Damen Shipyards Group Reports Profit, Order Book in 2024 Report
Financially, 2024 was a positive year for Damen Shipyards Group. Revenue remained just above USD$3.47 billion (3 billion euros). Net profit rose from USD$49.8 million (43 million euros) to USD$67.1 million (58 million euros). The order book was filled with a record USD$6.83 billion (5.9 billion euros) in new orders, rising to USD$12 billion (10.4 billion euros).
In 2024, Damen delivered no fewer than 146 new vessels to clients. This included the Volta 1 and the Bu Tinah. The former is Europe's first fully electric tug, which has been put into service by the Port of Antwerp-Bruges in Belgium. The Bu Tinah is the first fully electric tug delivered in the United Arab Emirates and deployed by SAFEEN Marine Services.
World leader in tug market
At its ship repair yards, the number of completed orders in 2024, at nearly 1,200, was virtually the same as in 2023. In terms of newbuilds, tugs remain the largest category, with more than 60 delivered to clients last year, followed by Cutter Suction Dredgers (CSD), with 15 deliveries. The top five newly delivered vessels also include fast crew suppliers (13 deliveries), cargo vessels for short sea shipping (eleven Combi Freighters), and eight Multi Cat workboats, the so-called maritime "Swiss Army knives."
Notable projects completed last year include a second patrol ship (Offshore Patrol Vessel (OPV) 2600) for the Pakistani navy (PNS Yamama) and a floating landing platform for the New Glenn rockets of space company Blue Origin (Jacklyn).
Naval construction and progress of German project
In the naval sphere, the focus was primarily on orders in Western Europe. The finalization of the 2024 annual figures took longer due to ongoing discussions surrounding the construction of the German F-126 frigates. Damen is still in constructive discussions with the German client regarding the progress of this project. Together, we are exploring whether primary responsibility for the project can be shifted to German parties, with Damen remaining an essential partner.
Electric and Hydrogen
In the non-defense sectors, a notable feature was orders for fully electric-ready ferries in Canada, four for BC Ferries, and two for the City of Toronto. Damen also received an order from Windcat for a sixth Commissioning Service Operation Vessel (CSOV). These vessels will transport personnel to and from offshore wind farms, serving as floating accommodation and workshops. They will be equipped with dual-fuel hydrogen technology, significantly reducing CO2 emissions.
Compliance
Damen is preparing for a lawsuit for allegations of fraud related to several projects between 2006 and 2016. A second case concerns allegations of violations of sanctions legislation. Damen is awaiting the outcome of these proceedings. Damen has invested substantially in its compliance program and has established a robust and certified framework to support its global operations. No details can be provided about the content of ongoing legal proceedings, other than to say that they have no impact on our current financial position and are not expected to affect our financial outlook in the long term.
