- Offshore contractor DEME projects over 20% turnover growth in 2024.
- Strong Q3 and expected robust Q4 boost outlook for the year.
- CapEx revised to €300 million; Offshore Energy and Dredging segments lead growth.
Thu Nov 14 07:30:38 -0000 2024 UTC–DEME (Euronext Brussels: DEME), a major player in offshore energy and marine infrastructure, has raised its 2024 revenue outlook, anticipating a record turnover. The company’s management now expects a year-over-year turnover growth exceeding 20%, following strong results in the first nine months of 2023. The announcement comes as DEME forecasts a robust performance in the final quarter of this year.
Outlook and Growth Drivers
DEME’s updated guidance reflects strong momentum across its key segments. The Offshore Energy division saw a remarkable 52% revenue surge year-to-date, driven by an expanded fleet and efficient project execution. Meanwhile, the Dredging & Infra segment also experienced significant growth, with turnover rising 30% due to sustained high activity levels.
Strategic Investments and Capital Expenditures
To support its expanding operations, DEME has revised its capital expenditure (CapEx) forecast for 2024 to approximately €300 million. This investment will bolster its fleet and project capabilities, ensuring continued growth in the offshore wind and green hydrogen sectors, as well as its concessions in deep-sea mineral harvesting.
Concessions and Future Projects
DEME remains heavily involved in wind farm operations, particularly in Belgium, and is advancing its work on the 2-gigawatt Scotwind concession project. The company is also gearing up for several upcoming tenders in Belgium, positioning itself to capture further market opportunities in the renewable energy space.
Why It Matters
The upward revision in DEME’s guidance highlights the resilience and growth potential of the offshore energy and marine infrastructure sectors. With global investments in renewable energy rising, DEME’s strong performance positions it to capitalize on future opportunities in sustainable projects and green technology.