This is PBB, a Dutch navy station.
850 Hz shift, 75 Bd, FSK. And it is not encrypted, you should be able to turn it to clear text. I don't remember off the top of my head, but try 850 Hz shift, 75 Bd, 5N1
The results might look odd to you, but should be the same line repeating every transmission cycle, something like:
02A 04B 06A 08B 12A PBB
T!