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Boskalis raises 2014 net profit outlook to EUR 450 million

By: Lewis Holdsworth 14/11/2014 Boskalis

General Vessels

Q3 TRADING UPDATE - HIGHLIGHTS

Good third quarter with sizable financial settlements on old projects
Order book increased slightly to EUR 3.3 billion

2014 OUTLOOK

Market conditions remain challenging
Good second half-year expected
Full-year net profit guidance raised to EUR 450 million

Royal Boskalis Westminster N.V. (Boskalis) has concluded a good third
quarter. Revenue and earnings, adjusted to reflect the deconsolidation of
SAAM SMIT Towage, are in line with the first two quarters of 2014. At
Dredging the possible settlement of a number of old projects mentioned
during the presentation of the half-year numbers has taken place. This
contributed substantially to third quarter earnings.

Overall market conditions remain challenging. Despite this the order book has
risen slightly, compared to the mid-2014 level, to EUR 3.3 billion, which is on
par with the level at the start of the year.

Based on current insights the second half of the year is expected to be good.
Alongside the expected contribution from current projects, the realized close-out result on a number of old dredging projects is a substantial contributor. In view of these developments Boskalis is raising its full-year net profit outlook to EUR 450 million. This does not include a possible impact related to the value of the recently acquired stake in Fugro.

Operational developments
The Dredging & Inland Infra segment achieved an exceptionally high result
in the third quarter as a result of the aforementioned close-out effect. The
results and margins on current projects were good across the board and are
consistent with current market conditions. The effective annualized utilization
rate of the hopper fleet was under 40 weeks in the third quarter due to
maintenance and lower utilization of the two largest trailing suction hopper
dredgers, the Fairway and the Queen of the Netherlands. The utilization rate
for the cutter fleet remained consistently strong in the third quarter.
Contracts in the Netherlands (IJsseldelta), the United Kingdom and Egypt
(Suez Canal) among others, were added to the order book since the end of
the second quarter. On balance the Dredging & Inland Infra order book
increased compared to mid-2014.

The Offshore Energy segment had a third quarter without any noteworthy
developments in terms of operations or results. The revenue development at

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Boskalis raises 2014 net profit outlook to EUR 450 million

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