are the markets in which

projects carried out as part of a joint venture, for

Van Oord plans to expand. Now, a year later, our strategy is

example motorway and waterway construction, expansion and upgrading.

beginning to pay off and we are making progress towards In addition to execution, Van Oord will take on

achieving our goal.

both project and process management, contract The dredging market is still Van Oord’s biggest

management and any financing and maintenance

and most important market. The offshore oil and

under Design, Build, Finance & Maintenance (DBFM)

gas and offshore wind farm markets are our two

contracts. New staff have been recruited in order to

biggest international growth markets. The offshore

set up a professional organisation that is well

market is worldwide, whereas the offshore wind

placed to key into this growth market.

farm market is currently concentrated in Northwest Europe.


Significant expansion

Our new strategic agenda has led to a further internal change, this time in our procurement

In order to serve these markets, Van Oord

processes. 2011 saw the establishment of a

embarked on a series of investments in 2011.

centralised purchasing department, Van Oord

One of these was its investment in a shallow

Procurement. The department will focus on

water pipe lay (SWPL) barge. The SWPL barge will

streamlining procurement and coordinating it

enable us to lay pipelines of up to approximately

centrally in order to reduce expenses.

two metres diameter. Currently under construction, the barge will be operational by the second quarter

Our people

of 2012. Van Oord will then be able to offer the whole package of shallow water services

As the company has grown, it has become ever more

(excavation, installation and protection), reinforcing

important to hire and retain the right employees.

its position as an EPC (Engineering, Procurement,

We expect the labour market for Dutch nautical and

Construction) contractor. Installation of Single Point

technical personnel to remain tight. We will therefore

Moorings will remain an important component of

continue to recruit and train employees beyond the

its service package.

borders of the Netherlands. Whether we can achieve

A new wind turbine transport and installation

our growth targets depends largely on our ability to

vessel, the Aeolus, is currently under construction

recruit enough employees.

and will operate in the offshore wind farm sector. This too is needed to maintain and improve our

Our future

excellent reputation. It’s one thing to map out a strategy; it’s quite Maintain and enhance

another to get it on course and keep it there. Despite the economic downturn across much of the


To bolster our position in the dredging market,

world, Van Oord is in fact right on course when it

we are currently building a second self-propelled

comes to implementing its 2011 – 2015 strategy. We

cutter suction dredger, the Artemis. This is the

therefore feel entirely confident that we have made

sister vessel of the Athena, which was launched

the right choice. Van Oord remains a leading marine

in 2011.

contractor with an eye for growth potential.

Lowering groynes in the river Waal as part of the Dutch Room for the River Programme.


The world of Van Oord

Market trends and prospects

Most of the growth has taken place in PostPanamax vessels. The number of ships in this

Van Oord operates worldwide in the following markets: dredging, offshore oil and gas and offshore wind. The drivers of these markets

category has increased by a factor of ten. Because the capacity and size of container ships continue to grow, larger and deeper ports are required, with

are trends in maritime transport, energy, urbanisation, climate

longer quay walls and wider and deeper access

change and tourism. These drivers are expected to develop

channels. We can safely assume that this growth

favourably in the long term. They offer good prospects for Van Oord.

will continue for the foreseeable future. In every part of the world, plans are being drawn up for new port facilities, ranging from transhipment ports to

Maritime transport

container terminals. This involves both new facilities and the expansion of existing ports.

Over the past few decades, the worldwide transport of goods has increased dramatically as a result of a


growing world population and a favourable


economic climate. The long-term prospects are

The main factor affecting this market segment is

positive. Countries continue to expand their ports.

the worldwide rise in energy consumption, which

This is necessary not only because of increasing

is partly the result of the growth in the world

trade but also because ships are getting bigger,

economy and population. According to information

which requires larger and deeper ports. The

from the IEA (International Energy Agency) dating

capacity of the world’s merchant fleet has increased

from 2011, the demand for energy will increase by

substantially over the past ten years.

30% between 2010 and 2035.

During the same period, the proportion of

Growth in primary energy demand 4.500

set to increase massively. The construction of


large wind farms at sea – one of Van Oord’s specialisms – plays an important part in achieving the objectives of the CO2 reduction policy as adopted by many countries in the Kyoto protocol. Urbanisation The seven billionth citizen of the world was born

Million tonnes of oil equivalent

sustainable energy in the total energy market is

in 2011. The United Nations predicts that by 2050

3.500 3.000 2.500 2.000 1.500 1.000 500 0 2010

the world’s population will have increased to nine billion. At the same, there is a population drift from the countryside to cities. This means that most of






Middle East


Rest of the world

Other developing Asia




the growth will take place in coastal areas because

Source: International Energy Outlook 2011 (IEA)

the majority of cities are located near the sea. By 2050, 65% of the world’s population is expected to be living in urban coastal areas. In absolute terms, this means a doubling of the total number with 2010.

Worldwide urban and rural population 1950 - 2050 in billion

of people living in coastal regions compared

Climate change

10 8 6

In general, sea levels are expected to continue to


rise in the 21st century due to the warming of the earth. Another result of this warming is that the


weather will become more extreme (storms and increased rainfall). It will therefore be even more






important to protect vulnerable coastal areas. Urban population Rural population


Total population

With prosperity increasing in many parts of the

Source: United Nations Population Division 2010

world, the tourist industry will continue to grow for the foreseeable future. Coastal areas that attract

Global container port throughput

tourists are making great efforts to improve their


beaches and building new cruise-ship terminals,

200,000 0











800,000 Throughput ('000 teu)

marinas and modern airports.


infrastructure. They are creating and maintaining

2008 2009 2010 2011 2012 2013 2014 2015 2016 Source: Drewry 2011


Report by the Supervisory Board It gives us great pleasure to present the annual accounts for 2011. They were prepared by the Executive Board of Van Oord nv and

Composition of Executive Board To ensure continuity in the company’s

audited by Ernst & Young Accountants LLP, which has issued an

management, the Supervisory Board gave

unqualified opinion. The Supervisory Board discussed the auditor's

considerable thought in the past year to the

findings at its meetings and approved the annual accounts on the

composition of the Executive Board. It concluded that at this phase of the company’s development, it

basis of those discussions. We propose that the General Meeting of

would be useful to invite an individual to join the

Shareholders should approve the 2011 annual accounts and that a

board who has the right qualifications and relevant experience outside the company. On 1 September

dividend of EUR 56 million should be paid out for the year 2011. The Supervisory Board met six times in 2011. On

2011, Paul Verheul joined the Executive Board. Composition of Supervisory Board

these occasions, the relevant managers explained any relevant proposals. The Supervisory Board also

During the General Meeting of Shareholders on

paid working visits to Singapore and Australia. It

21 April 2011, the Supervisory Board bid farewell to

visited a number of projects in both countries and

Mr W. van Vonno, who was succeeded at the same

talked to representatives of the relevant

meeting by Mr N.J. de Vries, acting on behalf of

organisations there.

Royal BAM Group NV. Royal BAM Group’s shares were sold in late December to a Belgian investment


firm and a consortium of Dutch investors. As a result, Mr De Vries resigned his position as a

Safety was a recurring topic of discussion during

supervisory director of Van Oord nv. In the short

Supervisory Board meetings. To the Board’s

time that Mr De Vries sat on the Supervisory Board,

satisfaction, the company has made good progress

the company benefited from his vast experience in

on reducing the number of incidents leading to

contracting and his knowledge of managing large

absence. The Board had lengthy quarterly

organisations. We are grateful to him for his

discussions of current operational and financial

efforts on behalf of Van Oord.

trends and the progress of the company’s various investment projects. It also discussed the company’s long-term financing, specifically its two large private loans on the US and European markets respectively.

From left: C.J. van den Driest J.W. Baud K. Damen Jac.G. van Oord J.M.J.A.P. Laurent Josi


Current situation Supervisory Board 2011 was another successful year for Van Oord. In spite of the financial, economic and political

C.J. van den Driest (1947), Chairman

uncertainties, the company’s results were sound.

Chairman of the Management Board of Royal Vopak

Although the market in Europe stagnated, Van Oord

NV (2002-2005)

succeeded in winning major projects in such

Membership of supervisory boards: Anthony Veder

relatively fast-growing markets as Australia, Brazil

Group NV, Darlin NV, Van Gansewinkel Groep BV,

and Russia. In addition, it made good progress in

Koninklijke Vopak NV, Stork NV

the offshore and offshore wind farm markets. These successes have resulted in a company-wide

J.W. Baud (1951)

increase in turnover of 8.7% and an order portfolio

Managing Director at NPM Capital NV (2002-present)

of EUR 1,694 million on 31 December 2011 (2010:

Membership of supervisory boards:,

EUR 1,856 million).

It was a good year as well for our new equipment

K. Damen (1944)

programme. We took receipt of colossal flexible

Chairman of Damen Shipyards Group

fallpipe vessel Stornes in mid-2011, after a brief

Membership of supervisory boards: Royal Van Zanten

delay. The Stornes started work immediately in an inviting market segment in which Van Oord is now

J.M.J.A.P. Laurent Josi (1964)*

solidly positioned. Van Oord also launched the

Managing Director of Cobepa

Athena, its giant self-propelled cutter suction

Membership of supervisory boards: International SOS,

dredger, in mid-2011. This complex vessel has

JF Hillebrand, Carmeuse, Bank Degroof

begun operating precisely at a time when there is an urgent demand for cutter suction dredgers.

Jac. G. van Oord (1946)

Other major new equipment projects – specifically,

Chairman of the Executive Board of Van Oord NV

the wind turbine installation vessel Aeolus and the

(2003-2008), Chairman of MerweOord BV

shallow water pipelay barge Stingray – are currently

Membership of supervisory boards: Van Leeuwen

requiring a great deal of attention from our

Buizen Groep BV, GMB Holding BV

engineers, but both appear to be on schedule and within budget.

N.J. de Vries (1951)* (21 April – 22 December 2011)

Expression of appreciation

Chairman of the Board of Directors of Royal BAM Groep

We would like to take this opportunity to thank all

Resignations schedule Supervisory Board

Van Oord employees for their tremendous efforts in


End of

the past year. They often worked far from home,



sometimes in very challenging climates, and under



difficult circumstances. Their families and friends at home were frequently called on to show

C.J. van den Driest



understanding, patience and fortitude. However, all

J.W. Baud



these efforts mean that Van Oord can contribute to

K. Damen



progress in a great many countries and offer many

Jac.G. van Oord



people the chance of a better future. We are proud

J.M.J.A.P. Laurent Josi



of that and would like to thank you for making it possible.

* Mr N.J. de Vries succeeded Mr W. van Vonno as supervisory director on 21 April 2011. Mr De Vries

Rotterdam, 13 March 2012

resigned voluntarily on 22 December 2011. Mr J.M.J.A.P. Laurent Josi became a member of Van Oord’s Supervisory Board on 6 February 2012.


Report by the Executive Board

Van Oord’s turnover in 2011 was EUR 1,715 million (2010: EUR 1,578 million). Net profit came to EUR 118 million

Placement is the equivalent of USD 501 million for eight to fifteen-year terms. Interest and exchangerate risks on the US component of the loan are fully

(2010: EUR 165 million, including extraordinary tax gains of

covered. The new Revolving Credit Facility provided

EUR 40 million). 2011 saw a stable tender volume and higher level of

by an international consortium of banks comes to

activity. On balance, this resulted in a profitability of 6.9% of turnover (2010: 7.9%, excluding extraordinary tax gains). As at 31 December

EUR 405 million and has a five-year term. At yearend 2011, we more than met the agreed financing conditions for both loans.

2011, our order portfolio stood at EUR 1,694 million, lower than it was Risk control at the end of 2010 (EUR 1,856 million). In the fleet, our cutter suction dredgers and trailing suction hopper dredgers had a somewhat lower capacity utilisation rate than in 2010; the capacity utilisation rate for flexible fallpipe vessels increased.

Management system There are always risks involved in contracting and executing projects. Our internal control systems are designed to recognise risks in advance and to take steps to contain them. Van Oord has published a


booklet – available to all employees both digitally and in print – clearly describing its management

Our company is financially healthy. Cash at bank

system. That system consists of procedures and

and in hand came to EUR 198 million at year-end.

lines of authority. The procedures describe how we

The loans drawn amounted to EUR 426 million. Our

are to act in such areas as project tendering and

new investment programme, combined with non-

execution, safety, investment and procurement and

revolving credit facilities, increased our need for

when dealing with complaints.

additional financing. In 2011, we attracted new financing in the form of a US Private Placement

The QHSE Department (Quality, Health, Safety &

obtained from American and British institutional

Environment) monitors the management system by

investors, as well as a new credit facility from a

conducting internal audits and overseeing Lloyd’s

consortium of international banks. The Private

Register Quality Assurance audits. The results of

Executive Board P. van Oord (1961) – CEO

P.H.G. de Ridder (1948) – COO

(Chief Executive Officer)

(Chief Operational Officer)

Pieter van Oord has been a member of the

Peter de Ridder has been a member of the

Executive Board since 2007. He was appointed

Executive Board since 1994. He is responsible

CEO in 2008. Besides chairing the Executive

for Areas Asia & Australia, Middle East,

Board, he is responsible for Area Offshore and

Mediterranean & South West Asia, for business

Area Netherlands and for staff departments

units Offshore Wind Projects and Wicks and for

Personnel & Organisation, Technical Department

the activities of the Operations Department and

and Communication & Markets.

Survey Department.

A.J. van de Kerk, RA (1955) – CFO

P.W. Verheul (1961) – COO

(Chief Financial Officer)

(Chief Operational Officer)

Arjan van de Kerk has been a member of the

Paul Verheul was appointed to the Van Oord

Executive Board since 1998. He is responsible

Executive Board on 1 September 2011. He is

for staff departments Finance & Administration,

responsible for Areas America & Africa and

Treasury, Information Technology and Legal &

Europe and for staff departments Quality,


Health, Safety & Environment, Van Oord Procurement and Engineering & Estimating.


these audits can lead to additional measures being

payments into account. We eliminate our interest

introduced. Certification of our management

and currency exposure by making use of interest

system by external parties guarantees its

and currency derivatives on the futures market. If

soundness. In addition, our clients, shipping

we are uncertain about the creditworthiness of any

inspectorates and insurance companies regularly

of our clients, we cover potential payment and

audit our procedures. Everything indicates that

political risks by bank guarantees and insurance

our management system functions properly.

policies. If a risk is not insured or if insurance cannot be obtained, either the cash flow must

Financial risks

be positive at all times throughout a project or

We implement an active cash management policy

other forms of security must be stipulated. Strict

based on 12-month forecasts. Cash and cash

supervision is maintained in this regard. We cover

equivalents are centralised as much as possible

fuel price risks largely by transactions on the

in the Dutch holding companies. To the extent

futures market or contractual agreements with

possible, bank accounts are included in cash pools

clients. We reduce our risk in the global market

managed by the central Treasury Department.

by taking on projects all around the world. This

Short-term bank credit ratings are a decisive factor

involves entering into partnerships that spread

in choosing which banks will hold our cash and

the execution risk.

cash equivalents, both for the projects and for the holding companies. Where necessary and feasible,


we actively intervene in order to minimise the

In addition to profitable projects, our financial

pressure on our working capital. We do this in

results depend on how efficiently we deploy our

advance wherever possible by making firm

experienced and expert employees and our vessels.

contractual agreements with clients in accordance

Our management system covers tendering, project

with fixed standards. We monitor foreign currency

execution and workforce and vessel planning. The

positions per project; our positions are almost fully

Executive Board and Management Committee

hedged by forward exchange contracts. In

discuss these topics on a project-by-project basis

determining the amount to be covered, we also

a minimum of every other week.

take planned vessel repairs and foreign currency

From left: A.J. van de Kerk P.W. Verheul P. van Oord P.H.G. de Ridder


Report by the Executive Board



expenditure per equipment unit, and budget

We keep our lines of communication short so that

control reports for each project. This information

we can take quick and effective action. This applies

is used to report, identify and resolve potential

within our project teams, but also between our

problems well in advance, to control risk and to

project managers, the relevant area management

increase the company’s profitability in the future.

and the Executive Board. Our management

The final reports are then filed in a central location

information is tailored to the various levels of

and can be consulted as a reference for similar

responsibility throughout the organisation. We

future projects. Safe working conditions are a

generate standard daily, weekly, monthly, quarterly

vital part of our operations. The Executive Board

and annual standard reports and analyses covering

determines the company’s safety policy and

both quantitative and qualitative data. The reports

monitors compliance. Accidents are discussed

focus mainly on pending and current tenders,

every week at various levels, including within the

equipment output figures, the costs associated

Executive Board. Where necessary, we follow up

with the various organisational units, income and

by introducing additional measures.

