AvH: Interim Statement for First Quarter 2012 (Belgium)

Interim Statement First Quarter 2012

DEME (Ackermans & van Haaren 50%) managed to win two major new orders in the first quarter, more specifically in Qatar and in Australia.

The New Port Project in Qatar was signed by Medco (DEME 44%) and involves dredging of the approach channel, a basin, 4.5 km² land reclamation and two outer breakwaters (total worth 941 million euros). The Wheatstone LNG project of Chevron on the Australian west coast (total worth 916 million euros) involves dredging of the approach channel, the manoeuvring area and the berths.

As a result, at the end of March the order book attained a new record level of 3,365 million euros, or a 40% increase compared with the end of 2011 (2,404 million euros). The execution of this order portfolio gives DEME the prospect of a high level of activity for the next few years, even though the contribution from the new large projects will mainly become apparent from 2013 onwards.

Substantial maintenance and repair works to the fleet in the first quarter of 2012 resulted in a correspondingly lower capacity utilization rate.

The Neptune was baptized at the beginning of March and is a DP2 (dynamic positioning) jack-up vessel equipped with a crane with a capacity of 600 tons. This makes the Neptune ideally suited for the transport and installation of offshore wind turbines and all other heavy offshore structures.

AVH First Quarter

[mappress]

Dredging Today Staff, May 15, 2012; Image: AVH

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