Ackermans & van Haaren: DEME’s Important Contracts for 2010 Third Quarter
DEME (AvH 50%) signed several important contracts in the third quarter, a.o. the site for the Olympic Winter Games in Sochi Russia, capital and maintenance dredging works in the LNG port of Soyo in Angola, dredging works for an LNG terminal in Mexico, petrochemical and port development in Malaysia and the construction of offshore wind farms in front of the German coast.
This explains the evolution of the order book to 2,122 million euros per 30.09.2010 (compared to 2,073 million euros per 30.06.2010). DEME had also in the third quarter a very high level of activity and an almost complete fleet utilization. The execution of the various contracts runs as planned and yields the expected results. The investment program also remains on schedule, with a.o. the launching of the cutter dredger Al Jarraf, which is particularly equipped for dredging hard rock formations in the Gulf region. DEME continues to expect a further increase of the order book by year end.
Source: euroinvestor, November 15, 2010;