Turnover in millions of euros

Turnover per area and business unit in millions of euros

2000 2,000 1,896












9 1,400






148 335

1,200 1,002









234 302

















123 0









200 249 0 2009

Net profit in millions of euros 200


Middle East, Mediterranean &

Offshore Wind Projects

South West Asia



America & Africa


Asia & Australia 180 165 *


160 148





Occupancy equipment in weeks

100 91






60 2010






20 16 0

Trailing suction hopper dredgers 2004






* Including extraordinary tax gain of EUR 40 million



Cutter suction dredgers Flexible fallpipe vessels


Report by the Executive Board

Activities per area and business unit

Economic trends in various parts of the world have impacted our activities and the markets in which we operate. Europe, for example, was hit by a recession; in the Middle East and North Africa, tenders were postponed owing to the Arab Spring. In Australia, on the other hand, our involvement in a number of major new projects has considerably boosted our market position. In the following, we look more closely at trends and developments in 2011 in the various areas and business units.

Trailing suction hopper dredger HAM 317 during the Sand Motor project along the Dutch coastline.


Netherlands Most of our activities in the Netherlands in 2011 were concentrated in coastal areas. The Maasvlakte 2 port

Sand Motor: let nature finish the job

expansion project – which Van Oord is carrying out in joint venture – is equivalent in scope to other projects it has executed in Dubai (Palm Jumeirah and The World), and is one of the largest marine engineering projects that the company has ever undertaken in Europe. Our work there remains on schedule and we witnessed a number of notable highlights in 2011. For example, an e-crane developed especially for the project – the Blockbuster – installed almost 20,000 forty-tonne concrete blocks to construct most of the hard seawall. We completed the first quay wall and had deposited almost all the sand by the end of 2011. We

In 2011, Van Oord worked day and night to

also completed the canal to Rotterdam’s GATE (Gas

create a new peninsula along the Delfland

Access To Europe) LNG terminal in June 2011.

coast out of 21.5 million m3 sand – a structure known as the Sand Motor. Over the next twenty

Sand Motor

years, the sand will be dispersed across sixteen kilometres of shoreline, which it will

Another important project was the Sand Motor (Delta

help reinforce. The project was conceived by

Dune) pilot, an innovative coastal defence project that

human minds and carried out by human

involved depositing more than 21.5 million m3 of sand

hands, but now nature must finish the job.

into the North Sea between Ter Heijde and Kijkduin.

‘There’s nothing more dynamic than the coast,

The new hook-shaped peninsula had a surface area of

after all,' says Project Manager Wilbert van

130 hectares by the time the work was completed in

Boldrik. ‘Wind, waves and currents will wash

November. In the years to come, wind, waves and

away the sand but also return some of it to the

currents will disperse the sand along the Dutch coast,

coast. The Sand Motor is a good example of

in keeping with the Building with Nature principle.

the Building with Nature principle.’

Shoreline defences

Two hundred football pitches The peninsula is still shaped like a hook with a

Area Netherlands also completed another major

lake in the centre, but it will gradually become

shoreline defence project along the Delfland coast in

integrated into the coastline. It now has a

2011. The project involved widening the beach and

surface area of 130 hectares – or two hundred

dunes between the Hook of Holland and the southern

football pitches – and will provide a natural

harbour jetty near Scheveningen as part of the

habitat for wildlife as well as a recreational

Netherlands’ flood defence system. In addition,

zone. ‘There used to be bare coastline here.

Van Oord helped create a new 35-hectare nature

Now there are new dunes and a beach.’ The

reserve between the Hook of Holland and the town of

project will be closely monitored in the years

’s-Gravenzande. Our trailing suction hopper dredgers

ahead. Researchers are especially interested in

also carried out regular sand suppletion work at

how the sand will be dispersed and how nature

Ameland and Renesse.

will evolve. Van Oord will be closely involved in monitoring the area through its partnership

Maintenance of navigable channels

with Ecoshape. Flora and fauna are expected to find a habitat there. The first seals have

RWS (the executive arm of the Dutch Ministry of

already been sighted. ‘If the Sand Motor

Infrastructure and the Environment) awarded Van Oord

idea succeeds, then this is will be the ideal

a three-year maintenance contract for two dredging

approach to coastline defence,’ says

concessions. The first concession involves maintaining

Van Boldrik. ‘There is a lot of interest in

the Maasgeul, Eurogeul and IJgeul channels – North Sea

this project from abroad.’

channels that provide access to the ports of Rotterdam


Report by the Executive Board

and Amsterdam – and widening the Maasgeul

31 May 2011, at the site of the new metro station at

channel. The contract also allows Van Oord to remove

Amsterdam’s central railway station. The project crew

sand from the North Sea. The second concession

inserted the tunnel section there and then immersed it

involves maintaining the navigable channels from the

beneath the existing station – a meticulous, high-

harbour mouth at IJmuiden up to the locks complex.

precision operation. The second milestone occurred when Van Oord completed the excavation work for the

Widening the A4 motorway

Rokin, Ceintuurbaan and Vijzelgracht underground metro stations.

After widening the northern stretch of the A4 motorway between the Burgerveen junction and the

Room for the River

city of Leiden in 2010, Van Oord and its partners tackled the southern stretch in 2011. Van Oord's main

Van Oord was awarded the contract for the second

tasks are to supply sand, improve the ground, and

phase of the groyne-reduction programme on the river

perform specialist earth-moving work.

Waal. This is the second project that we have undertaken within the context of the Netherlands’

North/South Metro Line

Room for the River Programme, following the Overdiepse Polder project. After winning the contract

The North/South Metro Line project, which Van Oord

for the latter project in 2010, we began our work –

is carrying out as part of a joint venture, achieved

which involved lowering dikes and constructing

two milestones in 2011. The first occurred on

mounds – in the spring of 2011.

Widening the A4 motorway between Burgerveen and Leiden, in the Netherlands.


Side stone dumping vessel Frans at work on the coastal defence project, one stage of the programme to deepen the river Elbe in Germany.

Europe A number of countries in the Eurozone are suffering

backfilling trenches and other support work for

a recession. The unstable economy of 2011 meant

the oil industry.

that many clients, particularly those in France and the United Kingdom, chose to put new projects on

Klaipeda project in Lithuania

hold. Clients in Germany also postponed various port expansion and waterway dredging projects. In

The market is under pressure in the countries

contrast, the market for maintenance dredging

around the Baltic Sea. In 2011, however, we added

remained stable in these countries.

a dredging contract to our order portfolio for the Lithuanian port of Klaipeda. The project involves


deepening a 14.5-metre-deep access channel over a length of almost six kilometres and widening the

The level of activity in the Caspian Sea region

channel from 120 metres to 150 metres. The port

remained stable. In February 2011, Van Oord signed

will then be able to accommodate post-Panamax

a contract with the Azerbaijan Transport Ministry to

ships of up to 300 metres in length and 40 metres

develop the international seaport of Alat near Baku.

in the beam. The client is the port authority of

The project involves dredging a seven-kilometre-


long, 160-metre-wide access channel and a turning basin for the new port. The dredging work will be carried out over a two-year period. Van Oord completed its work on the Kashagan project in 2011. This involved dredging and


Report by the Executive Board

Middle East, Mediterranean & South West Asia Middle East

involves reclaiming land for the construction of a gas distribution station on Das Island.

The market in the Middle East has shifted from large land reclamation projects to activities related

Iraq Crude Oil Expansion Project Phase I

either directly or indirectly to the oil and gas

Cutter suction dredgers Haarlem and HAM 218 and

industry and to port expansion projects. The

trailing suction hopper dredgers HAM 318, HAM 310

relatively high price of oil means that there is

and Sagar Hansa started working in Iraq in early 2011

sufficient budget to cover other investments in

on the Iraq Crude Oil Expansion Project Phase I. The

the marine infrastructure.

work consisted of dredging a 45-kilometre-long trench for three oil pipelines. The project site was

Das Island

located at the mouth of the Euphrates. Van Oord

Work off the coast of Abu Dhabi began in 2011 and

also deepened the river to accommodate three

concerns the expansion of an oil and gas island,

turning basins for Single Point Mooring Buoys.

Das Island. This Design & Construct project

The work was completed in December 2011.

involves reclaiming approximately 200 hectares of land, including coastal defences. Van Oord was

Salt Mushroom

awarded the contract by the Abu Dhabi National Oil

Van Oord continued its work in Jordan for the

Company. The project is expected to reach

Salt Mushroom Project. The client is the Arab

completion in 2012. Van Oord is working on the

Potash Company. Van Oord deployed cutter suction

same island for Hyundai Heavy Industries as part of

dredger Zeeland to dredge salt mushrooms in the

its Integrated Gas Development Project. This project

Dead Sea for the potash industry.

Trailing suction hopper dredger HAM 318 working on the Das Island expansion, Abu Dhabi.


Many different activities The Marsa Al Seef property project was completed

Vox Máxima deals with Spanish ‘sand’

on time in August, despite civil unrest in Bahrain. Van Oord carried out maintenance dredging for the Sabiya Power Plant in Kuwait under contract to the Ministry of Electricity and Water. In Dubai, the company has entered the final phase of the Pearl Jumeirah Island project. It is creating a beach on the island for a luxury resort for client Al Fattan Properties. Mediterranean The economy and political developments in the

In 2011, the Vox Máxima was deployed on the

Mediterranean region had a huge impact on

port expansion project in Bilbao, Spain, in the

Van Oord’s activities there. Turnover dropped off in

Gulf of Biscay. Part of the project involved

the region. Dravo S.A., the Spanish enterprise in

constructing a deep-water dock using the

which Van Oord has a 50% stake, is feeling the

floating dock method.

effects of the financial crisis in Southern Europe. Our work on the port expansion project in Bilbao,

Not sand, but boulders

Spain, nevertheless went ahead, with trailing

After the quay wall was completed, the

suction hopper dredger Vox Máxima discharging

Vox Máxima had to add approximately

sand behind a new quay wall. The Arab Spring had

4.5 million m3 of material to the ‘pool’

a negative effect on the entire North African

behind the wall. It was supposed be working

market. The unrest led to the cancellation of a

with fine sand, but in the end most of the

project in Tunisia.

material turned out to consist of heavy boulders. ‘The Vox Máxima dealt effortlessly

South West Asia

with them,’ according to Ivar Brink, the Vox Máxima’s captain.

Turnover declined in South West Asia as private investors struggled to acquire financing for their

Measuring 203 metres in length and with a

projects. We were able to continue our activities in

loading capacity of 31,387 m3, the Vox

the maintenance market. We completed our work

Máxima is one of the largest vessels of its

on Essar’s port expansion project in Hazira, India.

kind in the world. It was designed with the bridge fore and can reach a dredging depth of 70 metres.


Report by the Executive Board

America & Africa The level of activity in this region increased in 2011 compared with 2010. The markets were driven largely

Walking on water

by investments in the maritime and energy sectors. Projects in Brazil, Nigeria and Eastern Africa made major contributions to turnover. Americas Van Oord was active in a number of countries in the Americas in 2011. In Costa Rica, it carried out dredging work in Puerto Moin. Trailing suction hopper dredger HAM 316 was deployed in Mexico on two projects in tandem with water-injection vessel Wodan. The Chinese proved to be an increasingly tough competitor in Venezuela. In Canada, trailing suction

Van Oord has been working in the port of

hopper dredger Ostsee carried out maintenance

Suape, Brazil – just an hour south of Recife –

dredging in the St Lawrence River for the second

since the mid-nineties. It is now involved in

year in a row.

a new project in Suape, i.e. deepening the six-kilometre-long channel between the sea

Successful completion

and the port. The project will be completed

In our home market, Brazil, we continued work under

in the second half of 2013.

a long-term maintenance contract in the port of São Luis. We also wrapped up our work for the

Ferocious seas

port expansion projects in Rio de Janeiro and

Van Oord is working in a region where the

São Francisco do Sul. In Suape, we completed

seas can be so ferocious that it is impossible

dredging work for a new shipyard and began

to use a normal jack-up platform or floating

deepening an access channel at sea and land

pontoon. The Wave Walker is currently being

reclamation work for yet another new shipyard.

developed especially for such locations. Co-designed by Van Oord, this is a jack-up

East coast of Africa

platform that can move in the water without

Van Oord completed its dredging work along the

having to re-float the platform. It can

east coast of Africa in the Port of Beira, Mozambique.

withstand powerful ocean waves of more

Dredging work in the port of Mombasa, Kenya, is

than two metres and continue operating

well under way and right on schedule. Van Oord

much longer than the customary floating

also returned to Angola in 2011, where we were

pontoons or jack-ups with drilling towers.

contracted to dredge a harbour basin and access channel in the Port of Cabinda. The work began

Walking Spuds

towards the end of 2011.

Peter van Doorn, Regional Manager for South America, has been closely involved in the

Pipe pull activities

development project. ‘The Wave Walker has a

Turnover continued to hit new highs in 2011 in our

set of Walking Spuds that allows it to ‘walk’

Nigerian home market. We completed the landfall

from one drilling location to the next. That

project in Akwa Ibom State for Exxon Mobil. In

means more efficient operations and a shorter

addition to dredging, Van Oord also carried out the

execution period, a benefit for us and for the

pipe pull work. The company received a safety award


from Exxon Mobil for the same project. In addition to various small-scale projects in the Niger Delta, Van Oord was involved in supplying sand for the Eko Atlantic land reclamation project in Lagos.


Trailing suction hopper dredger HAM 316 carrying out maintenance dredging in the port of Dos Bocas, Mexico.


Report by the Executive Board

Backhoe dredger Simson and split hopper barge Cornelis Lely working on a the port development project in Gladstone, Australia.

Asia & Australia Asia

Difficult market The Northeast Asian market remains difficult. We

Van Oord carried out a number of smaller but

competed for various smaller projects in China

successful projects in Southeast Asia in 2011. It

throughout the year, bidding against local partners.

carried out maintenance dredging in the port of

In Korea we were awarded a contract for land

Map Tha Put (Thailand) early in the year. In

reclamation work within the context of the

Indonesia, we returned to the port of Bengkulu in

Pyeontaek industrial development programme.

Sumatra, where we dredged the access channel to the port. We deployed one of our large trailing


suction hopper dredgers on the land reclamation project for a new steel plant in Krakatau. In

The market in Australia is booming thanks to

Malaysia, we were awarded the second phase of

a number of large-scale infrastructure projects.

a land reclamation and ground consolidation

Van Oord was awarded a key project for the Western

project for the ATT Tanjung Bin tank farm.

Basin Main Works Dredging in Gladstone, Queensland. We are carrying out the work as part

In Singapore, we worked for the Tuas View project.

of a joint venture in which we are responsible for

We also undertook land reclamation work for the

dredging various channels, turning basins and

Pasir Panjang Terminal Project Phase 3 and 4.

diversion channels to the different terminals, the loading and unloading docks, and other unloading facilities. A total of more than 27 million m3 of material will be dredged.


Major dredging project

‘ripper’ method, developed especially to remove

The work began in June 2011 and must be completed

hard rock.

by 2014. Van Oord will deploy a heavy-duty cutter suction dredger with floating booster stations, a few

New Zealand

backhoes and self-propelled split barges on this

Van Oord is carrying out various minor maintenance

major dredging project. The Western Basin Dredging

projects in New Zealand.

project will lead to an increase in the export capacity for coal and gas. The gas will be liquefied at three LNG plants in Gladstone, which will be constructed by other parties. Cape Lambert Van Oord began working in the iron ore export terminal in Cape Lambert, Western Australia in late 2010. After completing the first phase of the project, it is now busy with the second phase. Client Rio Tinto has started to install the export transport lines, and Van Oord expects to put the finishing touches to the project in mid-2012. Trailing suction hopper dredger Rotterdam is carrying out some of the work using the


Report by the Executive Board Landfall for the ADCOP project in Fujairah, United Arab Emirates.


Offshore In line with strategy One of the consequences of the 2011- 2015

Sakhalin: working in unspoiled nature

strategic plan is the expansion of shallow water services. To further enhance these activities, a shallow water pipe lay barge (Stingray) is being put into operation in 2012. A number of projects consistent with this strategy were completed in 2011. The summer of 2011 saw part of the completion of the Arkutun Dagi Field Development Project in Russia for the extraction, refining and distribution of oil via the Russian island of Sakhalin to the mainland. Van Oord was responsible for excavating and backfilling the pipeline trenches (on- and offshore) and for pulling

Arkutun Dagi, the location for current

the two pipelines ashore, including the construction

offshore projects on Sakhalin island in the

of a cofferdam. Work was also carried out in the

east of Russia, is one of the most remote

north near Yamal. Our linear winch was successfully

corners of the world. For most of the year,

deployed to pull the Laggan Tormore pipeline

it is a desolate world of snow, ice and bitter

ashore on the Shetland islands. The winch is

cold. It is completely unspoiled nature, with

capable of pulling 600 tonnes and came into

bears and wolves on land and whales,

operation in 2010.

dolphins and sea lions in the water.

