Royal Boskalis BV (Boskalis) has completed the best third quarter in its history, it has reported in its latest financial results, with its Offshore Energy business recording the best figures.
The Dutch outfit added it is on course for a very strong full year result on the back of a good first half, with fleet utilization high and an increase in revenue and results at all divisions, particularly in Offshore Energy.
Several new projects were acquired during the past quarter, including the large Baltica 2 offshore wind cable project and the A2 infra project between Het Vonderen and Kerensheide in Limburg, the Netherlands.
Meanwhile, the company’s order book stood at €6bn as per the end of September, comparable to the mid-2023 level. Underlying, the order book of the two major divisions was also virtually stable it added.
“With the high utilization of our fleet and good project results, we are looking back at the best third quarter in our history,” said chief executive Peter Berdowski.
“At Dredging, major projects in Asia, the Middle East and our home markets in Europe made a significant contribution.
“We saw the biggest increase at Offshore Energy. Our strategy focusing on both the traditional energy market and the offshore wind market is paying off. Our vessels at Heavy Marine Transport, Subsea Services, Marine Services and Survey have been extremely busy.
“At Salvage, we successfully completed a number of high-profile assignments in recent months, including the FSO Safer in the Red Sea and the Fremantle Highway in the Wadden Sea.
“All in all, we are on track to conclude one of our best years ever.”
Boskalis said its sustainable growth strategy pursues a balance between activities that add societal value and create sustainable growth and the past quarter saw several projects in progress.
The company said with the results for the first nine months of the year and the projects in progress, 2023 is expected to be one of the best years in its history financially with an EBITDA of more than €800m. This will significantly exceed last year’s result. Based on market developments and the well-filled order book, Boskalis is also positive about the period thereafter.
It said its financial position remains strong. with a positive net cash position and is, on balance, debt-free. Guided by the opportunities currently presented by the market, Boskalis will continue to invest in sustainable growth in line with its strategic agenda it added.