Royal Boskalis has completed a historically good first half of the year with net profit rising 65 per cent to EUR 298 million (H1 2023: EUR 181 million). Fleet utilisation was high and there was an increase in earnings at all three divisions.
Revenue increased by five per cent compared to last year to EUR 2.07 billion (H1 2023: EUR 1.97 billion). EBITDA increased by nearly fifty per cent to EUR 553 million (H1 2023: EUR 370 million). Adjusted for an exceptional gain in the first half of the year, EBITDA increased by 44 per cent compared to the same period in 2023.
‘Financially, the past six months have been the most successful we have achieved in Boskalis’ long history,’ says Peter Berdowski, CEO Boskalis. ‘There was an exceptionally good performance across the board. EBITDA increased by nearly fifty per cent to more than half a billion euros and net income by 65 per cent to almost 300 million euros.’
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Good results across the board
Berdowski adds: ‘In the Dredging & Inland Infra division, our large vessels were well utilised, particularly on projects in the Middle and Far East. We are in the completion phase of the extensive Manila International Airport project and are gradually shifting to new projects in Southeast Asia and the Middle East. Closer to home, we did a lot of work in the Netherlands on the reinforcement of the Markermeer dikes north of Amsterdam and on the Zuidas public transport hub in Amsterdam.’
‘At Offshore Energy, we have invested heavily in recent years in equipment that can be deployed in both the offshore wind market and the traditional fossil energy market. This has given us a strong position in the lifecycle chain from development, installation and maintenance to decommissioning of offshore structures,’ explains Berdowski. ‘Thanks in particular to this strategy, we again achieved excellent results in the past six months.’
‘Salvage once again carried out several special assignments. For example, a very complex wreck removal operation off the coast of Malaysia was successfully completed. This involved a sunken jack-up platform that was completely removed from the seabed.’
‘The volume of work in the order book is still at a healthy level,’ concludes Berdowski. ‘With 5.3 billion euros of work in the portfolio and a strong financial position, we look to the future with confidence.’
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Dredging & Inland Infra
In the Dredging & Inland Infra division, revenue was stable on a slightly higher EBITDA compared to the same period last year. The hopper fleet was well utilised on sizable projects in Asia and the Middle East, and the cutter suction dredgers were fully utilised in the Middle East.
The main regions in terms of revenue contribution were Asia/Australia and Europe with substantial projects in the Philippines, Taiwan, Singapore, Australia, Denmark and the Netherlands. During the first half of the year, Boskalis largely completed its work on the construction of the new Manila International Airport and the project is expected to be handed over to the client shortly. In Singapore, much work was again done around the innovative polder (Pulau Tekong) and port expansion (Tuas Terminal 2) while in Taiwan and Australia energy transition projects (wind and gas) are underway.
In Europe, dredging work for the trench for the Fehmarnbelt tunnel (between Denmark and Germany) was completed in the first half of the year. In the Netherlands, Boskalis was active on a large number of projects, including the multi-year project to reinforce the Markermeer dikes north of Amsterdam, the Zuidasdok OVT project involving the expansion of the existing public transport hub in Amsterdam, and preparatory work is in full swing on the A2 Het Vonderen-Kerensheide motorway expansion project.
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Offshore Energy
At Offshore Energy, revenue increased on a sharply higher EBITDA. All business units had a strong first half year with good results. Approximately half of the revenue was related to offshore wind projects.
In the United States, the crane vessels were busy installing monopile foundations that had previously been delivered by our heavy transport vessels. In Europe, the cable-laying vessels were busy on projects including Hollandse Kust West Beta (Netherlands) and Borkum Riffgrund 3 and Godewind 3 (Germany).
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Marine Transport and Subsea Services
Boskalis’ Marine Transport & Services business units had a busy and good half year. ALP’s powerful oceangoing tugs acquired in early 2024 were deployed on projects including the transportation of an old FPSO to a recycling yard in Europe.
Subsea Services was busy in the first half year with a combination of projects ranging from decommissioning work in the North Sea, a multi-year maintenance contract in Dubai and inspection and maintenance work for a number of large offshore companies. Survey also had a good half year with a variety of projects in the energy markets.
Towage & Salvage
Salvage had a busy and successful first six months. Off the coast of Malaysia, a sunken oil platform was successfully lifted and removed from the seabed within two seasons. Salvage was also fully involved in several emergency response assignments, including the Northern Juvenile in the Strait of Malacca.
Towage’s contribution to the results was higher compared to last year due to Smit Lamnalco no longer being classified as an asset held for sale. Furthermore, early July, Boskalis signed an agreement for the acquisition of all remaining (fifty per cent) shares in Smit Lamnalco. The transaction is subject to customary conditions, including regulatory approval.
Photo: Boskalis’ crane vessels Bokalift 1 and Bokalift 2 (by Boskalis).