Stornes now in operation


The flexible fallpipe vessel Stornes went into

Works Manager Henri van Bemmel has been

operation in Rotterdam in September 2011 and

involved in this project since November 2010.

since then has mostly worked in the Norwegian

‘I left for Singapore in April 2011 to

sector of the North Sea.

coordinate the mobilisation of the vessels

In Western Australia, specially designed equipment

and since June I have been based partly on

was used to dredge to a depth of 650 metres. A

Sakhalin island and partly offshore. The

number of projects in the Bay of Campeche in Mexico

project has proceeded successfully and we

were also completed in the last quarter of 2011.

are now at the completion stage. Working in this region was a special experience. Ice floes

In full swing

were still to be seen in the water until the end

From the company’s offshore branche in Perth in

of June and the ice storms started again in

Western Australia, preparatory work is in full swing


on rock installation to protect offshore pipelines on the Gorgon project. With a considerable number of


oil and gas fields currently being developed, this

In addition, we had to take account of

region is of great relevance to both offshore and

environmental issues such as the migration

dredging-related projects.

of a threatened species of whale. From a logistical point of view, it was also a challenge

Preparations under way

to get all the equipment and vessels to the

As part of the Sovcomflot contract, preparations are

island on time as about 95% of the equipment

under way for the installation of a platform (Gravity

required was transported by sea.’

Base Structure) near Sakhalin.


Report by the Executive Board

Offshore Wind Projects Van Oord has issued tenders for a number of

Teesside offshore wind farm

projects. In addition, Offshore Wind Projects (OWP)

Preparatory works for the construction and

is conducting design and procurement studies

installation of 27 foundations for wind turbines

together with owners of wind farms, investors,

for the British offshore wind farm in Teesside

banks, other lenders and their technical and legal

began in mid-2011. This contract also involves the

experts to reach financial close for new offshore

construction of the electrical infrastructure and the

wind farms.

installation of the 27 wind turbines for the 62MW offshore wind farm. The offshore installation works

Additional work

start early 2012.

The Belwind Phase I Offshore Wind Farm officially became operational on 9 December 2010. As the

Engineering, Procurement, Construction (EPC)

main contractor for this project, Van Oord carried

The EPC contract for the design, engineering,

out some additional works in 2011.

procurement and installation of 88 subsea cables for the Dan Tysk offshore wind farm in the German

Successful completion

Bight was awarded to Van Oord in 2011. In 2011

An EPC contract for two meteorological masts was

we commenced with preparatory work. The project

successfully completed in 2011. One mast is off the

will actually be carried out in 2012 and 2013.

coast of IJmuiden in the Netherlands and the second mast is off the coast of Helgoland, Germany. Van Oord was responsible for the design, engineering, procurement and installation.

The Belwind Phase 1 Offshore Wind Farm off the coast of Zeebrugge, Belgium.


Drilling and rock blasting in the port of S達o Francisco do Sul in Brazil.

Wicks The Wicks business unit focuses on soil-improvement

Soil compaction projects

projects around the world using vertical and

We completed two soil compaction projects in the

horizontal drainage and soil compaction techniques.

United Arab Emirates. As part of the Pearl Jumeirah

Wicks also performs underwater drilling and blasting

coastal development project in Dubai, over

work when the seabed is too hard for conventional

10 million m3 of rainbowed sand was compacted to

dredging equipment.

improve the load-bearing properties of the ground and reduce residual settlement. The same was

Horizontal and vertical drainage projects

done on Das Island in Abu Dhabi using over

Wicks carried out horizontal and vertical drainage

12 million m3 of rainbowed sand. As well as vibro

projects at various sites in the Netherlands in 2011.

compaction piles, we used compaction rollers and

One of the projects in which Wicks was involved was

compaction hammers.

a large vertical drainage project alongside the A15 Maasvlakte-Vaanplein motorway. This was combined

Innovative underwater drilling and blasting

with preparatory work for the eventual widening of

In 2011, we again boosted our position in

the A15. Wicks was also active outside the Netherlands

underwater drilling and blasting. The successfully

in 2011. For example, we installed the vertical drains

completed S達o Francisco do Sul project in Brazil

for a new tank terminal for Vitol in Johor Bahru in

involved the first use of the Fauna Guard, a device

Malaysia. The vertical drainage project in Pasir

that uses certain sounds to keep turtles, fish and

Panjang in Singapore is a long-term contract under

dolphins out of work areas.

which we were also responsible for installing vertical drains to a depth of up to 60 metres in 2011.


Report by the Executive Board

Safety at work Safety always comes first at Van Oord. After all, safety on the job is of vital importance to the success and continuity of our company.

Leiden University. By introducing the programme in 2011, Van Oord took an important step towards improving safety on the job. The programme

In 2011, we made further improvements to our corporate culture,

defines how we think and act when it comes to

accident statistics and communication concerning safety at work.


For example, we have continued to look critically at our shortcomings

Work Safe

with respect to safety and we are taking steps to make ongoing improvements in that regard.

We also launched another programme in 2011, known as Work Safe, intended to encourage a

Our Quality, Health, Safety & Environment

‘culture of safety’. One important element of the

Department (QHSE) has the task of making

programme is the Van Oord safety code of conduct.

recommendations and implementing policy in the

We also began an improvement campaign focusing

areas of safety, health, quality and the environment.

on those points that we believe require the most

Approximately fifty staff members worldwide are

attention: commitment, competencies, and

directly involved in advising on and supporting QHSE.

contractor management. Three members of the Management Committee are responsible for

Hearts & Minds

promoting these points within the company and for encouraging action to be taken on them.

Our new Hearts & Minds programme is meant to raise awareness of safety in the various areas and departments. Hearts & Minds was developed by

Cutter suction dredger Athena deepening the port of Molhe de Sines, Portugal.


Key aim The key aim of our safety policy is to prevent employee injuries. That is why we need to keep improving our standard of safety – in order to minimise the risk of injury. In addition, more and more clients are asking us to prove that our employees have the necessary safety skills. Compulsory training In 2011, Van Oord decided to provide its General Safety Introduction Training in a uniform manner worldwide. The training course is compulsory for all new employees working on our projects. Important steps The Van Oord Hazard Identification Training was also revamped in 2011. The course is for employees who have been with Van Oord for at least a year. We have also developed a Van Oord Safety Leadership Training course. Its purpose is to help managers understand how they can get their team members and other employees to work more safely. The course will first be given in the Netherlands and then rolled out to key regions elsewhere. Lessons learned Employees once again showed more discipline in 2011 when it came to reporting accidents and hazardous situations. The reports allow lessons to be learned and accidents to be prevented in future. We communicate all accidents company-wide. Our employees are regularly provided with information on safe working conditions in newsletters, monthly reports, the staff magazine and on our intranet. The reports issued by the QHSE Department are discussed at every meeting of the Supervisory Board, the Executive Board, the Management Committee and the Works Council.


Report by the Executive Board

Accidents leading to absence per 100 employees (IF)



Our certification: 1.79

• VCA – Safety, Health & Environment Checklist for Contractors: a Dutch standard for guaranteeing health and safety at project



sites and on vessels and for preventing 1.28





injuries and environmental damage. • ISM Code – International Safety Management Code: the international vessel management standard for guaranteeing safety at sea and for preventing injuries and environmental


and property damage. • ISPS Code – International Ship & Port Facility Security Code: concerns security on vessels







Target in 2011: 1.25

and at port facilities. • OHSAS 18001 – Occupational Health and Safety Assessment Systems Series guideline: guideline enforcing and leading to the


continuous improvement of circumstances and factors that influence the wellbeing of

In 2011, the number of accidents leading to absence,

employees, temporary employees, other

known as the Incident or Injury Frequency (IF) factor,

workers, visitors and any other person

was 1.02 per hundred employees. That figure is well below our target of 1.25 and an excellent result.

present in the workplace. • ISO 9001 – International Organisation for

There has been a vast improvement in the number

Standardisation: a quality management

of days absence resulting from accidents. In 2011

standard guaranteeing that a company

this came to 1,113: compared with 1,995 in 2010.

meets a client’s requirements, controls its operational processes and learns from

Annual awards

experience. • ISO 14001 – International Organisation

We are proud of the projects and vessels that

for Standardisation: an environmental

distinguished themselves by their safe working

management standard.

methods in 2011. We have expressed that pride by presenting our annual safety awards. A number of

Friendly Procurement and Business –

vessels and projects were proposed as candidates

CO2 Performance Ladder, Step 3. This

and subject to an audit. The winner of the Hansje

means that Van Oord Nederland is

Brinker Award for safe working practices at a project

consistently working on and communicating

or yard was the Arkatun Dagi project team. In late

about its CO2 footprint and its quantitative

September 2011, Van Oord Nigeria took receipt of

reduction targets.

the Exxon Mobil Personnel Safety Management Award, presented annually during the Exxon Mobil Contractors Safety Forum. It received this honour for its successful and safe completion of the dredging and landfall work for the Major Integrity Projects (MIPs) near the Exxon Mobil Qua Iboe Terminal in Nigeria’s Akwa Ibom State.


• SKAO – Independent Foundation for Climate

View of the Castor’s cutter ladder.


Report by the Executive Board

Knowledge transfer is a priority Our work depends on our knowledge and skills, both during the tendering stage and during project execution. We believe it is

Output Knowledge transfer is one of Van Oord’s priorities,

important to innovate and partner with our clients. In all tendering

and will remain so. In order to teach our crews,

procedures and projects to be carried out, we investigate ways of

superintendents and engineers the tricks of the

doing a better, faster job at lower cost. Our international Estimating &

trade, we make use of vessel simulators, e-learning and knowledge management. Two new simulators

Engineering Department combines the necessary expert knowledge

(cutter suction dredger and trailing suction hopper

of engineering, construction, the environment and research.

dredger) with an ‘outside-view’ function will be installed at our new head office, which will have its official opening in mid-2012. The e-learning

Increasingly, Van Oord is contracting for

programme ‘I see – I know’, developed in-house at

Engineering, Procurement and Construction (EPC) or

Van Oord, is making an important contribution to

Design & Construct (D&C) projects, meaning that

our training programme for crew. The ‘Production

we are responsible not just for execution but also

Support’ programme keeps a close eye on our

for engineering and procurement. That makes huge

vessels’ performance. We will be starting up yet

demands on our knowledge and skills, with risk

another new programme, the ‘Knowledge Desk’, to

analysis and management also playing an important

streamline our practical problem-solving channels.

role. The emphasis is on multidisciplinary

The basic knowledge vested in the Research &

collaboration between the engineers, the cost

Development Department makes it

estimators, and the relevant area or business unit.

one of the drivers of innovation in the company.

Cutter suction dredger simulator: one of three advanced Van Oord simulators.


For example, the department worked with the crew of the Vox Máxima on a prize-winning vessel design

Publications and papers

modification (Ingenuity Award 2011).

Our employees produced several publications and presented various papers in 2010.

Cost estimating

• ‘Stability of Rubble Mound Breakwaters with a berm: The Upper Slope’, Coastal Structures

In addition to a knowledge of engineering and output, cost estimating is an essential part of our

conference in Yokohama, September 2011. • Innovative Coastal Zone Management:

operations. Once again, it takes knowledge and

Sustainable Engineering for a Dynamic Coast,

skill to successfully tender for and execute projects.

Coastal Management 2011 conference in

Besides their in-depth technical knowledge, our cost estimators and engineers acquire a substantial

Belfast, November 2011. • Introducing guidelines for eco-dynamic

part of their practical knowledge and experience

development and design, Dredging Days 2011

working on projects all over the world. The reports

in Rotterdam, November 2011.

that Van Oord draws up at the end of each project

• Biogeomorphological interactions on a

are an important source of information for future

nourished tidal flat: lessons learned on

tendering and execution of similar projects.

building with nature, Dredging Days 2011 in Rotterdam, November 2011. • Validation of a mixed sediment transport model of the hopper of a trailing suction hopper dredger, INTERCOH conference. • The Netherlands: Challenges for the 21st Century. In: Climate of Coastal Cooperation, published by the European Union of Coastal Conservation (EUCC) Graduation projects Students completed various graduation projects in 2011, under the supervision of our employees. Among them were the following: • Bulldozer effect in front of a draghead. • Modeling the cutting of water saturated sand. • Optimisation of fluidisation and residual load on self-emptying hoppers. • Probabilistic design of settling basins for environmental compliance. Development and evaluation of a risk-based approach. • Improving the Efficiency of Flexible Fall Pipe Offshore Operations. • Dredge plumes. An ecological risk assessment. • Dredge Cutter Heads Spillage tests Part II Testing and analyzing ESCO Vortex Cutter Head. • Study of backring-driven cutter head with drive system


Report by the Executive Board

Maasvlakte 2: ‘Only winners’

PUMA, the consortium carrying out the Maasvlakte 2 port expansion project in Rotterdam, reached a number of notable milestones in 2011. ‘The overall importance of this mega-project is enormous,’ says Dirk Hamer, Deputy Project Director on behalf of Van Oord. ‘By expanding the facilities, we’re securing the port’s future and ensuring its growth.’ Peak PUMA started its work in 2009. ‘Since then, we’ve completed a number of the project phases. 2011 saw activity at an absolute peak.’ PUMA will finish the project in April 2013. ‘We’ve broken a record here: our trailing suction hopper dredgers delivered 4 million m3 of sand from the sea to a single project in just one week – a great example of output optimisation and the use of new working methods.’ Blockbuster Another highlight in 2011 was the special e-crane developed by PUMA for the project, known as the Blockbuster. The crane can effortlessly move forty-tonne concrete blocks at top speed. ‘We managed to build 110 metres of hard seawall a week with the Blockbuster,’ says Hamer. ‘We had to achieve that pace to keep the project on course. I’m very proud of that. We’ve now finished more than 80% of the work and we’re still on schedule. There are only winners in this project.’ Trailing suction hopper dredger Geopotes 14 during the World Port Days in Rotterdam, the Netherlands.



Report by the Executive Board

Growing demand for project-level support One of the key aims of our strategy for 2011 – 2015 is to achieve a leading position in the markets in which our company is active. We

our vessels. The Technical Department has set up a separate unit, Maritime Affairs, to deal with the growing volume of legislation.

are competitive in all classes in the dredging industry. In 2011, we continued investing in our fleet and other non-nautical equipment. These investments fall under an investment budget of more than EUR 1 billion, which extends until 2015.

Engineering and modification We invest a great deal of time and money in modifying both our fleet and our non-nautical equipment. The staff of the Engineering

Van Oord’s Technical Department is responsible

Department, part of the Technical Department, plays

for equipment engineering and modification of all

an important role in our efforts. We have begun

nautical and non-nautical equipment and for

developing vessels in house so that they can be built

maintenance and repair of existing equipment.

according to our own specifications at the shipyard of our choosing, anywhere in the world. When we

Maintenance, laws and regulatory measures

modify existing vessels, we often return to the original design so that we can tailor our equipment

One of our Technical Department’s main tasks is to

entirely to the requirements of a particular project

maintain our fleet. Two of its primary concerns in

and the demands made on us. We carried out a

2011 were planning and cost control. Another point

number of modification programmes in 2011.

was the growing list of laws and regulatory measures with which we are obliged to comply.

Technical staff

Many of the rules are imposed by the London-based International Maritime Organisation (IMO) and

A powerful process of internationalisation is in

concern CO2 emissions and other matters. In 2012,

progress across the Technical Department. This

we will be required to draw up and implement a

development is in keeping with the projects that

Ship Energy Efficiency Management Plan for each of

we are implementing around the world. We will

New equipment • Self-propelled cutter suction dredger Athena

construction is the Aeolus, a wind turbine

It is the largest cutter suction dredger ever

transport and installation vessel for offshore

built in the Netherlands for a Dutch dredging

wind farms. It will be equipped with a 900-

company. What is more, the Athena is one of

tonne crane. We will take receipt of the Aeolus

the largest cutter suction dredgers in the world. The Athena has been operational since autumn 2011. • The newest and biggest flexible fallpipe vessel

in the first quarter of 2013. • We expect our new Stingray, a shallow water pipelay barge, to give our activities in the oil and gas pipeline sector a significant boost.

in our fleet, the Stornes, was christened on

The vessel is currently being built in China

24 September 2011. The Stornes will be used

and will be finished in the summer of 2012.

mainly in the oil and gas industry for precision

• In addition, we deployed the first of two new

protection of pipelines and cables down to a

multicats, the Oceanus, in 2011. The second,

depth of 1,200 metres. The vessel’s hopper

the Cronus, should be completed in the spring

capacity is more than 27,000 tonnes.

of 2012. The two multicats will assist the self-

• The Artemis, sister vessel of the Athena, is currently under construction at IHC in Kinderdijk (Netherlands), and will be finished in early 2013.


