DEME ticks off projects, orderbook remains high

DEME ticks off projects, orderbook remains high

Photo DEME Group

DEME Group’s orderbook in the first quarter of 2024 remained at the high level of the last quarter of 2023, landing at €7.5 billion. Compared to the corresponding quarter last year, when the orderbook stood at €7 billion, this is a 6 per cent increase. 

The company highlighted that during the first quarter, Offshore Energy secured large cable installation contracts for Ijmuiden Ver and Nederwiek in the Netherlands, complemented by several smaller projects across all contracting segments of the Group.

Following a record fourth quarter in 2023, revenues during the first quarter of 2024 remained at a high level, reflecting continued effective project execution across all contracting segments. The revenue of €900.2 million is a 34 per cent increase over the revenue reported in the corresponding period year prior.

The Offshore Energy segment top line grew 40 per cent year-over-year driven by efficient project execution and helped by a favorable comparison base for the first quarter of last year.

Offshore Energy completed the installation of monopiles for the Moray West offshore wind farm project in Scotland during the first quarter. The installation was carried out using vibro-hammer technology and record time was achieved using DEME’s floating installation vessel Orion. At the same time, the installation of transition pieces for the same project was begun using the Apollo.

In France, DEME completed the wind turbine installation process for the Fécamp offshore wind farm project using the Innovation and Sea Challenger vessels. The company also began work on the Île d’Yeu and Noirmoutier projects. For these projects, the company will use its unique drilling technology that was previously deployed in the Saint-Nazaire project.

In Taiwan, DEME’s floating offshore installation vessel, Green Jade, completed its first assignment by installing jacket foundations for the Zhong Neng project. Offshore Energy also initiated the Hai Long project by preparing the seabed and installing pinpiles for the first jacket locations. The ‘Green Jade’ vessel also successfully installed the first jacket for the substation.

In the US, Sea Installer continued to install turbines for the Vineyard project. Meanwhile, the Orion, after completing its assignment in Scotland, sailed back to the United States to initiate the Coastal Virginia Offshore Wind project. This project involves the installation of 176 foundations.

Offshore Energy secured two cable installation contracts from Prysmian for the Ijmuiden Ver Alpha and Nederwiek 1 offshore grid systems in the Netherlands. This is the largest cabling award in DEME’s history and includes cable installation, landfall and rock placement, dredging, and marine infrastructure works. Work under these contracts is set to begin in 2025 and will continue in stages.

The final conversion of the Yellowstone fallpipe vessel progressed well during the first quarter. The vessel is now scheduled to join the DEME fleet during the second quarter and commence operations in the summer of 2024.

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Author: Adnan Bajic

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