Royal Boskalis in 2024 surpassed all previous financial records with an all-time high revenue, result and order book. The revenue amounted to EUR 4.4 billion, with a strong contribution from the Offshore Energy division. The order book increased by EUR 1 billion to EUR 7 billion, due to the consolidation of Smit Lamnalco.
‘2024 was an extremely good year for Boskalis with all parts of the company performing exceptionally well. In every corner of the world we sailed the waters white. We can proudly look back on a year that will go into the books as the best ever in our 115-year history,’ says Peter Berdowski, CEO Boskalis, who will step down from this position on 1 April 2025. He will be succeeded by Theo Baartmans, a member of the Board of Management since 2007. Berdowski will be appointed Chairman of the Supervisory Board as of the same date.
EBITDA and net result increased by more than 28 per cent having already hit record levels in 2023. EBITDA increased to EUR 1.3 billion, EBIT rose to EUR 926 million and the net profit came out at EUR 781 million. The exceptional performance reflects a busy year with good project execution across the company. The acquisition of the remaining fifty per cent share in Smit Lamnalco in late October 2024 also contributed to the earnings growth.
In addition, the company invested over EUR 700 million in equipment, also a record amount for Boskalis.
Also read: Boskalis adds construction support vessels to fleet
Offshore wind ever more important
Last year, half of the revenue of the Energy Offshore division was related to offshore wind, with Boskalis actively participating in the construction of more than 150 offshore wind farms worldwide to date. Revenue of this division increased by ten per cent to EUR 2.0 billion. The overall utilisation of the fleet was higher compared to 2023, with a particularly busy year for the crane vessels and heavy marine transport fleet.
Subsea Cables had a busy twelve months following a couple of relatively quiet years, with sizable projects in Germany and the Netherlands.
Berdowski: ‘The Offshore Energy division has been exceptionally busy over the past twelve months. The energy transition is fuelling demand for new infrastructure, while the traditional oil and gas market is also still offering a lot of work. We were particularly active with offshore wind projects along the east coast of the US and in Europe. We transported a large number of special objects with our heavy marine transport vessels, and ALP Maritime’s eight large oceangoing tugs acquired in early 2024 have been put to full use on a wide range of projects.’
‘Our Heavy Marine Transport and Marine Services business units completed some high-profile projects,’ adds Berdowski. ‘A large FPSO was disconnected and towed from Brazil to a European recycling yard. The BOKA Vanguard transported the FPSO Opportunity to Turkey and then collected the stripped-down Fremantle Highway – a car carrier that Boskalis salvaged in the summer of 2023 – in Rotterdam for delivery in China.’
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Dredging and Inland Infra
In the Dredging & Inland Infra division, revenue amounted to EUR 2.2 billion (2023: EUR 2.3 billion). The trailing suction hopper dredgers were well utilised at 35 weeks on sizable projects in Asia and the Middle East, the subsea rock installation vessels were very busy with 44 weeks, while the cutter suction dredgers were exceptionally busy in the Middle East with 51 weeks of utilisation.
From a revenue perspective, Asia/Australia, the Middle East and Europe, were the main contributors with substantial projects in the Philippines, Saudi Arabia, Taiwan, Singapore, Australia, Denmark, and the Netherlands. In 2024, Boskalis completed its work on the land development for the New Manila International Airport. In Singapore, further progress was made on the multi-year port expansion (Tuas Terminal 2) and the construction of an innovative polder (Pulau Tekong), which is expected to be completed in 2025.
Berdowski points out that the Dredging & Inland Infra division was busy with innovative infrastructure last year, such as the Fehmarnbelt tunnel between Germany and Denmark, the development of ports and climate adaptation projects – from Singapore to Zeeland in the Netherlands, and from riverbank protection to coastal defense. A large number of projects are also underway in the Netherlands and Belgium, including the reinforcement the Markermeer dikes north of Amsterdam, the Zuidasdok public transport hub project in Amsterdam, and two projects related to the Antwerp ring road development.
Seabed Intervention once again made a strong contribution, including energy transition-related projects in Taiwan and Australia. The imporance and scope of activities of this division is increasing due to the recent increase in damage to underwater infrastructure, states Berdowski. ‘With the recent addition of the Windpiper, the largest subsea rock installation vessel in the world, we are responding to these current developments.’
Also read: Boskalis reports historically high result in first half year
Towage and Salvage
The combined revenue contribution at Towage & Salvage was virtually stable at EUR 0.2 billion. The activities of Smit Lamnalco were fully consolidated as per 1 November.
Salvage had a slightly quieter year following an eventful 2023. Nonetheless, 2024 was a very strong year with the successful wreck removal of a sunken oil platform off the coast of Malaysia, several emergency response assignments, and various settlement results.
Also read: Smit Lamnalco now part of Boskalis
Order book and outlook
The order book increased in 2024, adding EUR 5.3 billion of new contracts on balance, including just over EUR 1 billion as a result of the consolidation of Smit Lamnalco. The order book stood at EUR 7 billion at the end of the year (end 2023: EUR 6 billion).
Berdowski: ‘We recently completed a new business plan for the next three years. Despite the necessary uncertainties on the world stage, we are still positive about the prospects for Boskalis during this period. With our portfolio of activities, broad fleet, healthy financial position and above all our knowledgeable and passionate colleagues, we look ahead with confidence.’
Picture by Boskalis.
Also read: In pics: Boskalis installs largest US wind farm foundation