• Another vessel that we have under

was christened and launched in February 2011.

propelled cutter suction dredgers Athena and Artemis.

continue to invest in attracting qualified staff from the Netherlands and internationally in the years to

Athena, a workhorse pure and simple

come. Our Technical Department currently employs highly skilled staff from countries including Latvia, India, China and Singapore, as well as Egypt and Romania. The TD archive was successfully digitised in 2011, in preparation for relocation to our new head office along the Nieuwe Maas in Rotterdam. Shipping A major long-term project involving the Technical Department is the upgrading of the ship

On 12 February 2011, the Athena was

infrastructure of a substantial part of our fleet. This

launched. For four years, workers had toiled

project is being carried out in close cooperation

long and hard on the construction of one of

with our IT Department. It involves operations such

the largest self-propelled cutter suction

as upgrading hardware and control circuits and

dredgers in the world. ‘To Van Oord, this ship

replacing outdated communication systems

is a tool for carrying out projects and making

(including satellite communication). This project is

money,’ says Michel Twigt. He was Van Oord’s

scheduled for completion by 2012.

Project Manager during construction, so to him, the Athena is much more than a tool.

On-board catering contracted out

‘I have invested four years of my life in it. I’d be deeply offended if someone said anything

The ‘Sodexo’ project was also rolled out in 2011.

negative about this ship.’

This involves contracting out the catering and facility management on board our main vessels,

Not a speed merchant

i.e. our trailing suction hopper dredgers, to Sodexo,

Twigt characterises the Athena as ‘a workhorse

a professional provider in this area. All personnel

pure and simple’. ‘It floats and it sails, but

work on board has been contracted out to this

above all it’s a workhorse. It is also really

company, which is quite a unique step in our

packed with equipment from stem to stern.

industry. The aim of this contracting-out process is

So it’s not a speed merchant. The vessel has

to provide better service on board and increase

a top speed of 12 knots. But once it starts


dredging, it goes flat out…’ The Athena has a total installed power of 24,702 kW, making it one of the most powerful cutter suction dredgers in the world. The Athena now has two successful projects to its name, one in Portugal and one in Kenya.


Report by the Executive Board

IT outsourcing leads to quality improvement By outsourcing all IT applications and other functions to an external data centre, Van Oord took a major step towards professionalising IT in 2011 and laid solid foundations for the continuity and security of our business-critical applications. The number of IT applications used by Van Oord has increased dramatically in recent years, thereby increasing the company’s dependence on IT as well. Failures can have a considerable impact on our international work processes. Van Oord’s aim is to have all applications available 24/7, 365 days a year, to all staff worldwide at every location required. Outsourcing will help us achieve this goal. Factors such as electricity, cooling, permanent surveillance and IT security are guaranteed in this data centre. Standardised IT infrastructure Van Oord has a standardised system for connecting all workstations quickly and cost-effectively to the worldwide data communication network. This modern data communication system enables all our employees anywhere in the world not only to use e-mail, our intranet and the Internet but also to communicate using methods such as video conferencing and Voice Over Internet Protocol (VOIP) calls. Uniformity and quality of HR records As long ago as 2009, Van Oord started to standardise human resource processes. It established an administrative system for this purpose which can be accessed by all offices and locations. The process was completed in the Netherlands at the end of 2010. This system was also implemented worldwide in 2011.

Flexible fallpipe vessel Nordnes protecting the Ormen Lange pipeline in Norwegian waters.



Trailing suction hopper dredger Lelystad (foreground) and cutter suction dredger Hercules deepening the port of Suape, Brazil.

Van Oord and its context Sustainable entrepreneurship is an increasingly important item on Van Oord’s corporate agenda. The company fleshed out its HR policy in 2011 and narrowed the focus of its sustainability policy to reducing its carbon footprint, both in the Netherlands and elsewhere. We are a frequent participant in green marine engineering projects and apply the principle of Building with Nature, derived from a knowledge-generation programme that Van Oord helped initiate. People, Planet and Prosperity are the underlying values that guide such efforts.



Van Oord and its context

Challenging and varied work environment: our people Van Oord’s corporate culture is one in which employees are given – and are eager to accept and take – responsibility. We want all our employees

give training and professional development firmer foundations within the organisation. All our internal and external training courses are now provided through the Academy. The purpose is to offer employees a challenging work environment where they can engage in continuing professional

to enjoy their work, to work safely, and to feel like part of a team. Mutual

development. We also see this as a good way to gain

respect, trust, friendly relations between colleagues and basic good

our employees’ commitment, interest and loyalty.

manners are crucial in this respect. Van Oord believes in One Team, worldwide, that is why we drafted a new code of conduct in 2011.

The Academy focuses on the company’s core activities as an international contractor, and on building our expertise in project execution, project management and safety. Taking these basic principles

Our employees are the heart of our organisation and

as our starting point, we are developing technical

make a crucial contribution to the success of the

learning paths and providing training programmes

company. We are guided by their talents and skills.


Excellent employee benefits, training and professional development, and an international


working language (English) ensure equal opportunities for all.

In 2011 we intensified our recruitment and selection efforts and were pleased to welcome more than six

Van Oord Academy

hundred new employees worldwide to our organisation.

Van Oord continued to build its internal expertise institute, the Van Oord Academy, in 2011 in order to



investments were discussed in the year under review. The Works Council was closely involved in various

It is important to Van Oord to continue working on

investment proposals, changes to the company’s

internationalisation. We do not discriminate on the

employment terms policy, and its strategic plans for

basis of nationality, cultural background or race and

2011 – 2015. The committee on safety, health,

offer everyone equal opportunities and excellent

welfare and the environment was kept very busy

terms of employment in line with customary

with safety issues on our projects and vessels. With

practice in the country of origin and in international

regard to the fleet, the Works Council devoted

business. Safe working conditions are top priority at

considerable attention to on-board catering and

all levels of our organisation. That is why we have

communication between the head office and the

dozens of employees throughout the company

crews. One recurring topic of discussion is the

working on safety issues full time. The aim is to

internationalisation of the workforce and its

prevent accidents from happening in the first place.

importance for the company.

Employee representation

Supply chain responsibility

Van Oord’s Works Council traces its roots back

Legislation is the basis for our actions. In addition,

to the Dutch Works Councils Act. It consists of

we require shipyards to maintain environmentally

representatives from all the various parts of the

friendly and safe working conditions, and we have

organisation. Once every two weeks, the Works

any ship-breaking operations carried out in

Council’s executive committee discusses current and

accordance with IMO and EU regulations. We apply

future issues with the P&O staff director. The Works

the principles of corporate social responsibility in

Council meets with the CEO six times a year. Safety,

our procurement process. In 2011, we worked to

personnel matters, the fleet and the company’s

refine this process further. For example, we now

The crew of flexible fallpipe vessel Stornes.


Van Oord and its context

look even more closely and in greater detail at

conditions on board sea-going vessels. We are seeking

framework contracts and supply chain responsibility.

certification under this treaty and commenced the relevant application procedure in 2011.

We do not hesitate to hold partners accountable for their approach to the three Ps (People, Planet and


Prosperity). Such accountability fits in with our corporate culture and the nature of our company

Absenteeism at our company in the Netherlands

as a family-owned business.

compared favourably with general construction industry figures. In 2011, 2.9% of working days were lost owing to absence due to illness. We are working

Maritime Labour Convention

with our health & safety advisor, 365 ArboNed, to Van Oord enforces the Maritime Labour Convention,

prevent sickness absenteeism.

an international treaty governing working and living

Number of employees in full-time equivalents (FTEs)

Absence due to illness


5.0 5,085




3000 2500


3.0 2.60











2000 1500

0 2009




Sickness absenteeism in % of working days 500

Average for construction industry in the Netherlands

0 2006






Type of training and number of employees per training course

Training 2






37 313











565 857








Total number of employees that have had training Average number of training days per employee that has had training, including the traineeship programme


(Personal) Skills





Trainees after completing their programme.


Van Oord and its context

Reducing our carbon footprint: our planet In 2011, our sustainability policy focused largely on our CO2 or carbon footprint. Our greatest challenge is to reduce our vessels’ CO2 emissions. To do this, Van Oord has set up an Energy Management Steering Committee. The Committee advises on emission and energy consumption targets and management measures. Our energy management system was set up in accordance with the EN 16001 standard and incorporated into the Van Oord Management System. We took a major step forwards in 2011 by analysing our carbon footprint. For example, we surveyed company-wide CO2 emissions in accordance with the international ISO 14064 standard. A brainstorming session with Engineering & Estimating and the Technical Department also produced a number of energy-saving ideas. We are currently investigating the feasibility of these suggestions. Climbing the CO2 performance ladder

New head office in Rotterdam, the Netherlands.

The CO2 performance ladder – a tool used by Dutch companies to explain reductions in their

preferably at the highest level, 5 – will make us

CO2 footprint and improvements in awareness –

even more attractive as a candidate for partnerships

was revamped in 2011. RWS (the executive arm

and projects. That fits right in with Van Oord’s aim

of the Dutch Ministry of Infrastructure and the

of becoming a main contractor in the Netherlands

Environment) makes frequent use of the ladder

for more complex, multidisciplinary infrastructure

in its tendering procedures. After an audit in

projects. We are working to achieve level-5

December 2011, Van Oord Nederland was awarded

certification in 2012.

level-3 certification according to the new standard. That means that RWS will subtract a fictitious

Total carbon footprint

amount from the tender price. Higher certification – Van Oord’s total carbon footprint in 2010 was 840,190 tonnes of CO2, of which 818,291 tonnes or 97.4% was caused by fuel consumption by our

Van Oord invests in People, Planet and Prosperity because it believes in these values, not because it wants a top score on the CSR index.

vessels and other equipment. We have established that Van Oord Nederland’s emissions amount to 187,469 tonnes and this has been verified by our certification body. Aims We measure and report on our CO2 emissions every year. By 2015, we aim to improve the energy efficiency of our activities by at least 5% compared with 2010. Our energy management system and


targets are incorporated into the annual plans of

New head office

our areas and departments. Each vessel has a system that monitors fuel consumption and

Our new head office on the river Nieuwe Maas in

suggests efficiency measures based on the results.

Rotterdam will make a major contribution to

Cutter suction dredger Athena, which we designed

reducing our carbon footprint. The first pile was

and constructed ourselves, is the first vessel ever

driven on 1 November 2010 by Rotterdam’s mayor,

to be awarded a Green Passport.

Mr Ahmed Aboutaleb. The architecture has a nautical flavour well suited to both our company

New technologies

and the location. The building is designed to be sustainable. The two most important energy-saving

Wherever possible, we make use of the latest

systems are the heat/cold storage system and the

technologies. A number of our vessels have been

sedum and moss roof. The moss cover will be

fitted with new energy-efficient engines. We are

approximately 10 cm thick. A layer of this kind

continuously looking for fuel-efficient technologies

deflects heat so that temperatures inside will

to apply in our new equipment programme. We

remain cooler in the summer. The heat/cold

expect these investments to produce results in the

storage system represents a considerable energy

foreseeable future. To reaffirm its dedication to

saving compared to conventional systems. Other

solving the global CO2 problem, Van Oord joined

energy-efficient systems include the lighting and

the Carbon Disclosure Project in 2011. The aim of

solar panels. The office will be ready in the spring

this project is to drive greenhouse gas emissions

of 2012.

reduction and sustainable water use by business by providing a transformative global system to measure, disclose, manage and share environmental information.


Van Oord and its context

Sustainability as a prerequisite: our prosperity

Building with Nature: for nature, with nature

The long-term continuity of our business is of vital importance to us. That continuity depends on our generating a healthy profit, one that enables us to pay dividends and wages in line with the market and introduce sustainable operational processes. It also gives us an opportunity to grow, and to demonstrate that growth by investing continuously in human capital and equipment. We want to make a profit, but we will never lose sight of the environment while doing so. According to Anneke Hibma, Van Oord’s Ecoshape’s Building with Nature innovation

Programme Manager in the EcoShape

programme combines the strengths and expertise

partnership, Building with Nature is all about

of the Dutch marine engineering sector. Van Oord

designing and constructing marine

is one of the programme’s initiators and has

infrastructure in a way that not only leaves

cooperated closely with research institutes,

room for nature but also harnesses natural

commercial parties, universities and government to


set it up. Building with Nature is mainly concerned

‘That is how we try to generate added value in

with generating new applications based on the

our projects,’ she says. ‘Besides the Sand

latest insights and technologies. By working within

Motor, we’re also working on a similar smaller

the context of existing initiatives and projects,

project in Lake IJssel. We’ve constructed a

stakeholders become more closely involved and

foreshore sand suppletion facility off the

pilots get off to a quick start. The programme will

Frisian coast at a location where it can do no

come to an end in late 2012 and those taking part

damage to the natural environment. We then

will have acquired the necessary know-how and

let nature take its course in transferring the

experience in eco-dynamic design. They intend to

sand gradually to the coast so that it is

pass on this know-how to students in higher

reinforced. If we’d deposited the sand directly

education so that a new generation of marine

on the coastline, we would have caused

engineers can be trained in the necessary skills

enormous disruption to the natural habitat

and techniques.

and suffocated any soil life. Now nature can keep pace with sand accretion.’

Good example Oyster reefs The Sand Motor project at Ter Heijde in the

Another project that is attracting considerable

Netherlands is a good example of the Building with

attention abroad concerns the oysters reefs in

Nature principle. It has been described as ‘an

the Eastern Scheldt estuary (see photograph).

innovative example of Dutch marine engineering’.

‘The Eastern Scheldt flood defences are leading

Van Oord feels an obligation to lead the way in this

to the rapid disappearance of sand plants in

field, not just today but in the future as well. That

the estuary. The oyster reefs help combat

means that we can continue to set ourselves apart

erosion and also provide nutrient-rich habitats

from the rest.

for many different species of fauna. By installing a substrate consisting of chicken wire filled with oysters shells gathered from elsewhere, we can help a new oyster brood establish itself there and grow into a mature, self-sustaining reef. That benefits us and nature at the same time.’


Coral regeneration

our sponsorship budget in line with the company’s growth. We reformulated our sponsorship strategy

Our engineers design methods that take account

and adopted it in the first half of 2011.

of the ecosystems in which we work. They do so with the aid of modelling software that we have

Van Oord now focuses more on sponsoring cultural

developed to predict environmental impact. We are

and community activities and on initiatives in the

also developing innovative working methods that

marine sector. We are concentrating on four

help preserve flora and fauna, for example by

themes: Passion for Water, Arts and Culture, One

keeping turtles, dolphins and whales out of

Team, and People and Planet. In 2011, Van Oord

operating areas. In addition, we are collaborating

entered into a long-term sponsorship relationship

with Dutch and foreign universities on research

with various organisations, including the Maritime

into accelerated coral regeneration. The aim of this

Museum and the Rotterdam Philharmonic

study is to compensate for coral removed in the


course of port development projects. Sponsorship strategy We believe that it is important to make a contribution to the society in which we live. Up to the end of 2010, we focused on sponsoring educational institutes and charities that have our employees’ support. In 2011, we decided to increase

One of our sponsorship projects is Beautiful People, which supports mentally handicapped artists.


Van Oord in operation Activities


Offshore oil and gas

Marine engineering

• Constructing and maintaining ports

• Protecting subsea oil and gas pipelines

• Coastal defences

• Dredging trenches for oil and gas

• Dike and revetment construction

and waterways • Land reclamation • Constructing artificial islands • Removing contaminated bed sediment (environmental dredging)

pipelines • Installing single buoy mooring systems and pipelines in shallow water • Laying oil and gas pipelines in shallow water • Installing floating oil platforms


• Building offshore breakwaters, groynes and quay walls

Offshore wind farm construction


Soil improvement

• Acting as a contractor for the

• Designing and building large-scale

• Vertical drainage

construction of entire offshore wind farms (engineering, procurement and construction) • Delivering services to offshore wind farm contractors

infrastructure projects • Constructing sub-base works for roads

• Deep compaction • Underwater drilling and blasting

and railways • Supplying sand, gravel and other material


Area and Staff Directors

Arnoud Kuis

Peter Bunschoten

Jan Schaart

Freek de Wit

Joep Athmer

Governance model The Executive Board consists of four executive

The Management Committee consists of the four

officers appointed under the company’s articles of

members of the Executive Board, the six Area

association who are jointly responsible for strategy,

Directors and the four Staff Directors. Its task is to

objectives, policy and the related results. The

take key operational and commercial decisions. The

Executive Board meets every two weeks.

Management Committee meets every other week or more frequently when necessary.

