The consortium behind the excavation of the tunnel trench on the Fehmarn connection delivers yet another significant surplus.
Fehmarn Belt Contractors I/S, owned by Dutch companies Boskalis and Van Oord, ends 2025 with a result of 125.9 million DKK compared to 100.6 million DKK the previous year. At the same time, turnover has fallen to 292.5 million DKK from 1.08 billion DKK the previous year, reflecting that the main task of the project is largely completed.
The consortium has been responsible for one of the most central contracts on the Fehmarn connection, namely the excavation of the 17.6-kilometre-long tunnel trench on the seabed between Lolland and Fehmarn, where the 89 tunnel elements are later to be lowered. The work has been ongoing for several years and has also included the establishment of a work harbour and extensive land reclamation on both sides of the belt.
98 percent complete
The land reclamation itself provides a clear picture of how far the contract has progressed. According to the accounts, 98 percent of the work to establish the new land areas is now completed, and the areas have largely already been handed over to the client. Thus, only the last remaining works are missing before the contract is fully completed.
This is directly reflected in the finances. While turnover falls sharply as the large amounts of soil are moved and placed, earnings have increased significantly. The gross margin has been lifted considerably compared to the previous year, indicating that the work in the final phase is less costly after the most intensive excavation activities. Equity has simultaneously grown to 276.8 million DKK.
The work on the tunnel trench has been formally completed and settled with the client Femern A/S. In this context, the consortium paid compensation because parts of the trench were dug too deep. The compensation is not separately disclosed in the accounts, where it is instead considered to be included in the total contract revenues.
Ongoing adjustments
Even though the contract has thus been settled, the trench still plays a central role in the project. The main contractor, Femern Link Contractors, has subsequently refused to approve the trench in its current form, and thus work that is contractually completed has become a bottleneck in the next phase, where the tunnel elements are to be lowered.
In the accounts, the consortium itself describes the work as technically demanding. After several years of work, they point out that the soil conditions have not always matched the original expectations, and that the work has therefore required ongoing adjustments. At the same time, it is clear that external conditions have posed challenges in planning along the way.
Activities in Fehmarn Belt Contractors are now significantly reduced. In 2026, the consortium expects only a modest profit, which underscores that the contract is really nearing completion, while the Femern project as a whole moves on to the next phase.
