Boskalis’ decline in revenue from offshore energy in the first quarter of 2017 was “in line with expectations”.
A good contribution from the offshore wind business was unable to offset weak market conditions elsewhere, the company said
Boskalis said the assets acquired from VolkerWessels in mid-2016, which are carrying out cable-laying activities at the Galloper and Walney 3 offshore wind projects in the UK, performed particularly well.
The subsea services sector is “traditionally quieter” in the winter season and so the utilisation rate of the vessels was low and could only partly be offset by deployment in offshore wind and on unexploded ordnance disposal, it added.
The outlook for offshore energy remains unchanged, Boskalis said.
“The completion of long-term contracts from previous years means increased dependence on the spot market services, where the pressure on margins in the services part of the market continues to be considerable,” the company said.
It added that market uncertainty made it difficult to make a forecast for the year ahead, although it is clear that the “net result will be lower than the result for 2016 adjusted for impairment charges”.
Image: Boskalis
Tough start for Boskalis
Wind business performs well in first quarter, but overall revenue falls
By EBS