Executive Board P. van Oord

Chief Executive Officer

A.J. van de Kerk RA

Chief Financial Officer

P.H.G. de Ridder

Chief Operational Officer

P.W. Verheul

Chief Operational Officer

Area Directors J.B.E.M. Athmer


C.A. de Bruijn

Asia & Australia

A.F. Kuis

Middle East, Mediterranean & South West Asia

J. Schaart


R.A.M. Schinagl

America & Africa

F. de Wit


Staff Directors P.H. Bunschoten

Ship Management Department

I.F.R. Daemen

Estimating & Engineering

H. de Jong

Finance & Administration

A.J.M. van Schaik

Personnel & Organisation

Staff Management


A.G.M. Arrachart

Information Technology

R.E. de Bruin

Communication & Markets

J.M. de Groot

Legal & Contracts

C.K. Holierhoek

Quality, Health, Safety & Environment

I.A.C. Hoogstad


M.S. Janssen


G.C.J. Kok

Fleet Personnel Department

M.J.L. Koper


L.J. Seekles

Facility Services

A.J. Vrijhof

Operations Department

Niels de Bruijn

Ton van Schaik

Huib de Jong

Ronald Schinagl

Ivar Daemen

Area Management Area Offshore - Area Manager subsea rock installation

J.G. van Oord Azn.

- Area Manager offshore pipeline installations

M.B.A.M. de Kok

- Area Manager offshore Australia

J. van Meeuwen

Area Netherlands - Area Manager

W. Visser

- Area Manager infrastructure

R. van Wijk

Area Europe - Area Manager United Kingdom & Ireland

M. den Broeder

- Area Manager Germany

H.G. Lunsing

- Area Manager North & East Europe

P.P. Hordijk

Area Middle East, Mediterranean & South West Asia - Area Manager Middle East

J.J.W. Elleswijk

- Area Manager South West Asia

R.H. Viersma

- Dravo S.A. (50% Van Oord)

M.W. Roelofs

Area America & Africa - Area Manager South America

G. van Oord

- Area Manager North & Central America

T. Helbo

- Area Manager Africa

R.K. Romijn

Area Asia & Australia - Area Manager North and South East Asia

M. Smouter

- Area Manager Australia

M.P. Meijers

Offshore Wind Projects - Area Manager

J.G. van Wijland

Wicks - Area Manager

G.J.A.M. Mens



Trailing suction hopper

Cutter suction dredgers

Split hopper dredgers/barges

Water injection dredgers

dredgers hopper capacity (m3)

total installed power (kW)

hopper capacity (m3)

total installed power (kW)

HAM 318




Jan Blanken


Sagar Manthan


Vox Máxima




Jan Leeghwater








Pieter Caland




Volvox Terranova




Cornelis Lely






HAM 218


HAM 1114




HAM 310


Sliedrecht 35


HAM 1115


Draga Tocantins


Volvox Asia


HAM 217


Murray River


Draga Rio Madeira






Yarra River




Geopotes 15


Zeeland II


Johannis de Rijke


HAM 922


HAM 316




Johan van Veen




Sagar Hansa







Volvox Delta


Sliedrecht 34


HAM 350


Geopotes 14


Zeeland/Riekerpolder 4,087

HAM 586


Volvox Iberia


HAM 219




HAM 309






Volvox Olympia


Calabar River




Volvox Atalanta









HAM 253




HAM 250


Sand carrier 101


HAM 312




Sand carrier 102


HAM 311




Sand carrier 103


Dravo Costa Dorada** 2,548



Sand carrier 104


Costa Blanca




Sand carrier 105


Volvox Anglia




Sand carrier 106


Hopper barges HAM 317


965 * Under construction

** jointly with Dravo S.A.


hopper capacity (m3)

Pushbusters total installed power (kW) Blackbird









Flexible fallpipe vessels

Side stone dumping vessels


carrying capacity (tonnes)

carrying capacity (tonnes)

total installed power (kW)



HAM 602




6 large marine drilling rigs



Jan Steen




6 deep compaction



HAM 601




Jan Steen



Razende Bol



962 431/544

Ground treatment equipment



installations 14 vertical drain rigs 5 horizontal drain rigs

Under construction

Other equipment

Cutter suction dredger

Suction dredgers

Hydraulic drill towers


Multipurpose support vessels


Barge unloading dredgers

Linear pulling winches 300 tonnes

Environmentally friendly


Shallow water pipelay barge Stingray

dredging equipment

Rock-drilling platforms

Grab dredgers

Spreader pontoons

Offshore wind farm transport

Bucket dredgers

Survey boats

and installation vessel

Accommodation pontoons

Tank barges


Crane barges

Transport barges

Demountable pontoons


Jack-up vessel

Dump trucks and bulldozers

Winch/anchor pontoons

Wave Walker

Hopper barges


Sand Motor, the artificial peninsula along the Dutch Delfland coast.

Reports 2011


In this integrated report, Van Oord reviews the course of

main contractors and subcontractors, suppliers, financial

business in the company in 2011. The financial report has been

institutions, educational establishments, and NGOs.

prepared in accordance with the Dutch GAAP guidelines. We

This report is available in Dutch and English. In the event of a

have been guided in our choice of sustainability topics by the

discrepancy between the two versions, the Dutch text will take

Global Reporting Initiative (GRI) guidelines. The annual accounts

precedence. Van Oord also publishes a separate annual social

have been audited by Ernst & Young Accountants. This report is

report. Both reports are available in printed and digital versions.

intended for all those who take an interest in Van Oord,

The digital versions can be viewed and downloaded at

including clients, shareholders, current and future employees, Printed versions can also be requested there.

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 2011

31 December 2010

Fixed assets Intangible fixed assets




Tangible fixed assets




Financial fixed assets



12,403 1,411,886


Current assets Stocks







Cash at bank and in hand



Total assets

199,783 817,780




Shareholders’ equity *








Subordinated loan *




Other long-term liabilities



105,780 1,233,700


Current liabilities Work in progress Other liabilities

Total shareholders’ equity





229,066 774,580 995,966






and liabilities Items marked with * form part of the capital base


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.

2011 Net turnover




Depreciation of tangible fixed assets Amortisation of intangible fixed











Gross profit General administrative expenses


Operating profit Net interest expense


















Profit on ordinary activities before taxation Taxes Net profit



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/(used in) investing activities






297,006 279,052 -247,360



Cash flow from/(used in) financing activities



Cash at bank and in hand at 31 December



Operating profit



Depreciation of tangible fixed assets





Net interest expense






Movements in working capital





Amortisation of goodwill

Movements in provisions Cash flow from operating activities Net additions to tangible fixed assets Net investments in financial fixed assets







Cash flow from/(used in) investing



activities Dividend Other movements in shareholders’ equity Long-term liabilities Cash flow from/(used in) financing activities







-78,879 91,483


Notes to the consolidated financial statements Accounting principles General Van Oord is the holding company holding the shares of the Van Oord group companies. The financial statements have been drawn up 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 Netherlands Civil Code. Basis of consolidation The consolidated financial statements include the financial information of Van Oord and its wholly-owned group companies using the full consolidation method. Participating interests and contracting consortiums are consolidated proportionally, provided that the company exercises at least the same influence on policy as each of the other participants. Joint and several liability for the commitments of contracting consortiums is taken into account if necessary. The abbreviated company profit and loss account is presented in accordance with Section 402 of Part 9 of Book 2 of the Netherlands Civil Code. List of principal group companies and participating interests Wholly-owned group companies Van Oord Dredging and Marine Contractors bv

Rotterdam (the Netherlands)

Van Oord Offshore bv

Gorinchem (the Netherlands)

Van Oord Nederland bv

Gorinchem (the Netherlands)

Van Oord Equipment bv

Gorinchem (the Netherlands)

Van Oord Finance bv

Rotterdam (the Netherlands)

Participating interests Dravo S.A. (50%)

Madrid (Spain)

A list of participating interests and contracting consortiums included in the consolidation has been filed at the offices of the Trade Registry in Rotterdam (the Netherlands) in accordance with Section 414 of Part 9 of Book 2 of the Netherlands 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 direct to the profit and loss account. Translation differences arising on the translation of foreign participating interests are taken to reserves.


Accounting policies Intangible fixed assets - Goodwill is the difference between the price paid for newly acquired participating interests and the value of the company’s share in the fair value determined in accordance with the 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. Additions made during the year are depreciated from the date of purchase. Financial fixed assets - Participating interests are stated at the lower of the proportional share of their net asset value determined in accordance with the accounting policies of Van Oord and net realisable value. Stocks - Raw materials and consumables are stated at the lower of cost and net realisable value. Debtors - Debtors 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 fair value. Provisions - Provisions are stated at non-discounted value. Long-term liabilities - Long-term liabilities are stated at amortised cost. Work in progress - Work accepted is stated at cost, plus attributed profit, less the realisable value of work completed. The profit is determined on the basis of the technical progress of the work once this profit can be estimated reliably and the progress is at least 35%. The realisable value of work completed is understood to mean the total work in progress instalments charged, plus work completed but not yet invoiced. A provision for possible losses is deducted from the balance of work in progress. General expenses are not capitalised. Other liabilities - Other liabilities are stated at amortised cost. Derivatives and hedge accounting - Van Oord nv uses derivative financial instruments ("derivatives"), such as forward currency and fuel contracts and (cross-currency) interest rate swaps, to hedge against risks associated with fluctuations in currencies, fuel prices and interest rates. Van Oord carries these instruments at cost and applies hedge accounting. Income and expenses Turnover - Net turnover represents the value of the work carried out in the year under review plus the profit on work completed in the year under review, and income from some trading activities. 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. Taxes - Taxes are calculated on the basis of the result disclosed in the profit and loss account, taking into account current tax facilities and deferred tax assets and liabilities. Cash flow statement 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, movements in balance sheet items and profit and loss account items for which inflows and outflows are not deemed to be from operating activities.


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


Net Book value at 1 January 2011




Net Book value at 31 December 2011




Accumulated amortisation


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

Net Book value at 1 January 2011

floating and


assets under

buildings other contracting

land and

fixtures and
















Assets taken into operation and other





























Net Book value at 31 December 2011












Accumulated depreciation






Depreciation period in number of years

10 - 25

3 - 20


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 2011. 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 2011 amounted to EUR 2.4 billion (EUR 2.2 billion).


3. Financial fixed assets






interests Balance at 1 January 2011




Dividend received




Share in results




New loans/redemptions




Other movements Balance at 31 December 2011

4. Debtors Trade debtors Other receivables Prepayments and accrued income

















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 balances



Deposit accounts





Of the total of cash at bank and in hand, EUR 46 million (EUR 34 million) relates to proportionally consolidated contracting consortiums and participating interests and is therefore not at the free disposal of the company.


Liabilities 6. Shareholders’ equity Statement of changes in shareholders’ equity of Van Oord: 2011






Translation differences arising on foreign participating interests



Total direct changes in shareholders’ equity of Van Oord



Total profit of the legal entity






in relation to shareholders



Shareholders’ equity of Van Oord at 31 December



Shareholders’ equity of Van Oord at 1 January Consolidated net profit attributable to Van Oord

Total changes in shareholders’ equity of Van Oord

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

7. Provisions 1 January




31 December



Regular maintenance of fixed operating assets



46,162 215 162,139

Tax liabilities Other provisions
















The provision for regular maintenance of fixed operating assets is formed for systematic maintenance of equipment. The provision for tax liabilities is formed for ongoing tax proceedings in the Netherlands and abroad. All provisions are generally long term in nature.


8. Subordinated loan and other long-term liabilities With effect from the 2011 financial year, repayments falling due within one year are classified as current liabilities. Comparative figures for 2010 have been restated. In April 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, while the US Private Placement has 4 tranches with terms of 8, 10, 12 and 15 years. It was converted into EUR 358 million using a cross-currency swap. Further details of effective interest rates, remaining maturities and currencies in which the interest-bearing liabilities are denominated are provided in the note on financial instruments under 'Interest rate risks'. The average rate of interest on long term loans in 2011 was 4.57%. The repayment of long term liabilities after 5 years until final maturity amounts to EUR 379 million (EUR 8 million). No direct security is provided for the loans. 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. Total cost of work in progress and realisable value of work completed amounted to EUR 405 million and EUR 320 million, respectively, at year-end 2011. 10. Other liabilities Repayments falling due within one year






Taxes and social security contributions



Other liabilities







Trade creditors

Accruals and deferred income

Accruals and deferred income mainly concern accruals for project costs.



Financial instruments General Van Oord and its group companies use various financial instruments as part of their normal business activities. These are either accounted for under assets and liabilities or not included in the balance sheet. Credit risk In principle, payment risks are covered by bank guarantees, insurance, etc., unless the creditworthiness of the debtor has been assured. These procedures and the geographical spread of the group companies activities limit exposure to credit concentrations and market risks. Liquidity risk The principle underlying liquidity risk management is that sufficient cash resources must be maintained or credit facilities available to meet current and future financial commitments under both normal and exceptional circumstances. Liquidity forecasts, which include available credit facilities, form part of the regular management information provided to the Executive Board. In view of the nature of the activities and corresponding strongly fluctuating cashflows, the available cash at bank and in hand is usually not tied up for more than one year. 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 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 and Singapore dollars. For this purpose, an amount of EUR 0.2 million is included under other receivables at 31 December 2011, which is released as soon as the hedged future cash flow occurs. In 2010, EUR 8 million was recognised under other liabilities 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 2011, an amount of EUR 23 million is included under other receivables for this purpose. In 2010, EUR 5 million was recognised under other liabilities for this purpose. 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. Van Oord carries these instruments at cost and applies cost hedge accounting. The effective interest rates and maturities of long-term receivables from third parties, cash at bank and in hand, and longterm loans are as follows. At 31 December 2011 (x EUR 1,000)


Less than


one year

1-2 years

2-3 years

3-4 years

4-5 years More than 5 years


rate Long-term receivables from

















third parties Cash at bank and in hand Revolving Credit Facility (euro’s)









US Private Placements 2004

















(US dollars) US Private Placements 2011 (US dollars)


Fuel price risk The fuel price risk is largely hedged by entering into forward contracts and contractual arrangements with principals. Van Oord carries these forward contracts at cost and applies cost hedge accounting. 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, debtors, and current and long-term liabilities, is virtually identical to their carrying value. Financial instruments not included in the balance sheet and fair value As at 31 December 2011, the value of the forward exchange contracts at the forward rates amounted to EUR 274 million (EUR 395 million). The value of the currencies to be received under these contracts at the exchange rates at 31 December 2011 was EUR 288 million (EUR 411 million). At 31 December 2011, the fair value of the (cross-currency) interest rate swaps was EUR 13 million. At 31 December 2011, the fair value of the forward fuel contracts was EUR 0.1 million.

Commitments not shown in the balance sheet Warranty commitments The warranty commitments not included in the balance sheet amounted to EUR 534 million at year-end 2011 (EUR 443 million). A portion of the risks arising from this has been reinsured. The vast majority of the commitments relate to performance bonds issued to clients, which is standard practice in marine contracting. Van Oord is involved in a number of legal claims. Based on the information available, Van Oord believes any potential negative outcomes have been sufficiently provided for. Rental and lease commitments Total commitments under long-term rental and lease contracts amount to EUR 14 million (EUR 12 million). An amount of EUR 8 million will be repaid in 2012. Total operational car lease commitments amount to EUR 8 million, of which EUR 4 million will be repaid in 2012. Capital commitments Commitments relating to investments in tangible fixed assets amounted to EUR 336 million at the balance sheet date (EUR 492 million).

Related parties Van Oord classifies group companies, the Executive Board, the Supervisory Board and the shareholders as related parties. Related-party transactions are carried out on terms applied in third-party transactions.


Notes to the consolidated profit-and-loss account (x EUR 1,000)

11. General Turnover on work carried out in 2011, including the company’s share of turnover generated by the consolidated consortiums (excluding value added tax), amounted to EUR 1,715 million (EUR 1,578 million). Breakdown turnover by geographical area In the Netherlands In Europe In the rest of the world



















Wages, salaries and social security contributions in 2011 for employees of Van Oord and its group companies amounted to EUR 258 million (EUR 215 million). This related to an average of 3,847 (3,465) employees (in full-time equivalents) and can be broken down as follows:

Wages and salaries





Social security contributions



Pension costs





These costs relate only to own employees. The above figures include wages, salaries, social security contributions and pension costs of EUR 56 million (EUR 25 million), relating to the companies consolidated on a proportional basis. Remuneration of the members of the Supervisory Board and Board of Management totalled EUR 2.6 million (EUR 2.4 million). Members of the Supervisory Board received EUR 0.2 million (EUR 0.2 million), members of the Board of Management EUR 2.4 million (EUR 2.2 million). The annual pension costs are equal to pension contributions which have been paid to the pension insurer. Breakdown of average number of employees



(full-time equivalents) Employed in the Netherlands





Employed outside the Netherlands

















Hired personnel


11 en 12. Gross profit Gross profit represents the balance of net turnover and the cost of work, plus the profit recognised on work in progress. Gross profit also includes: • the addition to or release from the provision for expected losses on work in progress; • prior-year income and expenses on work completed in previous years; • income from fixed operating assets charged as rent to projects and third parties, less operating expenses, including periodic maintenance costs, and excluding depreciation; • various items of income and expenditure, such as gains on the sale of tangible fixed assets, exchange differences and compensation for damage; • depreciation and/or impairments of tangible fixed assets; • amortisation of goodwill. 13. General administrative expenses General 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 0.3 million (EUR 0.3 million). The fees for other auditservices in 2011 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 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 included in the profit and loss account. This results in fixed interest expenses for these loans.


