Boskalis Reports Good Third Quarter
Royal Boskalis Westminster N.V. (Boskalis) today reported good third quarter, maintaining the 2019 EBITDA guidance.
As reported, Boskalis saw revenue increase slightly in the third quarter of 2019 compared to the quarterly average for the first half of the year. The operating result increased sharply in the third quarter compared to the weak first half of the year.
The order book stood at EUR 4.2 billion, slightly lower compared to the end of June.
Over EUR 0.5 billion of new contracts were acquired in the third quarter, not including the recently awarded sizable Changfang and Xidao offshore wind project in Taiwan.
According to the company, dredging & Inland Infra had a good third quarter. As expected, utilization of the cutter fleet was lower in the third quarter following an exceptionally busy first half.
The third quarter saw the acquisition of a variety of projects, including some related to port development and climate adaptation.
For example contracts acquired in Europe included the Southsea Coastal Defense project (in the United Kingdom) and Romanian Beaches projects (in Romania). In Australia the Woodside Scarborough gas pipeline project was acquired.
After the end of the quarter Boskalis acquired the Gulhifalhu land reclamation project in the Maldives as well as the N3 maintenance contract in the Netherlands.
Early October saw the successful launch of the mega cutter Krios in Kinderdijk, the Netherlands. Construction work on the vessel will be completed in the period ahead with the vessel expected to be taken into service in mid-2020.
- Good revenue development with strong improvement of the result compared to the first half of the year;
- Healthy utilization of trailing suction hopper dredgers within Dredging;
- Strongly improved result at Offshore Energy and stable utilization of heavy transport vessels;
- Order book: EUR 4.2 billion.
For the full third quarter results, please click here.