Dutch maritime and engineering player Royal IHC has seen a positive end to the year amid a boost in orders from the offshore industries.

The company, which only a few months ago cut hundreds of jobs, including a lead chief operating officer position, is eyeing a recovery after it expanded its target market.

IHC said on Friday that in the final two months of 2016 it saw a substantial increase in the sale of its vessel, equipment and engineering services. Almost half of the total order intake last year was secured in this period, it said.

“We see market recovery in the dredging and renewables industry, and are positive that this will continue in 2017,” chief executive Dave Vander Heyde said.

“We are pleased to note that IHC’s strategy, which focuses on making advanced equipment for various maritime sectors and the rental of equipment, contributes to this result,” he said.

In October, IHC cut 425 jobs from its Netherlands operations and axed Alexander van Noort as chief operating officer. His role was scrapped amid “persistent poor market conditions”.

The company instead started outsourcing production activities in order to remain distinctive and cost-efficient in its marketing of ships, equipment and services.

IHC also lowered its expectations for the year, claiming at the time it was anticipating a “below forecast budget for the whole of 2016”.

Since the changes, however, the offshore contractor has turned it around, winning multiple deals across international markets.

According to IHC, “one of the highlights of the year end” was the sale of a trailing suction hopper dredger (TSHD) Easydredge 2700 to Argentinean player Dragados Argentinos DASA (DASA), a vessel that is currently on its way from the shipyard in Bulgaria to its new home port of Buenos Aires.

“With the delivery of the vessel from stock, we are proud to support DASA with its entry into the hopper dredging market, and to be delivering the first new-built TSHD to Argentina in decades,” area sales director Hans Hesen said.

Amid several other dredging contracts, the group is also going to build a multi-purpose 5450-cubic-metre TSHD, to be named DC ORISANT, for a joint venture between Den Herder (Reimerswaal Dredging) and Group de Cloedt. The vessel will be designed to be able to handle a wide range of projects in both the dredging and offshore wind market.

IHC also landed deals in China, the Jordan and Bangladesh.

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Royal IHC turns it around in Q4