15. Taxes This item includes both Dutch and foreign taxes. The effective and nominal tax rates differ by country.

Tax charge current year Adjustment related to previous years









In 2010 the taxes are adjusted as a result of a revision of the total tax position which resulted in an extraordinary tax gain of EUR 40 million. 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






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 2011

31 December 2010

Fixed assets Intangible fixed assets


Financial fixed assets


group companies




821,543 877,424


Current assets Debtors


Amounts owed by group companies Cash at bank and in hand




Total assets Shareholders’ equity






Paid-up and called-up share capital Share premium account Statutory reserves Other reserves Profit/(loss) for the financial year Long-term liabilities











117,922 d.

165,152 634,513






Current liabilities Amounts owed to credit institutions Amounts owed to group companies Other liabilities

Total liabilities






743 27,523








Company profit and loss account (x EUR 1,000) Profit of participating interests after taxation Various income and expenditure after taxation Net profit






Notes to the company financial statements (x EUR 1.000)

Unless stated otherwise, reference is made to the notes to the consolidated financial statements. a. Intangible fixed assets Net book value at 1 January 2011 Amortisation Net book value at 31 December 2011 Cost Accumulated amortisation Amortisation period in number of years

goodwill 89,258 6,866 82,392 137,320 54,928 20

b. Financial fixed assets The group companies included in this item are listed in the notes to the consolidated financial statements. group companies Balance at 1 January 2011 Dividend received Result of participating interests Translation differences of participating interests Other movements Balance at 31 December 2011

821,543 -153,000 127,821 -1,329 -3 795,032


c. Shareholders’ equity The authorised share capital in accordance with the Articles of Association amounts to EUR 40,000,000, divided into 40,000 ordinary shares of EUR 1,000. The issued share capital amounts to EUR 12,100,000, divided into 12,100 ordinary shares. paid-up and









580,212 -57,221



share capital




Dividend paid





Translation differences






Profit for financial year











2010 Balance at 1 January 2010

Balance at 31 December 2010 2011 Dividend paid






Translation differences






Profit for financial year Balance at 31 December 2011











The share premium account is tax exempt. Statutory reserves consist of a currency translation reserve of EUR 2.6 million and a reserve for participating interests of EUR 0.9 million. d. Long-term liabilities These are exclusively loans to wholly owned subsidiaries. As in the previous year, long-term liabilities have terms below 5 years. A substantial portion of the long-term loans is non-interest-bearing. The average interest rate for the interest-bearing portion is 3.47% in 2011.


Other information Profit appropriation Profit appropriation takes place in accordance with Article 21 (1) and (2) of the Articles of Association, which reads as follows: ‘The profit shall be at the disposal of the Annual General Meeting after application of a dividend distribution on cumulative preference shares to the extent that the profit is sufficient.’ The proposed appropriation of the profit is as follows: Proposed dividend on ordinary shares Added to reserves

56,155 61,767

Profit for the financial year


Rotterdam, 13 March 2012 Supervisory Board

Executive Board

C.J. van den Driest, Chairman

P. van Oord, CEO

J.W. Baud

A.J. van de Kerk

K. Damen

P.H.G. de Ridder

J.M.J.A.P. Laurent Josi

P.W. Verheul

Jac.G. van Oord


Independent auditor’s report To: Van Oord nv, Rotterdam

Report on the financial statements

audit procedures that are appropriate in the circumstances,

We have audited the accompanying financial statements

but not for the purpose of expressing an opinion on the

2011 of Van Oord nv, Rotterdam, which comprise the

effectiveness of the entity's internal control. An audit also

consolidated and company balance sheet as at 31 December

includes evaluating the appropriateness of accounting

2011, the consolidated and company profit and loss account

policies used and the reasonableness of accounting

for the year then ended and the notes, comprising a

estimates made by management, as well as evaluating the

summary of the accounting policies and other explanatory

overall presentation of the financial statements.

information. We believe that the audit evidence we have obtained is Management's responsibility

sufficient and appropriate to provide a basis for our audit

Management is responsible for the preparation and fair


presentation of these financial statements and for the preparation of the management board report, both in

Opinion with respect to the financial statements

accordance with Part 9 of Book 2 of the Dutch Civil Code.

In our opinion, the financial statements give a true and fair

Furthermore management is responsible for such internal

view of the financial position of Van Oord N.V. as at

control as it determines is necessary to enable the

December 31, 2011 and of its result for the year then ended

preparation of the financial statements that are free from

in accordance with Part 9 of Book 2 of the Dutch Civil Code.

material misstatement, whether due to fraud or error. Report on other legal and regulatory requirements Auditor's responsibility

Pursuant to the legal requirement under Section 2:393 sub 5

Our responsibility is to express an opinion on these

at e and f of the Dutch Civil Code, we have no deficiencies to

financial statements based on our audit. We conducted our

report as a result of our examination whether the

audit in accordance with Dutch law, including the Dutch

management board report , to the extent we can assess, has

Standards on Auditing. This requires that we comply with

been prepared in accordance with Part 9 of Book 2 of this

ethical requirements and plan and perform the audit to

Code, and whether the information as required under

obtain reasonable assurance about whether the financial

Section 2:392 sub 1 at b-h has been annexed. Further we

statements are free from material misstatement.

report that the management board report, to the extent we can assess, is consistent with the financial statements as

An audit involves performing procedures to obtain audit

required by Section 2:391 sub 4 of the Dutch Civil Code.

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

Utrecht, 13 March 2012

material misstatement of the financial statements, whether due to fraud or error.

Ernst & Young Accountants LLP

In making those risk assessments, the auditor considers


internal control relevant to the entity’s preparation and fair

Signed by

presentation of the financial statements in order to design

W.H. Kerst

Our employees Aa P.J.W.J. van der, Aalders C.M., Aanraad A.T.J., Aarens R., Aartrijk M.F. van, Abano B.S, Abarca A.P., Abba T., Abbas M.R.H., Abbas Q, Abdon L.M., Abdul Alim M.D., Abdul Barique M.K., Abdul Kader P.M., Abdul Khadar N., Abdul Rachman A., Abdullah N.H. 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Do Nascimento W.D., Doelman P.J., Does M.H.J., Dofeliz R., Dogoldogol E.D., Doldersum C., Dolueras R.D., Domanais A., Domondon R.L, Donders J.J.H., Dong L.B., Dongel Jr. H.I, Dongen C.P. van, Donia S.R.M., Donk B.N.M. van der, Donk H.J.D. van der, Donker A., Doodeman H.P.M., Doodeman P.J.T., Doorn P. van, Doorn R. van, Doorn-Rooijakkers, M.J., Doornbos T., Doorne M. van, Doroteo D.G, Dorresteijn M.J., Dorrington S, Dorst P.L. van, Dort F.A. van, Dos R.Da S.Ferreira S., Dos Santos E.S., Dos Santos Filho J.L., Dotimas R.R, Douglas O., Douma I., Down W.L., Doyle S, Drabsch G, Driel J.C. van, Driessen A.W., Droog B., Drost A.Y., Drost M., Dsouza D., Dsouza E.S.M., Dsouza J.A., Dsouza R., Dsouza W., Duarte Haasse J., Dubois A., Dubois J.A., Duda P., Dudok K., Duffelen M. van, Duijn A.M. van, Duijn D.M. van, Duijn G. van, Duijn H. van, Duijn J.P. van, Duijneveld R.P., Duijvenbode P. van, Duinen G. van, Duinen J.M. van, Duits T., Dulk M. den, Dulken J. van, Dulmen B.W.A. van, Dumagpi G.D., Dumaguin N.T., Dumapong R.P., Duncum D., Dunn S.J., Duong K.L., Duraisamy S., Duran R.B., Durban N.D., Duria R, Dutta A., Duurkoop T.J., Dwarampudi R.R., Dye K, Ebarle J.D, Ebarle J.G., Ebarle Jr. J.D., Ebiokoko P.K, Ebisa J.C, Ebong H.L., Ebregt N., Ebulison E.S., Ebulison N., Ecamina A.D.L., Echemunor O., Eck E.M. van, Eck G.H.J. van, Eck T. van, Edegba A., Edeh D.I., Ederosas J.B., Edet Akanimo O., Edore F., Edquila M.A., Edukugho H., Edward T.D., Edzie E., Eekelen E.M.M. van, Eekhof E.A., Eekhof-Kaat, H.C., Eeuwen A. van, Effanga C.A., Egberts J., Egmond H.H.C. van, Egodibia P, Egwekhide E., Eijdenberg J.B., Eijnsbergen B. van, Eijsbergen N.C., Eimers P.C., Ejegba U. 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de, Heerik C. van den, Heerma A., Heester C., Hegie A.E., Heidema J.W., Heij I.D. de, Heij R., Heijckers K.E.H., Heijer S.M. den, Heijkoop R., Heijligers C.A.W., Heijmenberg M., Heijnen A.M.G., Heijst A.M. van, Heinstra H.R.R., Heintzbergen F.J., Helbo T., Hellwig R., Hellyer M.J., Helm J.S. van der, Helm M. van der, Helmsing-Scholten, A.W.P., Helvoirt F.A.M.G. van, Hemert A.J. van, Hemert T. van, Hemmen R.J. van, Hemmings B.D, Hendriks D.P., Hendriks J.H.A., Hendriksen C.M.E.M., Henneveld T.M., Henry Paxman P., Henshaw E.E., Henson R.C., Herbert T, Herder L.W.L. den, Herik J.A. van den, Herk A.L. van, Hermans M.A.H.M., Herrera J.G., Herrera Murdocco O.M., Herwijnen A.H. van, Herwijnen C. van, Herwijnen E. van, Hesk P., Hesketh M.J.R., Hesselberth K.M., Hesselink R.J., Hettema R.A., Heugen R.A., Heukelum J. van, Heusden F.D. van, Heusden M.G. van, Heuvel A. van den, Heuvel C. van den, Heuvel D.C. van den, Heuvel D.J. van den, Heuvel J. van den, Heuvel J.H. van den, Heuvel J.H. van den, Heuvel M.J.M. van den, Hezekiah L., Hibma A., Hiemstra H., Hiemstra R.J.H., Hijlkema W.R., Hilgeman M., Hilhorst S, Hill P, Hill S., Hillier M., Hilten P. van, Hindpal Singh H., Hingston K., Hingston L.A., Hinojales J.O, Hirs T.H., Hlavácek S., Ho H.K., Ho H.Y., Hobbel A.L., Hodabe M., Hoek H., Hoek R.G.C., Hoek R.W., Hoek W.J., Hoeke A., Hoekman J.L., Hoekstra J.C., Hoekstra S., Hoeve T. van, Hoeven D.S.E. ter, Hoeven M.A. van der, Hoeven W.P. van, Hoexum E.F., Hof W.L. van, Hofker R.H., Hofman J., Hofman S.C., Hofstede O.T., Hofstra W.O., Hogeweg M.T., Hokke H.P.B., Hokwerda H.T., Hol A.F., Holdermans J.M., Holgado P.P.G., Holierhoek C.K., Hollander F. den, Hollander M.A., Hollestelle A.J.C., Hollingsworth W, Hollingworth W.S., Holzkämper C., Hompes F.F.A.R., Honcoop B.B.A., Honders W., Hongerkamp R.J.G., Honing E.J. van der, Honk C.L. van, Honkoop M., Honnef E.J., Hoogenboom R., Hoogendam M., Hoogeveen E., Hooijer M., Hopman J.R., Hoque S., Hordijk D., Hordijk P.P., Horn A., Horne A, Horne T, Horsefield C., Horst H.A. ter, Hospital G.M., Hossain A, Houdart P.M.M., Houke E., Hout J.P.B. van der, Hout M.H.J. van, Hout R.A. van der, Houwelingen L.M. van, Hoven M.C. van den, Hovestadt C.D., Hovestadt D., Howard M, Hoyumpa J.G., Hriensson T, Hu G., Hubbard A.S., Hubers L.L., Hudtwalcker H., Huertas J.B., Hughes A.J., Hughes M., Huibregtse H.A., Huijsen T.H., Huijser-Eland, K., Huis in ’t Veld R., Huisjes J.E., Huisman A., Huisman E.J., Huisman F., Huisman G.W., Huisman H.W., Huisman I.R., Huissen C.A.P., Huiting J.W., Huizer L.M., Huizer R., Huizinga D., Hulst P.J.G. van der, Hulst P.J.T. van der, Hultink R., Hummatova Z., Hunkpe E.G., Hunt B, Hunt E.P, Hunt P.R., Hunt R.C., Hunt T., Hunter S., Hunting W.A.G., Hurck G.E. van, Hurst W, Hurwood C.G., Husman O.S., Hussain M., Hussain S, Hussainabba U, Hut J.E.S., Hut R.T., Hutter M.N., Huttmann M.C., Hyland G., Hyslop B., IJsebaert T., IJspelder R., IJzerman L.C., Ibay A., Ibay M.M, Ibaya R.T., Ibioribo I., Ibioribo S., Ibiso B., Ibon I.A., Ibrahim A., Ibrahim A.R., Ibrahim Hassan A., Iduabia J., Idugbe S., Igbo A., Igbo V., Igwenwa C., Iheanacho E., Ikiriko-Harry O., Ikisa B.F, Ikoli A.D., Ilahi M.S., Ilbaceta U.D.C., Ilmuradov R., Infante R.V., Inifuro - 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D., Kleine J., Kleine J.J., Kleingeld B., Kleinlugtebeld M., Kleinman J.J., Klemann M.R., Klipp A., Klis P.A. van der, Kloet C.M., Kloet J., Kloet J.W., Klompmaker D.F., Klop B.C., Kloppers J.G., Kluizenaar A.C. de, Klyeshchov V., Kneefel M.M.E., Knol W., Knol W.A.V., Knoop F.A. van der, Knop K., Knopper A.J., Knuckey W, Kodamanchili K.R., Koelewijn P., Koeman J.J., Koens J.M., Kofoworade A., Koheil M.A.I., Kohlbeck D.F., Kohlbeck V.H., Kok G.C.J., Kok L.J., Kok M.B.A.M. de, Kok S.M. de, Kokkiri S.R., Koko D., Koko E.I., Koko E.S, Koko Edward G., Koko H.T., Koko M, Koko N.T, Koko T., Koks R.G.H., Kol M.C., Kolk R. van der, Kolk S., Koman H., Koman P., Koman T.J., Kommaru S., Komski P.E., Konadath Velayudhan S., Koning E. de, Koning M., Koning S.J.H. de, Koning S.J.M. de, Konings V.M.P.F., Koningsveld M. van, Konkoth V.V., Kooij W., Kooijman A.C.M., Kooijman T.P.J., Kooliyat S., Kooltjes C.J., Koopal A.R., Koopman M., Koorevaar C., Koorevaar K., Koorn A.B.L., Koornwinder M.H.J., Kooten Niekerk J.A. van, Kop A.K., Kop L. van de, Koper J.J., Koper M.J.L., Koppe R., Koppelaar H., Koppelaar J.C., Koppelaar P., Koppole R.R., Korala Gamage N.S.F., Korsman G., Korsman J.M., Korsman M.J., Korsten-Oosting, D., Kortekaas J.W., Koster G.A., Koster H., Koster J., Koster M.A., Koster R.D., Kosuowei B., Kotwal V., Kozlov V., Koçer-Güngör, N., Kpenfe J.N., Kraak F.W.B., Krab G.L., Krabbendam Y.B.A., Kradolfer M., Kramer T.W., Kramer, C.L., Kramer-Brienen, C.H.C., Kranendonk J., Kranz A., Kreemer A.J., Krekt L.J., Kremer J.K.H., Kremer P.E., Krieken M. van, Krijger N. de, Krijnen L.M.L., Krikke C.M., Krishnan Nair G.N., Krishnan P.K.T., Kristelijn J.C.W., Kristó J.I., Kritinsh M.A., Kroes A.W., Kroes R., Kroezemann J., Krohn H.J., Krol M., Krol R.J.F., Krolis V.D., Kroon D.W. de, Kroon M., Kroon W.H., Kroon-Houweling, S., Kruijf E.M. de, Kruijt N., Kruis K., Kruistum


