Boskalis’ net profit soars

Royal Boskalis Westminster N.V., a Dutch dredging and offshore contractor, recorded a growth in its full year 2014 profit.

The company’s net profit for the year was EUR 490 million, versus EUR 366 million in 2013. Revenue grew by 1 per cent to EUR 3.2 billion, compared to EUR 3.1 billion in 2014.

Boskalis has said that Offshore Energy business segment had a good year with high fleet utilization and good project margins.

The company has also highlighted a significant contribution of its heavy lift and maritime transportation subsidiary Dockwise, which it bought in 2013.

Peter Berdowski, CEO Boskalis said: “We look back on a fantastic 2014, a year in which we achieved a very strong performance across the full breadth of our activities. In this context, it is worth noting that the result Dockwise achieved in its first full year with the group was an all-time high.”

He added: “The current market environment offers a mixed picture, with stability for both Dredging & Inland Infra and Towage, but challenging conditions for Offshore Energy in the capacity-driven spot markets, especially at Subsea Services as well as parts of Transport. On the other hand the current market also presents opportunities, even for selective growth. Any growth opportunities will be considered with the necessary caution to ensure that we remain strong and healthy.”

Nothing new on Fugro

The company did not provide any new insight into its intentions with Fugro, in which it owns a 20 percent share. Fugro, a Dutch company providing geotechnical and survey services to oil & gas industry, has said that Boskalis’ acquisition of its shares was unexpected and unsolicited.

In a statement issued yesterday Fugro said Boskalis had taken legal action against the company, aiming to force a shareholder vote on a takeover protection rule at Fugro’s general meeting in April.

Boskalis in its full year results report had this to say on Fugro:

“Despite the uncertainty in the market Boskalis remains positive about the long-term prospects for the offshore energy market. It is against this background that Boskalis acquired a 20% interest in Fugro. Boskalis’ strategy is aimed at the offshore and (maritime) infrastructure markets, leveraging the company’s combination of high-end know how and maritime assets. This is an excellent fit with the core activities of Fugro. The two companies have much in common in terms of assets, knowledge, capital intensity, global spread and customer base, and are both global leaders in niche markets. Boskalis supports Fugro’s realigned and focused strategy.”

Offshore Energy Today Staff