Terramare

What Terramare does

Terramare is a Finnish marine construction contractor and a subsidiary of Dutch maritime services group Royal Boskalis, operating across the Nordic and Baltic Sea regions. The company provides a portfolio of services spanning capital and maintenance dredging, port and quay construction, underwater drilling and blasting, slipform casting, and environmental construction (including sediment remediation). Its asset base is a fleet of approximately 40 specialized vessels and heavy equipment, with notable assets including the Meri-Pekka backhoe dredger, the Nordic Hero floating crane (500-ton lifting capacity), and down-the-hole (DTH) drilling systems. These capabilities enable execution of both nearshore civil works and offshore construction in Arctic and sub-Arctic conditions.

The company serves port authorities, municipalities, energy developers (notably offshore wind operators such as Suomen Hyötytuuli), and public-sector infrastructure clients. Terramare wins work primarily through competitive tenders, with contract values visible in the single-digit to low double-digit millions of euros range per project and multi-year engagements on flagship infrastructure (e.g., the Turku New Ferry Quay, Helsinki Pakkahuone Quay renovation, Malmporten dredging in Luleå). The revenue model is project-based, milestone-driven contracting with limited recurring software-like revenue; pricing is driven by vessel day-rates, cubic-meter dredged volumes, and tonnage of materials handled.

The business model is B2B and capital-intensive. Revenue is generated by deploying specialized vessels and crews under fixed-price or unit-price contracts. Customer concentration sits with a relatively small pool of large public-sector and energy clients, though individual projects are competitively tendered. Strategic positioning is anchored in Nordic-Baltic regional specialization — particularly ice-prone and environmentally sensitive waters — supplemented by the parent's global engineering IP through Boskalis Group ownership.

Name

Terramare

Legal name

Terramare Oy

Website

https://terramare.boskalis.com

Company type

Private

Operating status

Operating

Headcount range

51–100 employees

Short description

Terramare is a Finnish marine construction contractor and Boskalis Group subsidiary providing dredging, port and quay construction, underwater drilling, and offshore wind services to port authorities, municipalities, and energy companies across the Nordic and Baltic Sea regions.

Ownership category

akta.pro rank

Product category

Marine Construction Services

NAICS

Ship Building and Repairing (336611), Support Activities for Water Transportation (4883)

SIC

Ship & Boat Building & Repairing (3730)

akta.pro primary industry

Quay & Waterfront Civil Works (Piers, Quays, Seawalls, Dredging, Revetments) (IMAJALAF)

akta.pro secondary industry

Marine Terminals & Cargo Handling Infrastructure (RoRo, Bulk, Container) (IMAFAJAF)

Keywords

• Marine construction
• Dredging services
• Port construction
• Offshore wind foundations
• Underwater drilling

Headquarters

HQ city

Espoo

HQ country

Finland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Marketing or Sales

Revenue model

1. Marine Construction Projects: Terramare generates revenue through large-scale marine construction projects including dredging, port/quay construction, fairway development, and offshore wind foundation work. Projects are typically fixed-price contracts awarded through competitive bidding processes with port authorities, municipalities, and private companies. The contract value for Port of Pori's heavy ramp project was approximately 3.5 million euros.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Terramare Oy provides heavy marine construction services in the Nordic and Baltic countries, including dredging and fairway construction, port and quay construction, underwater drilling and blasting, slipform casting, and environmental/sediment construction. The company operates a fleet of approximately 40 specialized vessels to deliver these services to port authorities, municipalities, ferry operators, and offshore wind developers. As part of the Boskalis Group, Terramare combines Nordic Arctic expertise with global marine contractor resources.

Product overview

Terramare is a marine construction company offering a unified portfolio of heavy marine construction services as part of the Boskalis Group. The core offering consists of dredging and fairway construction services (for maintaining and developing sea lanes and harbors) and port and quay construction (for building heavy-duty mooring and loading infrastructure). Operations are supported by a fleet of approximately 40 specialized vessels including the Meri-Pekka dredger and Nordic Hero floating crane, plus DTH drilling equipment. The company operates primarily in Nordic and Baltic countries, providing services such as underwater drilling and blasting, sediment treatment, and slipform casting for demanding offshore, port, and wind energy construction projects.