M. van, Kruit M., Kruizinga W.W., Krzeminska K., Kshitij K., Kudiansseril Soloman J.S., Kuehne R., Kuil M.P., Kuiper D.A., Kuiper S.N., Kuiperij F.W.P., Kuipers I., Kuipers J., Kuis A.F., Kukreja S.P., Kulappura K.K., Kulkarni K.S.H, Kulshekar S.P.V., Kumar A, Kumar A., Kumar A., Kumar A., Kumar Amresh K.A., Kumar P., Kumar R., Kumar S., Kumar S., Kumar S., Kunnathodi S., Kurennoy D.N., Kuriakose A., Kurtin D, Kusters L.E.M., Kusters M.T.J., Kuylaars S., Kuznetsov A., Kwakernaat R., Kwawou M., Kwong M.H., Kässens H., Laan L. van der, Laan R. van der, Laan R.J., Laar G.J. van de, Labeur A.P., Labinghisa M.C., Labonete A.P, Labosta E.Q., Labrador R.L., Labrie W.P., Labro Jr. C.A., Labro Jr. N.A., Labtic M.C., Ladage K., Ladiao A.E., Lagat R.B., Lagerwerf-van den Hengst, N., Lagewaard M.M.A., Lagos A.F., Lagrata H.T, Laijumoan Kollamparambil Raghavan -, Lakkoj S.R., Lakuchs G.S., Lamagna A.A, Lamagna A.A, Laman C.C., Lambert R, Lambino J.T., Lambino R.T., Lampasa S.L, Landman E.A., Lange B. de, Lange M.F.B.J. de, Lange W. de, Lange-Baardwijk, C.C. de, Langelaar M.Y., Langerak H.M., Langerak M.E., Langeveld C.R., Langyon R.A, Lannee de Betrancourt-de Vos, C.E.S. de, Lannoo S mr., Lanozo R.D., Lansbergen J., Lanser J.F., Lantinga Y.J., Lap J.E.P., Lapinskaya O., Lapsins S., Lardizabal R.A., Lartigau Seabra Nett A., Lastimosa J.E., Latge L.S., Lathar N.K., Latif Jan M.A., Latoza R.A., Laude W.A., Laughton A.J., Launio M.C., Lavado D.F., Lawrence T., Lawrence V, Le G.Q., Le Lievre G., Ledesma E.B., Lee B.W. van der, Lee K.F.I. de, Leeden L. van der, Leeden M. van der, Leef F., Leenman W.J., Leenslag A.J., Leeson A., Leeuwen A. van, Leeuwen C. van, Leeuwen M. van, Leeuwen M.D. van, Leeuwen P.J. van, Leeuwen R.A.M. van, Leeuwen W.J. van, Leeuwen-Bernds, D. van, Leeuwestein H.C., Leeuwis P.C., Legaspi R.D.R, Leij I.G.W. van der, Leij J.H. van der, Leijen Heeneman E.J.C.T., Leijen Heeneman R.C.J., Leijen J.T.P., Leijen R. van, Leijerzapf C.G.A., Lele A.A., Lemmers W., Lemos de Souza E., Lencioco A.V., Lendering T.A.L., Lendfers R.J.G., Lennips G.H., Lensink R.J.H., Lent C. van, Lenting F., Leocario V.A., Leon E.T. de, Leones P.F., Lessingk R., Letada C.L., Leun J.D. van der, Leung S.Y., Leur K. van de, Leusink M., Leutscher E., Leverett W.L., Lewin Kucher J., Li J., Li L., Li Q.S., Li X.J., Li X.Y., Liberato R.A., Libin Y., Libo-on H.C., Liddell S, Lieshout W.G. van, Lightbown A.R., Ligthart P.F., Lim J., Lim J., Lim J.E., Lim L., Lim L.G., Lima da Nobrega W., Limberg J.D., Lin J., Lina E.H., Linde S.J.W. van der, Linden Jr. L. van der, Linden P.B.H., Linden R.A.M.J. van der, Linden Sr. L. van der, Linders J.L.J.M., Lindo M.H., Lindstedt O.B., Lingen W. van der, Lins M.J., Lins de Oliveira A., Lint P.T.G. van, Lintern M.E., Lioutas A., Lippinkhof R., Lips S., Lipumano J.P., Lisboa J.B., Litchfield S.J., Littmann P.L.M., Liu G., Liu L.P., Liwag J.D., Llenares J.L., Lobbes C.H., Lock J., Lodding B.R., Lodewijks M., Loef J., Loft P.A., Logrono M, Lokken B., Loman M., Lommers A., Londt F.A., Long G., Long S.P., Loon M.H.W.M. van, Loon P.C. van, Loosman F.A., Looze J.A. de, Looze J.R. de, Looze M.D. de, Lopez - Borroto E., Lopez C, Lopez C., Lopez D.B, Lopez D.G., Lopez E.P., Lopez G., Lopez J.L., Lopez M.D, Lopez N.D.S., Lopik G.N. van, Lopik S. van, Lord G, Louter S.J.M., Louws W., Lovelace S., Loveren R. van, Low P.L., Lowe-Houghton L., Lozada E.B, Lu K., Lubberink J.A., Lucardie J.S., Lucas B., Lucban J.D., Luces J.F, Luena J.R., Luena R.M., Luijendijk E.A., Luijnenburg J.E.J., Lumibao N.L, Lumocso A.L., Luna A, Lundström K.M., Lunsing H.G., Lunstroot N.F., Lutjeboer H., Luursema J.M., Lyon C.M., Lyorcho E.B., Ma X.K., Maala B.S., Maala S.S., Maaren B. van, Maas C.A.A. van der, Maas K.F., Maasdam J., Maastricht M. van, Maat J.A., Maat T.G., Mabini R.M., MacKenzie P., Macalagay J.Q., Macalinao F, Macdonald J, Maceda A.M, Machado C.S.N.J., Machado R.E., Mackenzie M., Mackinnon A.C., Macleod D.A., Macuana D.M., Madathil Kunnan U., Maddock T.J., Made M. van der, Maden L.G. van der, Madhireddy Veira K.K., Madrid J.N., Maere M.C.E. de, Mafra C.J., Mafra Pimentel G.F., Magno C.B., Magpantay A.L., Magro S., Magsalin D.S., Magsino A.J., Mahadik R.K., Mahadkar Abdul R.H.M., Mahalingam M., Mahapatra B., Mahbub R., Mahendra S., Mahesh R., Mahesh R.J., Maheshwari U., Mahfooz F. bin, Mahmood T., Mailor I, Majenburg C.M., Mak K.H., Mak W., Makda S.M., Makkink A.D.J., Makkink R., Malafeyeva N., Malanom G.N., Malanon V.N., Maliepaard R., Malih N., Malinao R.L., Mallareddy A., Mallari A.P., Mallari W.C., Malluri V.N.R.P., Malumbaga R.P., Maman Mathew A., Mamedov E., Mamu H., Man L.C., Mandemaker H., Manders R., Maneclang A.C., Mangalore C.M., Mangalore M.A., Mangatu Raghavan V., Mangelaars J.H.L., Mangeshkar S.A., Mangila Jr. F.A., Mani M., Manickam K., Manique Barreto G.A., Manlanat A.S., Manlanat J.S., Manliguez J, Manliguez J.B., Mann K, Mann K., Manoharan A., Manolis E.A., Manozo Jr. C.L., Manston B, Mansurdin U, Manthra Poyil J.B., Mantripagada S.K., Manzano M.C., Maranan M.B., Maravilla E.M., Maraño E.S., Marcal J.C.M., Marchand B.F., Marfell K, Marges M., Marijnissen J.S.C., Marijnissen O., Marijs J., Marinho A, Marjan M.I., Mark J, Mark S., Markov V, Markowski M, Markvoort J.W., Marquez A.R., Marrink M., Marriott-Reynolds L., Marsh W., Marte A.M., Martens H.C., Martens J.J., Martens J.P., Martin H.J.B., Martin Martin F.J., Martin R.B., Martinez C., Martinez F., Martinez R.C., Martinez Vincent L.E., Martini R., Martins Ribeiro E., Martins Ribeiro J., Martirez B.C., Marydasan N., Maréchal S.E.M., Masagca E.C., Masihor S., Mason P., Massaar R.W.C., Massee P.P., Massonne P.J., Mastenbroek I., Mata S.A., Mathew S.A., Mathias J.L.X., Mathijssen-Bikker D., Matter D., Matthews A, Maulana F., Maung K.Z.M., Maurik W. van, Maxwell F., Maxwell H., May A.J., Maya J., Maya Sasikumar M., Mbaegbu F., Mc Adoo H.F., McAllister G, McArtney D.P., McCullough F.J., McCullough L.J., McCullough S.C., McDonald A, McDonald A, McDonald C., McDonald G., McDonald T., McGarvey J, McIvor J.P.K, McKeogh J., McKeough J., McLay J.R., McNicol B, McPhail M.R., McQuaid G., McQuaid J, McRae D., McSwiggan R.D., Medalla N.C, Medeiros R., Medina E.B., Medina Martinez J.I., Medway C., Meehan-Smith R., Meek G, Meekeren H.J. van, Meekes P.H.M.M., Meel M.M. van, Meer C. van der, Meer J.P. van der, Meerhof B.A., Meerman H.J., Meethala Veettil B., Meeuwen J. van, Meeuwissen H.J., Meggelen C. van, Mehdi Khan M.S., Mehrawat N., Meij H.L.C. van der, Meij P., Meijer H., Meijer H.T., Meijer J.H., Meijer M.S., Meijer N.O., Meijer-Jakobs, E.T., Meijers G.W.C., Meijers M.P., Mejicano A.G., Mejicano A.G., Mejorada Jr. A.D., Melencion J.M., Meleshko V., Melethil B.K., Melo E, Melo R, Melsen E.C.C., Mempin M.M, Mendoza J.M, Mendoza J.V., Mendoza L.M., Mendoza R.L., Meng Q.G., Mens G.J.A.M., Mensink G.J., Mercer D.W., Mercuur A.D., Mesiona A.V., Mesken M., Messemaker H.J., Metting A., Meulen E.J. van der, Meulen H. van der, Meulman H.J., Meupelenberg M.R., Mgbeowu C., Mhatre D., Mian Q.D., Michael Angelo X., Michell-Bathgate S., Michels I., Micolob E.B., Miedema J.R., Mijderwijk A.C., Milanes A.L., Milanes R.L., Milar B.B., Mills T., Mills T.A., Minamweni-Hart, A.L.C., Minnema L.L., Mir Ahkmad M., Mir M.Q., Miranda E.S., Mkokon E., Modekurti K.M., Moel R.S. de, Moenna S., Moens J.B.M., Moere F. van der, Moerings-Roodenburg, D., Moerland T.A., Moerman P.J., Moes R., Mohamed I., Mohamed Raafat A, Mohamed S., Mohammad Rafiq M.Z., Mohammed M., Mohammed Sainul Abudeen S.M.S., Mohanty S.N., Mohd S., Mohidin S, Mol A.J., Mol L.A., Mol M.H., Molenaar C., Molenaar E.C., Molenaar J., Molenaar S., Mollenvanger R.X., Mollet C.J., Mondal S., Monday E., Monsauret E.M., Monta D.D., Montgomery R. 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I., Sunday T.O., Sunderasan H., Sunil Kumar Mulavana T.B., Supan E, Supriadi D.H., Surender Kumar S.K., Suresh K., Suresh S., Suresh Srambikal K., Surin C., Surve M., Swain N.C., Swaluw-Jansen, A.E.A. van der, Sward L, Swart N.W.L., Sweers K.B., Swinbourne T.P., T Schroots P.K., Tynan D.J., Tabat J.N., Tabay N.D., Tabeling M.G., Tabingo S.S., Tadelpalli K.S., Taeza E.F., Tagolimot G.S, Taguinod B.T., Tahulending J., Takau T.L., Takes J.J., Tal van Kekem A., Talsma A.J.R., Talsma R.W., Tamang B.S., Tamis T., Tammana T., Tamon J.T., Tampilang A., Tamunoagbani I.T., Tan A.P., Tan R.T., Tanahatoe-Barendregt, M., Tang Z.B., Tange B.J., Tanis C., Tanis D.J., Tanja J.A., Tanudra R.I., Taouani A., Tapayan K.T, Tarsem Kumar T.K., Tatangindatu J., Tawde A., Tawjoeram I.M., Tayag L.J., Taylor D., Taylor L., Taylor M, Taylor S., Tazelaar M.C., Tchoclo G., Teerhuis C., Tegelaar G.B., Teibowei P., Tel S.C., Telagamsetti N.R., Templanza J.G., Tenorio E.E, Terencio R.G., Terlouw J.A., Terlouw V., Terry K.J., Tesselhoff S.J., Thakur B.K., Thalakale Veetil B., Thalanki Krishna C., Thanimalai S., Thankachan C., Thaplial M., Tharme J, Thelan R., Thelan R., Theodore K., Therre Pessoa Neves J.A., Thijssen R.T.D., Thimothose A., Thiry M., Thiyagarajan V.J., Thiyanchery M., Thomas J., Thuruvan Kuzhikalam J, Thyvalappil N., Thyvalappil S., Tian L.N., Tieben J.H., Tiedra R.G., Tiemessen M.W.H., Tilburg T.G.J.W. van, Tilman J.G., Timan T.G., Timbs M.A., Timmer A., Timmer D.J., Timmermans M.D., Tinmouth N., Tirri P., Tisdell S., Titus I., Tiwari D.K., Toby W., Tocmo E.S., Todd J., Togoto J.P., Tokula A., Tol R. van den, Tolenaars A., Tolentino A.D.G, Tombroek J.C., Tomongha M.A., Tongerlo W.C. van, Tonkin M.R., Tonkin T.B., Tonks G., Tonma J., Tonnaer R.H.H., Tonyor P, Torallo J.G, Torralba G.M., Torrefranca I.S, Touber K.B., Tourabi K.,


