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Boskalis brushes off after difficult 2019

4C Offshore | Tom Russell
By: Tom Russell 05/03/2020 Royal Boskalis Westminster N.V.
Royal Boskalis Westminster N.V. (Boskalis) has published its 2019 full year results. The marine construction company stated that after a difficult first half, 2019 ended with EBITDA of €376 million, slightly above expectations.

Net profit came in at €75 million (2018: €436 million loss). Revenue increased by 2.9% compared to a year earlier to €2.64 billion (2018: €2.57 billion).

Boskalis noted that it experienced a poor first half of the year for in its offshore energy division, with operational and contractual issues at a limited number of offshore wind cable and decommissioning projects. Provisions of more than EUR 100 million were taken in the first half of the year with respect to a limited number of contracts.

Boskalis' offshore energy division recorded a revenue drop off 2% by the end of 2019. Despite a good second half of the year, Boskalis attributed this to loss provisions taken in the first half of the year relating to offshore wind cable and decommissioning projects. It also noted that seabed intervention and survey activities made a sharp contribution to the result this past year. 


The company stated its transport activities continued to depend on the spot market, although in the course of 2019 concrete signs of recovery became visible for 2021 onwards. In the second half of the year Boskalis was awarded an important sizable offshore wind project in Taiwan, leading to the decision to invest in a second crane vessel.

Peter Berdowski, CEO of Boskalis: “We were able to end 2019 well after a difficult first half of the year. Due to these results and the proceeds from divestments we ended the year net debt-free. This is no small feat in light of the difficult market conditions over the past few years and the investments and acquisitions we made.


"A number of the Offshore Energy activities are showing signs of recovery. We are seeing a higher level of activity at survey, heavy marine transport and seabed intervention. In addition we have been awarded a strategically important offshore wind energy project in Taiwan. Due in part to this project we have decided to invest in a new, innovative crane vessel that will enable us to install extremely large foundations. This investment will further strengthen our position in the wind energy market."


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