Mammoet provides customers with smarter, safer, and stronger solutions to heavy lifting and transport challenges. The combination of in-depth engineering expertise, and the highest standards of quality and safety, a unique global network, an unparalleled fleet of equipment, offers an intelligent and flexible approach across a wide and balanced range of industry sectors. By building long-term relationships, the company is able to develop a deep understanding of individual customer needs to deliver the most efficient and cost-effective solution.

Mammoet had a strong year with a pick-up in activities around the globe with the exception of Russia. The energy transition is driving the company’s diversification into more sustainable end markets particularly wind power—and this approach has fast become an essential strategic pillar. In 2022, there was an increasing demand for its services because of the growing wind sector as well additional investments in the oil & gas sector, power and infrastructure renewal. The order intake was above average and utilisation levels for cranes were buoyant. The execution of large projects in North America and a strong day market activity supported the earnings in 2022.

Unfortunately, the Russia Ukraine conflict significantly affected both people and operations. Immediate action was taken to safeguard the wellbeing of all colleagues in the region, and to assess whether and how to continue operations within the limitations of applicable sanctions. In line with the SHV-wide stance, the company put an immediate halt to new investments and projects in Russia. This meant that only existing commitments were fulfilled. As a consequence the regional organisation has been scaled down over the year to reflect the depleted order book, and an exit strategy from Russia is under review.

Continued improvement to the performance of Mammoet is being pursued. Cost savings remained high on the agenda. A number of plans were implemented across different regions to simplify the organisational structure, reduce overheads, strengthen the internal organisation, and increase profitable growth. The most significant change included the winding down of local smaller positions in several operations in APAC and MEA. An organisation-wide optimisation process is near completion with the formation of an international projects organisation based in Dubai serving clients globally on an in-and-out basis only for larger projects. This is reducing overheads and allowing projects to be executed more efficiently.

Another important step forward is the start of the ERP implementation project SHERPA, focused on rolling out unified business tools (ERP) and associated optimised processes across the entire organisation. This will reduce costs further, as well as enhance utilisation rates of assets.

In 2022, Mammoet made good progress on its mission to become one of the world’s most sustainable heavy lift and transportation specialist. Reducing the carbon footprint of the equipment fleet represents an important focus area for innovation. One way this is being achieved is through the purchase of new assets, while converting existing fuel-powered equipment to run on electrical and hydrogen power is another. A special milestone was reached when the company replaced a production vessel in a Dutch chemical plant with using electrical energy only – the first fully electrically-powered transport.

Operational results (excluding Russia) improved again in 2022 and in line with the strategic plan, supported by the execution of large projects in North-America and strong day market activity in key regions. However, both operational and exceptional losses due to impairments were incurred in 2022 caused by Mammoet’s activities in Russia. As a result a loss was incurred in 2022.

Performance improvement