Our employees

Townsend B.M, Toxopeus H.S., Tralau K., Tralau P., Trembevilla C.N., Trembevilla R.N., Treurniet O., Triebels M.J., Trikoyanto D., Tripathi S.P., Tripathy H.S., Trivilegio R.N., Triyono U, Tromp P., Trompetter G.A., Troost J.C., Troost R., Trouwen W.G.M., Truita J.G., Tsolkas P., Tubo K., Tubobereni B., Tubobereni G., Tubobereni M., Tubobereni P., Tubodereni J., Tudong U, Tuin B. van der, Tuin M., Tummers W.J.M., Tuohy G.J., Turingan E.C., Turnbull G., Tutica A.F, Twigt M.J., Tyrril N, Tyson R.J., Tönis I.E., Ubels J.J., Uche C., Uchenwa M., Udeagwu M., Uden A.L.M. van, Uden E. van, Udim S., Udoh A., Udoh Bradford A., Udoh E., Udoh E.S., Udoh I., Udoh L., Udoh O., Udoh U.I., Udoh W.N., Udoinyang Okon P., Uelman E.F., Ugbo E., Ughanze M., Ugochukwu M. C., Ugwu N.U., Uijterwijk A.G., Uitermark F., Ullah F., Umaru A.A., Umaru I, Umaru K., Umiraliyev B., Umoh J., Umpierre B.G., Untung B., Unwekpe A., Urk B.G. van, Urk J. van, Usiekpe E.S., Usman I.M.M., Uteschov T., Utomo M., Utomo S., Uunk L., Vaags G.W.J., Vaags J.G.H.M., Vaal T.O. de, Vacunawa G.P., Vacunawa V.Portes, Vadakedath Mylapravn S.S., Vadamodula R.K., Vadamodulu B.B., Vadamodulu S.R., Vadamodulu S.R., Valdez M.S, Valdivia R.M., Valencia D.T, Valenzuela F.M., Valiyattil A., Valk G., Valk S., Van Aken T., Vanjani M., Varma A., Vaz D.F., Vazhakuttiyakath A.G., Veen A., Veen A.P. van der, Veen J.G.J. van der, Veen M. van, Veen M.V. van, Veen P. van, Veen R. van der, Veenstra J., Veenstra S., Veer-Rijpma, B. van der, Veeraiyan V.R., Veerala R., Vega V.C, Veiga C, Veigas J., Velagala V., Velasco S.A., Velayudhan K.M., Velde C.M. van de, Velde J.H. op den, Velde M.R. van der, Velde W. van der, Velden F.R. van der, Veldhoen S., Veldhuijzen M.R., Veldhuizen R. van, Veldkamp W., Veldman D., Veldosola R.T., Veldt R.P. van der, Velonza C.B., Veloso N.S., Veltman E., Velu B, Velzen C.A.D. van, Vemala S.V., Ven J.M.M. van der, Vengatachalam K, Venida V.A., Veninga W.J., Venis C., Vennik H.J., Verberk A.K., Verberk M.J.A., Verblackt R.H.W.B., Verbrugge R.A.M., Verbruggen H., Verburg A., Vergara E.B., Vergara T.B., Verhaar P., Verheij B.A.A., Verheul P.W., Verhoeven A., Verhoeven K., Verhulst G., Verkade J., Verlee P., Verma R., Vermaat N.B., Vermazen H., Vermeer P.W., Vermeer R., Vermeulen C., Vermeulen L.C., Vernimmen P.M.A., Verpalen P.C.M., Verran M, Verschoor A., Verspaget S.A.F., Versteeg B., Versteeg M.B.A., Verstraaten J.P.W.B., Verveer P.D., Verweij B., Verweij J.F., Verwijs J., Verwijs P., Verzeilberg J.R., Vestil A.P., Vetch B., Veth B., Vette K.R. de, Vettukattil Valappil A.K., Victor S., Victorio Jr. C., Vidad J.A.L.G., Vidal J.M.R., Vidanes V.M., Vieira Gomes M.A., Vieira Nunes A.L., Viennet P.M.R.A.C., Viersma R.H., Vijverda J., Vilanilathil N.T., Villa D.V. de, Villa F.A. de, Villa F.V. de, Villabito R.L., Villaflores O.B., Villaflores O.B., Villalobos E.C., Villanueva C.R., Villanueva D.A., Villanueva R.M, Villarante F.C., Villareal R.B., Villareal R.K., Villarete E.M., Villarmino Jr. E.P, Villaruel S.M., Viloria Jr. S.G., Vincent S., Vincent V., Vink H., Vink T.H., Virant M., Virgona M, Vis M.C.J. van der, Vis P., Visconti G., Viset M.H.A., Visscher W.P.L., Visser A., Visser A., Visser A.M., Visser C.H., Visser E., Visser E.W., Visser G.A., Visser H.C., Visser H.J.C., Visser J., Visser J.L., Visser J.R., Visser K.C., Visser L.C., Visser M., Visser M., Visser R.T., Visser R.W., Visser S.L., Visser W., Visser W.P., Vissers J.J.M., Vissers R.T.M., Vistan C.R Jr, Vivas S.P., Viveen G.Y., Vivero E.B., Vlak J., Vlaspoel A.G., Vleuten S.J.E. van der, Vliegenthart J., Vliet L.E. van, Vliet R. van, Vliet T. van, Vliet-Steenhuisen, A.C. van, Vlot D., Vlot W.M., Vogel P., Vogelaar-van Wunnik, M.E., Vogelsang R., Vojinovic M., Volbeda W.G., Vols E., Vonk L.C., Vonk W., Voogd van der Straten V.F. de, Voorde J.F.J. ter, Voormolen J.R., Voorn P. van, Voorthuis A.H., Voorthuysen P.J. van, Voorwinde J., Vorm J. van der, Voronkov V., Vos F. de, Vos G., Vos J., Vos J.A. de, Vos J.L., Vos M., Vos M.C., Vos M.M., Vos R.H.C. de, Vos S.P., Vrede O.K.A., Vredegoor S., Vreeke J.M., Vreeken A., Vrenken J.P.L., Vries H. de, Vries J de, Vries N.J. de, Vries P.O. de, Vries R. de, Vries R. de, Vrieswijk D.J., Vrij I.J., Vrij S., Vrijhof A.J., Vringer T.C.C.M., Vroegindeweij M.A., Vrolijk L.A.C., Vugt A.T. van, Vugts J.A.A.M., Vuppada V.S.R.K., Vuppuloori R., Vyazovs’kyy S., Waaij W.C. de, Waal J.C.G. de, Waal M. van der, Waal R.J. van der, Waals R.J. van der, Waard B. de, Waard F.C.P. de, Waard H.A. de, Waard J. de, Waard J.T. de, Wadhwa S., Waes D.G.M. van, Waes P. van, Wagner L., Wagter M.L., Wal A.K. van der, Wal R. van der, Walda-Piket, D., Walker R.G., Walkers G.T., Waller M, Waller M.J., Walsh L., Walsh W, Waltenberg Donkel M., Wams G.J.L., Wander P., Wanders J.P., Wanders R.T.B.G., Wandhre S., Wang H.J., Wang H.W., Wang J.B., Wang J.F., Wang P.X., Wang X., Wang Y.W., Warse S.R., Wasami J., Waslander A., Waterston N.J., Watson G.M., Waumans E., Webber P.D., Webley C., Wedman N., Wee P.J. van, Weerd H.K. van der, Weerdenburg H.P.A. van, Weerkamp-Sleurink, M., Weerman J.W., Weers H.M. de, Weert W.H.A. van, Weetman K., Wei S., Wei T.Y., Weijde A.F.P.M. van der, Weijden D.M.J. van der, Weimer W.P., Weinberg M.J.M., Welle D.C.A.P., Welle V.P.C.I., Welten M.J.G., Wenkenbach I., Wens A.H. van der, Wens G. van der, Werkhoven M. van, Werkman E.C., Wessel E.H., Wessel G.L., Wessels G.J., West A.S., Westcott J.A., Westein L.R., Westeinde C. van ’t, Westen B.J., Wester B.M., Westera H., Westerbeek G.G., Westerduin R.J., Westerhuis M., Westerlaken C., Westerlaken M.A.C., Westmeijer A., Wetering D.H. van de, Wetselaar E.H., Wheeler M.T., Whightman G., White J.E., Whitfield J.E., Whiting B.W., Widiutami I., Wiechen J.J.J. van, Wiegman S.W.J., Wiegmann J., Wielaart E.P., Wierda C.H., Wieren A.T.N. van, Wieriks A.J., Wiersema J.H., Wiersma C.A.C., Wiersma J., Wiersma S., Wiese M., Wiesemann I., Wijers B.C., Wijk J. van, Wijk P.A.G. van, Wijk R. van, Wijk R. van, Wijland J.G. van, Wijnands M.P., Wijngaarden J. van, Wijngaarden-de Waard, P.M.T. van, Wijngaert J. de, Wijnia R., Wijnker N.W., Wijs B.J.M. de, Wijtman K.G., Wijtman R., Wijtsma J., Wild A. de, Wildt J.J.P.W. de, Wilgenhof B., Wilgerson G.F., Wilkin S.L., Willemen B.W.M., Willems E.H., Willems G.A.J., Willemse F.M., Willemsen E.W.A., Willemsen K., Willemsen M., Willemsen S.P.M., Willemsma G.A., Willemssen E., Willemstein A.G., Willemstein M., Willemstein N., William A.O., William S., William V.B., William W., Williams A., Williams C.D., Williams D., Williams G., Williams R., Williams V.H., Willoughby B.D., Wilson G, Wilson S.J., Wilton J.A., Win T., Wind H., Winden P.M. van, Winiarski L., Winter F.J., Winters M.J.N., Wismans C.P.E., Wisse E., Wisse S.N., Wissink H.F., Wit A., Wit A.M. de, Wit F. de, Wit J. de, Wit J. de, Wit M.F. de, Witkam F., Witt B.M. de, Witte J.G.A. de, Woerkom M. van, Wokocha C.A, Wolfe J.S., Wolff A.J., Wong L., Woning M., Woods M., Woodward M.A., Wormgoor H.J., Wortelboer J.H.G., Wout F. van ’t, Wouters A., Wouterse R.P.A., Wright G.F., Wright J.A., Wu G., Wu Q.J., Wéber P., Wöginger M.L.M., Xavier G, Xavier L., Xavier W., Xaviour S., Xaviour W., Xiu J., Xu J.F., Xue J., Yadav H., Yadav P.S., Yadav R.G., Yadav R.S., Yalong R.M., Yang E., Yang H.P., Yankey Y, Yao G., Yape A.C., Ybarita N.N, Yendada A.K., Yendada L.K., Yepes T.R., Yerkin K., Yerunkar P., Yesudasan A., Yesudasan A., Yin H.C., Ymbong F.A., Young D.R., Young I.P., Young J., Young K.S., Yousef R.M., Yu M.D., Yudin S., Yuen K.W., Yusoff Z.B., Zaal A.T., Zaalberg R.W., Zaenuri M., Zalingen S.M.M. van, Zalk G. van, Zandbergen A.J. van, Zanten D. van, Zanten R. van, Zaragoza A.D., Zareef M, Zeeuw J.W.G. de, Zeeuw S. de, Zegers M., Zhang C.F., Zhang K., Zhang L., Zhang L.Q., Zhang L.T., Zhang N.N., Zhang Q.X., Zhao H.X., Zhaskelen N., Zholbasarova M., Zholdybayev K., Zhou Y.L., Zhu J., Zhumazhanov Y., Zhupmagambetova A., Zhuravlyova - Balayan G, Zia Ullah G., Zielinski F.A.M., Zijl P.M.N. van, Zijlstra M., Zimina M.H., Zoetemelk C.J.G.M., Zomeren A. van, Zondervan S., Zonneveld T.J., Zorge I.J., Zuiddam J., Zuiden R.R.J. van, Zuiderhoek M., Zuidgeest R.F.J., Zundert V.C.A. van, Zuo S.P., Zuur R.G., Zuurmond J.S., Zwaag B. van der, Zwaal J.R., Zwaan H., Zwaga J., Zwaga L., Zwan N.L. van der, Zwanenburg P.D., Zwart A., Zwart J., Zwets M.M., Zwezereijn R., Zwienen O.P. van


Glossary Amortisation Depreciation of intangible assets such as goodwill.

EBIT Earnings Before Interest and Taxes.

Backhoe A backhoe is a type of grab crane dredging pontoon. It consists of a hydraulic grab crane mounted on a dredging pontoon. The dredging pontoon is usually held in place by three spud poles. Backhoes are used to dredge heavy clay, soft stone, blast rock and soil thought to contain boulders, for example in foreshore protection operations.

EBITDA Earnings Before Interest, Taxes, Depreciation and Amortisation.

Blockbuster A modified equilibrium crane (e-crane) used to construct hard seawalls. The Blockbuster was developed and built by Van Oord as part of a joint venture. BRIC countries Brazil, Russia, India and China. These are countries with rapidly growing economies. Carbon Disclosure Project Project whose aim is drive greenhouse gas emissions reduction and sustainable water use by business by providing a transformative global system to measure, disclose, manage and share environmental information. Carbon footprint Depiction of CO2 emissions resulting from operational activities in a specific period. The carbon footprint makes it possible to compare the environmental impact of differing activities or countries. Cutter suction dredger A cutter suction dredger is a stationary or self-propelled vessel that uses a rotating cutter head to loosen the material in the bed (‘cutting’). A suction inlet located beneath the cutter head (known as the suction mouth) is connected by a suction tube directly to one or more centrifugal pumps. The vacuum force at the suction inlet sucks up the loosened material. The suction tube and cutter head are attached to a ladder. The ladder with cutter head is positioned at the fore of the vessel. On the aft side, the cutter generally has two spud poles. One spud pole (the auxiliary spud) passes straight through the vessel, while the other is mounted on a movable spud carriage, which spud carriage can be moved lengthwise along the vessel or pontoon. Steel cables are used to move the ladder or cutter head back and forth, with the spud in the spud carriage as the centre of each concentric circle that it describes. Moving the spud carriage causes the cutter suction dredger to move as well (‘stepping’). The cutter suction dredger discharges the dredged material directly to shore via a floating pipeline or into a barge with a special loading system. DBFM Design, Build, Finance & Maintain. Drilling and blasting Drilling and blasting is a method used to fragment rocky beds. Hard rock may need to be removed in the course of various infrastructure projects, for example when constructing port access channels, digging trenches for pipelines and cables, or constructing quays. Drilling and blasting may also be used to remove underwater obstacles.

Emissions Emissions of pollutants. Fallpipe vessel A fallpipe vessel can install rock on an ocean or river bed using a fallpipe. Rock installation work is usually meant to protect subsea structures, in most cases pipelines or cables. A layer of quarry stone can also serve to reinforce and level the subsea bed, making it a suitable platform for building drilling platforms or other structures. Global Reporting Initiative International organisation that has established guidelines for sustainability reporting. IF Incident Frequency or Injury Frequency, the number of accidents leading to absence per one hundred employees. IEA International Energy Agency. A Paris-based intergovernmental organisation with 26 member countries (mainly Western nations). The IEA was founded in 1973. Its core mission is to coordinate an emergency response to oil supply disruptions. The IEA advises its member countries but also maintains relationships with other countries such as Russia, China and India. IMO The London-based International Maritime Organization encourages and facilitates the adoption of international standards in matters concerning maritime safety and the prevention and control of marine pollution from ships. Marine Ingenuity Van Oord’s corporate motto. It stands for a passionate, smart, shrewd, international marine contractor that finds innovative solutions to its clients’ and partners’ problems. Maritime Labour Convention International convention governing working and living conditions on board sea-going vessels. Multicat A working vessel equipped with a winch and hydraulic crane. North/South Metro Line The North/South Metro Line will link the north side of Amsterdam to the city’s south side. The metro will provide rapid, safe and convenient transport through the heart of the city for some 185,000 passengers a day. With road traffic growing rapidly, the North/South Metro Line is part of the national government’s plan to offer the inhabitants of the Amsterdam Region an alternative to the car.


Order portfolio The value of turnover on projects that Van Oord has already been awarded but has yet to carry out. Post-Panamaxships Ships that are too large to pass through the current set of locks in the Panama Canal. Post-Panamax ships have a capacity of more than 5,000 TEUs (twenty-foot equivalent units). Private Placement A private loan. Procurement A Van Oord department responsible for procuring equipment and manpower. QHSE Quality, Health, Safety and Environment Return on equity Net profit divided by average equity (expressed as a %). Return on total assets EBIT plus interest income divided by average total assets (expressed as a %). Revolving Credit Facility Credit facility. Room for the river Dutch national programme intended to improve flood safety and protect the rivers region of the Netherlands against flooding. More room will be created at 39 locations along the rivers IJssel, Waal, Merwede, Nederrijn, Lek, Oude Maas, Bergsche Maas and Steurgat. In addition to flood safety, the programme also represents an investment in spatial quality. The rivers region will be more attractive, with more space for nature and for leisure pursuits. The plans are being carried out by 17 partners contracted by the provinces, municipalities and water boards involved and by RWS. The Minister of Infrastructure and the Environment bears the final responsibility. Shallow Water Pipe Lay Barge (SWPL) Barge for the installation of pipelines in shallow water. Solvency Equity divided by balance sheet total, i.e. tangible and intangible assets (expressed as a %). TEU Twenty-foot equivalent unit. A TEU is a container measuring 20 feet in length, 8 feet in width, and 8 feet in height.


Trailing suction hopper dredger A trailing suction hopper dredger has large, powerful pumps and engines that enable it to suck up sand, clay, sludge and even gravel from ocean or river beds. One or two suction pipes run from the vessel to the bed. A draghead is attached to the end of the pipe and lowered to just above the bed, making it possible to regulate the mixture of sand and water that it takes in. A trailing suction hopper dredger generally stores the dredged material in its own hopper and discharges the left-over water overboard. It can empty its hopper in a variety of different ways: • Depositing – Opening doors or valves on the bottom of the vessel so that the hopper contents drop out. • Pumping – Using jet pumps or water jets to pump water into the hopper at high pressure so that the sand becomes ‘fluid’ again. The dredge pumps can then pump the resulting mixture through pipelines hooked up to the vessel. • Rainbowing – This is the same as ‘pumping’, except that the hopper contents are not pumped through a pipeline first, but are instead deposited directly at the desired location through a pressure pipe positioned at or near the vessel’s bow and fitted with a nozzle. Vertical drainage Vertical drain installation is a very cost-effective ground treatment method for consolidating water-saturated soil and increasing soil stability. Pre-loading can be shortened and reduced, resulting in lower project costs and a shorter consolidation time before construction work can start. Future maintenance costs are also lower due to reduced residual settlement. Vertical drain installation is also an effective method of reducing groundwater hypertension near slopes and surcharges, thereby reducing the risks of slope failure.

Organisation chart

Executive Board


Staff departments

Business Units

Engineering & Estimating

Ship Management Department *

Middle East, Mediterranean & South West Asia

Personnel & Organisation

Finance & Administration



America & Africa

Asia & Australia



Offshore Wind Projects (OWP)




Quality, Health, Safety & Environment

Van Oord Procurement

Legal & Contracts Department

Information Technology

Communication & Markets

Facility Services

* formerly Technical Department

Van Oord Watermanweg 64, PO Box 8574, 3009 AN Rotterdam, the Netherlands T +31 10 4478444, E, I Starting 11 June 2012, our head office will be located at Schaardijk 211, 3063 NH Rotterdam, the Netherlands. Text and Editing Rijken & Jaarsma, Nieuwerkerk a/d IJssel Design Boulogne Jonkers, Zoetermeer Printing Veenman+, Rotterdam Translation Balance Translations, Amsterdam

Annual Report 2011  

Annual Report 2011 Van Oord