Differentiator

Problem solved

Functional benefit

Products and services

• Dredging and Fairway Construction Marine dredging services for maintaining and developing sea lanes, harbors, and fairways, including sediment treatment and environmental construction to reduce environmental impacts. Targeted at port authorities and maritime operators.
• Port and Quay Construction Construction of heavy-duty quays serving as mooring and loading places in ports for both cargo vessels and passenger ships. Specializes in demanding port infrastructure projects including piling, retaining quay wall elements, and RoRo ramps.

Quantifiable outcome

• Dredged materials equivalent to 10,000-20,000 truckloads transported by single vessel, reducing heavy traffic and environmental burden
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core and flagship.

• Suomen HyötytuulicoreStrategic or Co-development Partner · 10 October 2023Cooperation between Terramare and Suomen Hyötytuuli for the Tahkoluoto offshore wind farm expansion project. Terramare's dredger Meri-Pekka was equipped with equipment tailored to Suomen Hyötytuuli's needs for test excavations at record-breaking depths.
• Metsähallitus (Finnish Forest Administration)coreStrategic or Co-development PartnerPilot project with Metsähallitus to promote more efficient and environmentally friendly beneficial use of marine sediments. Finland is learning new operational models from practices already established in Germany, Netherlands, and Great Britain.
• Boskalis GroupflagshipStrategic or Co-development PartnerTerramare is a subsidiary of the international Boskalis Group, a leading global port, offshore and dredging contractor. Terramare is responsible for Nordic service provision and operations in the Baltic countries, with cooperation with other Boskalis companies extending worldwide.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Van Oord: Dutch marine contractor specializing in dredging, land reclamation, and offshore wind foundation work. Directly competes with Terramare on Nordic/Baltic port and offshore wind tenders with overlapping capabilities.
• DEME Group: Belgian dredging, marine engineering, and offshore wind contractor. Closely comparable business model focused on dredging, quay construction, and offshore wind foundations in European waters.
• Jan De Nul Group: Belgian family-owned marine contractor with dredging, rock placement, and offshore wind capabilities. Competes head-to-head with Terramare on Nordic marine infrastructure and offshore wind foundation projects.
• Tideway (DEME subsidiary): Subsidiary of DEME specialized in marine rock placement and seabed preparation for offshore wind. Direct comparable in offshore wind seabed preparation services that overlap with Terramare's Meri-Pekka operations.

Others

• Metsähallitus (Marine Operations): Finnish state-owned land/water manager partnering with Terramare on marine sediment beneficial-use projects. Adjacent ecosystem player rather than competitor, but key collaborator in environmental construction services.

Emerging players

• Royal IHC: Dutch dredging and offshore equipment builder with growing services arm. Comparable in specialized marine equipment and project execution, though more weighted to vessel/equipment manufacturing.
• NKT A/S: Danish cable manufacturer and installer for offshore wind farms. Adjacent in the offshore wind value chain — sometimes partners with marine contractors on cable lay and seabed preparation work.

Broad incumbents

• Great Lakes Dredging & Dock Corporation: US-listed dredging and marine contractor. Comparable dredging and coastal protection services, though primarily North America focused with different regulatory environment.
• Boskalis Group: Dutch global marine contractor and parent of Terramare. Directly comparable dredging and offshore services portfolio with worldwide footprint; Terramare functions as the Nordic/Baltic operating unit within the same group.

Regional players

• Per Aarsleff Holding: Danish contractor with marine foundation and piled quay construction capabilities across Scandinavia. Directly comparable in Nordic quay/piling construction but Denmark/Scandinavia focused rather than Finland/Baltic.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/terramare
• Instagraminstagram.com/boskalis_terramare

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Terramare