Boskalis Trading Update in Line with Market Conditions

Image source: Boskalis

Royal Boskalis Westminster N.V. has just released their latest Trading Update, saying that the company’s developments in 2018 have so far proceeded in line with the market conditions.

During the presentation of the 2017 annual results, Boskalis said that the current market picture in the oil and gas-related segments in particular is characterized by lower volumes of work and as a result pressure on margins and utilization levels.

The situation in the first quarter of 2018 was in line with this expectation, said the company.

Compared to the same period last year revenue was virtually stable. Fleet utilization at Dredging was also stable, although utilization of the offshore fleet showed a mixed picture.

The order book continued to increase in the course of the first quarter, due in part to the two sizable dredging contracts won recently in Singapore.

Dredging & Inland Infra

Revenue at the Dredging & Inland Infra division rose compared to the first quarter of last year with a comparable result, said Boskalis.

Notable projects included Duqm (Oman), JNPT (India), Nordvikkudden (Sweden) and PCCP (Panama) along with various Room for the River projects in the Netherlands.

Given the circumstances, utilization of the hopper fleet was good and stable compared to the utilization rate in 2017 as a whole. The utilization rate of the cutter fleet in the first quarter was also good given the circumstances following a quiet 2017. The mega cutter suction dredger Helios, which was taken into service last year, made a good contribution on the Duqm project during the quarter under review,” said the company.

The order book of the Dredging & Inland Infra division showed a further increase compared to the end of 2017.

According to Boskalis’ release, notable new projects contracted include the expansion of the Singapore Tuas Mega Port, the development of a polder in the northeastern part of Singapore, the deepening of the Nieuwe Waterweg in the Port of Rotterdam and a maintenance contract for the UK Ministry of Defense.

Outlook

Capital expenditure in 2018 is expected to be around EUR 250 million, excluding acquisitions, and will be financed from the company’s own cash flow.

The net debt position increased in the first quarter, partly as a result of the share buy-back program, investments, the development of the result and the partly seasonal movements in working capital.

 

 

 

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3rd International Congress Hydraulic Engineering Structures and Dredging

Russia’s leading maritime industry Media Group PortNews (www.portnews.ru) holds a traditional annual Congress “Hydraulic Engineering Structures and Dredging” in Moscow. 

The two-day Congress includes the 7th International Forum of Dredging Companies and the 3rd Technical Conference “Modern Solutions for Hydraulic Engineering”.

Infrastructure development is among the real sources of Russia’s economy growth. Construction of port facilities and new hydraulic engineering structures on the country’s inland waterways constitute an essential part of all infrastructure projects. It is important to take into account the best international practices to implement these projects effectively.

The program of the Congress will be devoted to the latest technologies for dredging and hydraulic engineering works. Speakers and delegates will refer to real projects to discuss specifics features of dredging works, as well as dedicated fleet and equipment involved.

To learn more about event, please, contact the organizing committee: snitko@portnews.ru

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