Boskalis First Quarter Results
The first quarter of 2020 was above expectations for Royal Boskalis Westminster N.V. (Boskalis).
In light of the worldwide developments of the COVID-19 virus, Boskalis closed a good first quarter.
According to the company, a modest increase in revenue was accompanied by a higher result compared to the same period last year.
The order book decreased slightly at the end of the quarter compared to the record position held at the end of 2019.
To date there have been no project cancellations of substance impacting the order book, reported Boskalis.
HIGHLIGHTS FIRST QUARTER 2020
- COVID-19 impact on first quarter result relatively limited
- Increased revenue and higher EBITDA compared to the first quarter of 2019
- Fleet utilization: mixed picture within both Dredging and Offshore Energy
- Order book: EUR 4.6 billion
- Positive net cash position of EUR 57 million and a directly available financial headroom of approximately EUR 850 million
Dredging & Inland Infra
Revenue at the Dredging & Inland Infra division decreased slightly with a lower result compared to the first quarter of last year. Noteworthy projects in progress included Duqm (Oman), Pulau Tekong and Tuas Terminal Phase 2 (Singapore), LNG Canada and various medium-sized projects in the Netherlands.
Of the medium to large projects, only the Pulau Tekong project is currently on hold due to COVID-19 measures following a selective lockdown in Singapore.
The hopper fleet utilization was lower compared to last year. On the other hand, the utilization of the cutter fleet in the first quarter was exceptionally strong, partly due to the deployment of the mega cutter Helios in the Middle East.