Boskalis Post Record H1 2014 Profits

By George Backwell
Thursday, August 14, 2014
Boskalis dredger: Image courtesy of the owners

Despite what it describes as 'challenging market conditions' Royal Boskalis Westminster N.V. posted record profits in the first half year ended 30, June 2014.

Highlights first half 2014
-  Revenue exceeds EUR 1.5 billion
-  EBITDA: EUR 466 million
-  Net profit: EUR 253 million
-  Order book in excess of EUR 3.1 billion
-  First application of IFRS11 outlook
-  Challenging market conditions
-  Net profit expected to exceed record 2013 profit (EUR 366 million)

The results in all three segments rose sharply compared to the first half of 2013. Dredging & Inland Infra had a busy first half of the year with a high fleet utilization rate, good project margins and substantial settlement results on old projects.

The Offshore Energy segment also had a good first half of the year with a high fleet utilization rate and good project margins. Furthermore, Dockwise contributed an extra quarter to earnings compared to 2013 in addition to a sizable contribution from cancellation and rescheduling fees.

The results at Towage & Salvage were higher despite a quiet first half of the year in terms of salvage activities, but with good results from the settlement of older salvage projects.
 
The order book stood at EUR 3,146 million at the end of the first half of the year (end 2013: EUR 3,323 million).
 
Peter Berdowski, CEO Boskalis commented:
"We have posted a historically high result in the first half of 2014 and the performance across the board of the company has been very good. This result is partly thanks to the strategic choice we made to broaden our focus on offshore. The offshore activities are becoming increasingly important and the contribution of Dockwise forms a key part of this. But the traditional core dredging activities also made an excellent contribution to the results.
 
In the first half of the year we achieved a high fleet utilization rate and good project results. In addition, a number of exceptional gains made a substantial contribution to the results, including settlement results on old projects in Dredging and Salvage as well as compensation for Dockwise transport contracts that were cancelled. The extremely good results may however not be viewed as a fair reflection of current market conditions which remain very challenging, both in terms of margin and volume."

Outlook
Current insights suggest that the market picture is not expected to change significantly in the second half of the year compared to the first half of the year.

Full details of this financial report are downloadable at: hugin.info/130721/R/1848732/645201.pdf

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

First Women's Expedition to the Arctic

Company "MyArctic-expeditions" organize the first women's expedition to the Arctic Ocean. The expedition will start on March 5 in the capital of the Nenets Autonomous

Topaz Responder Saves Refugee Migrants

Topaz Energy and Marine has emerged as an unlikely player in the effort to save refugee migrants risking their lives on the sea crossing from Turkey to Greece’s islands in order to reach Europe.

MHI's Entity to Oversee Material Handling Equipment, Engine and Turbocharger Businesses

Today Mitsubishi Heavy Industries, Ltd. (MHI) decided in principle to launch a new wholly owned entity to integrally oversee its current businesses in material

Contracts

Topaz Responder Saves Refugee Migrants

Topaz Energy and Marine has emerged as an unlikely player in the effort to save refugee migrants risking their lives on the sea crossing from Turkey to Greece’s islands in order to reach Europe.

Globus Maritime Reclassifies Board Member

Globus Maritime Limited, a dry bulk shipping company, announced today that when Georgios Karageorgiou, a Class I director of Globus Maritime Limited  resigned on December 28,

VT Halter Delivers ATB Tug to Bouchard

VT Halter Marine, Inc. announced the delivery of the M/V Morton S. Bouchard Jr., the first of the two 6,000 horsepower Twin Screw Articulated Tug Barge (ATB) tugs to Bouchard Transportation Co.

Finance

Sardines Boost Murmansk Port Turnover

In January 2016 turnover of the Murmansk Marine Fishing Port reached 22 thousand tons of cargo, including 15 thousand tons of fish. This is higher than last year,

COSCO Plans European Transhipment Hub

China's COSCO is forging ahead with a plan to build a European transhipment hub, reports Reuters. The state owned shipping giant is expected to make an offer for

MISC Bhd: Revenue Up

Malaysia International Shipping Corporation Berhad (MISC Berhad), a shipping arm of Petronas, has seen an increase of 12.3 percent in its net profit for the 2015

Salvage

Shipbreaking Practices in 2015 Reveal Appalling Record -Report

Ignoring industry leaders and human rights and environmental organizations, ship owners continue to profit from dangerous and dirty shipbreaking practices on South Asian beaches in 2015,

Boxship Aground Near Port of Hamburg

A Chinese container ship that is one of the world's largest has run aground on the river Elbe near Germany's largest port Hamburg but shipping to the harbour continues as normal,

A2SEA Jack-Up Capsizes Off Denmark

A2SEA has announced that wind turbine installation vessel has capsized off the Danish coast due to harsh weather on Wednesday.    It has gone from bad to worse for A2SEA-vessel Sea Worker.

Dredging

Twin Dredgers for Canadian Oil Sands

Damen Shipyards Group has completed a construction contract comprising two electric-powered Cutter Suction Dredgers (CSD) for the Canadian oil sands industry. With both vessels built in Canada,

Cosco Bags Contract for Trailing Suction Hopper Dredger

COSCO (Guangdong) Shipyard Co., Ltd, has secured a  contract from a European buyer to build one 15, 000m 3 Trailing Suction Hopper Dredger.    The Singapore-listed

DEME Orders Trailing Suction Hopper Dredger

With the order of the Bonny River at Royal IHC, the Belgian dredging, environmental and marine engineering group DEME is investing in a new generation of trailing

Underwater Engineering

European Consortium Launches Blue Nodules Project

On 1 February a European consortium launched a new Horizon 2020 project: Blue Nodules. This project addresses the challenge of creating a viable and sustainable

FUGRO Wins BHP Pyrenees Contract

Fugro has been awarded a contract by BHP Billiton Petroleum Pty Ltd for the Pyrenees Phase 3 Installation Project.   The Pyrenees development is located offshore Western Australia,

Zentech Inks Deal for Two Z-210 with CSSC

Zentech Incorporated of Houston, Texas, USA signed contracts with CSSC Huangpu Wenchong Shipbuilding Company Limited for the construction of (2) Z-210 Mobile Offshore Units.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1171 sec (9 req/sec)