Dredging, Marine Experts, Boskalis Trading Update

Press Release
Friday, May 11, 2012

Boskalis issues its trading update following approval at its AGM, reporting higher revenue, increased order book

Selected highlights are as follows:

The developments at Royal Boskalis Westminster N.V. (Boskalis) in 2012 to date are in line with expectations.
    •    Revenue level slightly higher than in the same period last year
    •    Higher fleet utilization compared to 2011
    •    Higher order book compared to year-end 2011

Developments
Boskalis realized a slightly higher revenue in the first quarter of 2012 compared to the same period last year. In recent months, market circumstances remained challenging with continued pressure on revenue and margins.
 
For the combined Dredging and Dry Infrastructure segment revenue for the first quarter was comparable to the same period in 2011.

The Harbour Towage activities showed a stable revenue development. The level of activities was particularly high in Brazil. In 2011,

The Salvage, Transport & Heavy Lift segment showed on balance a positive picture in the first quarter. Salvage experienced high demand for wreck removal services and the Transport and Subsea activities also developed well.

Activity levels at both the Terminal Services and Maritime Infrastructure segments developed in line with expectations.
 
At the end of March, the order book amounted to EUR 3.55 billion, excluding the recently acquired contracts in Australia (Ichthys offshore) and Northwest Europe (West of Duddon Sands wind park, Meerwind wind park and subsea maintenance work for Maersk Oil) with a combined value of EUR 310 million. On balance the order book increased slightly compared to the 2011 year-end level (EUR 3.49 billion).

The financial position of Boskalis continues to be strong and showed no material change compared to the end of 2011.

Outlook
Given the current market conditions we expect that 2012 will be affected by a slow down on the positive drivers that underpin our strategy. This situation, combined with the project-based nature of a significant part of our activities, means that we are currently unable to provide quantitative guidance for the 2012 annual result. As previously announced, we however anticipate that we will not be able to match the 2011 result. Based on current insights we do not foresee a materially different market environment in 2012 relative to 2011, but prospects for the medium term are more positive. 
 


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