Boskalis’ Revenue Declined in the First Half of 2017

Image source: Boskalis

Boskalis today released their business results for the first half of 2017, saying that they realized a net profit of EUR 75.1 million in this period (H1 2016: EUR 147.5 million).

Revenue in the first half of the year declined by 7% compared to the first half of last year to EUR 1.09 billion (H1 2016: EUR 1.17 billion). Adjusted for consolidation, deconsolidation and currency effects, revenue was down by 13%, said the company.

Peter Berdowski, CEO of Boskalis, said: “Developments in the first half of the year were in line with expectations. The results of the traditional dredging activities were stable with higher fleet utilization rates. The outlook is moderately positive given the volume of work in the market and an increase in the order book.”

“As expected, the situation in the offshore market resulted in a further drop in the result. We do not foresee a quick recovery in the offshore market, as previously stated, and have adjusted our fleet and organization to this new reality.”

EBITDA in the first half of the year totaled EUR 225.1 million and the operating result was EUR 101.7 million (H1 2016 EBITDA: EUR 317.6 million, operating result: EUR 182.4 million).

Both revenue and fleet utilization increased at the Dredging & Inland Infra segment, with large projects in execution in Brazil, Indonesia and Oman contributing to the rise. The result was virtually stable with continued margin pressure.

At Offshore Energy revenue and result declined, due in part to poor market conditions in the oil and gas industry. In addition there are no major offshore wind farm projects in progress this year, whereas the construction of two sizable wind farms contributed to revenue and the result last year, said the company.

The VBMS cable-laying activities had a good first half of the year, making a significant contribution to the division’s results.

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