Dredging company Royal Boskalis Westminster has posted a realised net profit of €253 million in the first half of 2014.
Revenue increased 21% in H1 2014 to €1.5 billion. Organic revenue growth was 13.4%. EDITDA amounted to €466 million in the first six months, and operating result was €338 million.
The results across all three segments increased considerably compared to the first half of 2013. Dredging & Inland Infra recorded a high fleet utilisation rate, good project margins and substantial settlement results on old projects. The Offshore Energy segment similarly reported a high fleet utilisation rate and good project margins.
Additionally, Dockwise contributed an extra quarter to earnings compare to 2013, as well as a sizeable contribution from cancellation and rescheduling fees. The results at Towage & Salvage were higher despite a quiet first half of the year in terms of salvage activities, but with good results from the settlement of older salvage projects.
Dockwise Vanguard. Image courtesy of Boskalis.
Commenting on the results, CEO Peter Berdowski, said: "We have posted a historically high result in the first half of 2014 and the performance across the board of the company has been very good. This result is partly thanks to the strategic choice we made to broaden our focus on offshore. The offshore activities are becoming increasingly important and the contribution of Dockwise forms a key part of this. But the traditional core dredging activities also made an excellent contribution to the results.
“In the first half of the year we achieved a high fleet utilisation rate and good project results. In addition, a number of exceptional gains made a substantial contribution to the results, including settlement results on old projects in Dredging and Salvage as well as compensation for Dockwise transport contracts that were cancelled. The extremely good results may however not be viewed as a fair reflection of current market conditions which remain very challenging, both in terms of margin and volume."
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/lng-shipping/14082014/boskalis-reports-h1-2014-results-1205/