Although Royal Boskalis saw its orderbook decrease compared to the end of 2024, the company says it can look back on ‘a remarkably strong first half of the year’. All three divisions reported substantial increases in their results and net profit increased by 43 per cent to EUR 426 million (H1 2024: EUR 298 million).
Adjusted for exceptional income in 2024, net profit increased by 52%. Revenue increased by 14% compared to last year, reaching EUR 2.35 billion (H1 2024: EUR 2.07 billion). Adjusted for (de)consolidations and currency effects, revenue was 5% higher. EBITDA increased by 35% to EUR 748 million (H1 2024: EUR 553 million). Adjusted for exceptional income in 2024, EBITDA rose by 40%. The orderbook stood at EUR 7.0 billion at the end of 2024 and is now at EUR 6.2 billion.
‘In the past six months, we have performed exceptionally well across the board,’ says Theo Baartmans, CEO Boskalis. ‘Given the current turbulent geopolitical landscape and strong results from recent years, this is an extraordinary achievement. The exceptional figures we present today are only possible thanks to the dedication of our over 11,000 colleagues worldwide. Their contribution is the key to our success. Investing in attracting and retaining talent is therefore a high priority within Boskalis.’
Also read: 2024 was record-breaking year for Boskalis
Dredging
In the Dredging & Inland Infra division, revenue held steady and EBITDA rose. Hopper fleet utilisation matched last year, while cutter suction dredger occupancy was slightly lower.
Boskalis worked on major dredging projects in the Philippines, Taiwan, Singapore, Australia, Saudi Arabia, the UAE, and Oman, with several multi-year projects completed. A new large-scale contract in Taiwan will employ key dredging vessels for the next two years.
In the Netherlands, projects included Markermeerdijken, Meanderende Maas, and the Zuidasdok OVT, plus completion of the Porthos offshore carbon capture works. New contracts included the IJsselmeer dike reinforcement, while in Belgium Boskalis advanced the Europa Terminal and Antwerp ring road.
In July, Boskalis and shareholder HAL announced plans to acquire VolkerWessels’ Dutch Infra activities to strengthen their home market position. The deal is subject to due diligence and regulatory approval.
Offshore Energy
In the Offshore Energy division, revenue rose sharply in the first half-year, with a significantly higher EBITDA. Heavy marine transport (HMT) fleet occupancy was exceptionally high, and Marine Services also boosted results.
The widened BOKA Vanguard transported two large dry docks from China to Turkey and from Turkey to the US West Coast. The rest of the HMT and Marine Services fleet served offshore wind and oil and gas projects in Asia, South America, West Africa, and the US. Subsea Services and Survey matched last year’s performance, focusing on the North Sea and the Middle East.
Contracting (Offshore Heavy Lifting and Subsea Cables) also had a strong half-year, nearing completion of a major US offshore wind project and installing two export cables in Taiwan. Subsea Cables was mainly active in Europe.
Also read: Boskalis’ Boka Vanguard becomes even wider
Towage & Salvage
The size of Boskalis’ Towage activities has increased due to the acquisition of the remaining stake in Smit Lamnalco in late 2024. Since then, these activities have been fully consolidated. These activities are characterised by long-term contracts for clients primarily in the Middle East, West Africa, and Australia. At the end of June, Boskalis signed an agreement for the sale of the Smit Lamnalco activities in Australia and Papua New Guinea, subject to approval by authorities and regulators.
Salvage had a good and busy first half-year with two Lloyds Open Form contracts. In the Middle East, Salvage was called upon to extinguish a fire on a container ship, while in Vietnam, a salvage team assisted a cargo ship following a collision. Furthermore, Salvage was involved in the emergency response of the collided Stena Immaculate in the North Sea and was active in a wide variety of smaller projects worldwide.
Also read: Smit Lamnalco now part of Boskalis
Orderbook
The orderbook declined from EUR 7 billion at the end of 2024 to EUR 6.2 billion as of 30 June 2025. Approximately a quarter of the decrease is explained by currency effects. At the start of the second half-year, Boskalis secured two large contracts with a total value of approximately EUR 0.9 billion. In Taiwan, Boskalis will perform dredging work in a consortium for the installation of a 232-kilometre-long gas pipeline (YT2). Furthermore, Smit Lamnalco secured a large multi-year terminal contract in Guyana for which investments will also be made in four new, state-of-the-art vessels.
Baartmans concludes: ‘Despite these positive financial results, Boskalis is not immune to geopolitical tensions, macroeconomic unrest, and the weaker US dollar. These developments impact the investment willingness of governments and private clients. Nevertheless, with the projects in our portfolio, we remain moderately positive about the remainder of 2025.’
Picture: Boskalis’ Rockpiper with the DolWin epsilon (photo Boskalis).
Also read: Boskalis adds construction support vessels to fleet
