Royal Boskalis Westminster N.V. reported a higher revenue for the first quarter of 2014 compared to the same period last year. This was in line with company expectations. This achievement was the result of Good utilization of the Dredging and Offshore vessels. Adjusted for the acquisition of Dockwise, which was only included in the consolidated figures from the second quarter of 2013, revenue was also higher.
There was no material change in market circumstances during the quarter in a stable market. At the end of March the group order book was also stable compared to the end of 2013.
Revenue in the Dredging & Inland Infra segment was slightly higher than in the first quarter of 2013, partly influenced by projects in Qatar, Brazil and India. The reported margin was at a comparable level as in the same period last year. The utilization level of the hopper fleet was stable whereas the utilization of the cutter fleet increased relative to the first quarter of 2013.
The order book of the Dredging & Inland Infra segment was down slightly compared to the end of 2013.
Offshore Energy had a strong first quarter. Revenue grew as a result of the West of Duddon Sands project in the Irish Sea, the Malampaya transport and installation project in the Philippines, Ichthys offshore in Australia and a large number of rock installation works in Europe. The utilization of the transport fleet and floating sheerlegs was good.
Dockwise experienced a good first quarter with strong fleet utilization which was up on the average for 2013. The higher utilization level was mainly due to a strong spot market.
The Offshore Energy segment order book was slightly down compared to the end of 2013.
The activities of Fairmount Marine acquired at the beginning of March will be included in the consolidated figures from the second quarter.
Towage & Salvage reported a lower revenue with good underlying margins in the first quarter.
Harbour Towage had a busy first quarter, mainly in Brazil and Rotterdam. Salvage had a quiet first quarter. In early 2014 two large salvage contracts were acquired, relating to the car carrier Baltic Ace in the North Sea and a jack-up rig off the coast of Angola, on balance resulting in an increase of the segment order book.
There was no material change in the financial position of Boskalis compared to the end of 2013. The net debt position rose slightly as a result of the acquisition of Fairmount. The balance sheet ratios and liquidity remain strong and Boskalis is operating well within the covenants agreed with its debt providers.