Strong first half of the year for Boskalis

Royal Boskalis (Boskalis) has concluded a remarkably strong first half of the year with all of the company’s divisions reporting substantial increases in their results, leading to an exceptional first half performance.

Revenue increased by 14% compared to last year, reaching EUR 2.35 billion (H1 2024: EUR 2.07 billion). Adjusted for (de)consolidations and currency effects, revenue was 5% higher.

In Dredging, the main contribution came from large projects in the Far and Middle East. In Offshore Energy, the vessel utilization of the transport fleet which includes the heavy transport vessels, was high, and various offshore wind projects contributed to the strong half-year. Towage & Salvage also contributed to growth. Following the acquisition of the remaining stake in Smit Lamnalco, these towage activities are fully consolidated. Additionally, Salvage had a busy first half-year, with assignments in, amongst others, the Middle East, Vietnam, and the North Sea.

Theo Baartmans, CEO Boskalis commented: “In the past six months, we have performed exceptionally well across the board. Thanks to high vessel occupancy and strong project results in all three divisions, we have achieved an exceptionally good first-half result. Given the current turbulent geopolitical landscape and strong results from recent years, this is an extraordinary achievement. The exceptional figures we present today are only possible thanks to the dedication of our over 11,000 colleagues worldwide.”

In the Dredging & Inland Infra division, revenue was nearly stable, while EBITDA was higher than in the same period last year.

The utilization of the hopper fleet was comparable to last year, and the cutter suction dredgers continued to have good occupancy, albeit slightly lower than last year when they were fully occupied.

Outside the Netherlands, Boskalis was active on large dredging projects in the Philippines, Taiwan, Singapore, Australia, Saudi Arabia, the United Arab Emirates, and Oman. Several of these multi-year projects were also completed in the past half-year.

In the Netherlands, Boskalis worked on numerous projects, such as the multi-year projects Markermeerdijken north of Amsterdam, Meanderende Maas in North Brabant, and the Zuidasdok OVT project in Amsterdam.

The order book declined from EUR 7 billion at the end of 2024 to EUR 6.2 billion as of 30 June 2025. Approximately a quarter of the decrease is explained by currency effects.

At the start of the second half-year, Boskalis secured two large contracts with a total value of approximately EUR 0.9 billion. In Taiwan, Boskalis will perform dredging work in a consortium for the installation of a 232-kilometer-long gas pipeline (YT2).

Furthermore, Smit Lamnalco secured a large multi-year terminal contract in Guyana for which investments will also be made in four new, state-of-the-art vessels.

Download the full Half year results release.