Boskalis’ offshore energy division posted a sharp rise in revenue and EBITDA in the first half of 2025, supported by high heavy marine transport fleet occupancy and strong contributions from offshore wind and oil and gas projects.
Within the services cluster, the BOKA Vanguard and other transport vessels completed major assignments, including moving two large dry docks from China to Turkey and from Turkey to the US west coast.
Marine services also performed well, while subsea and survey operations matched last year’s levels with work in the North Sea and Middle East.
In contracting, offshore heavy lifting and subsea cables delivered a strong first half, with a large US offshore wind project nearing completion and two export cables installed in Taiwan. Boskalis said the division successfully capitalised on both offshore wind and traditional oil and gas markets, delivering strong project execution across the board.
Group-wide, Boskalis reported revenue up 14% year-on-year to €2.35bn and EBITDA up 35% to €748m. Net profit climbed 43% to €426m.
All three divisions contributed to the growth, with dredging benefiting from large projects in Asia and the Middle East, and towage and salvage boosted by the consolidation of Smit Lamnalco and a busy salvage schedule.
The order book stood at €6.2bn at the end of June, down from €7bn at the end of 2024, with around a quarter of the decline due to currency effects. The company secured €900m in new contracts at the start of the second half, including dredging work for a Taiwanese gas pipeline and a multi-year terminal services deal in Guyana.
CEO Theo Baartmans said the performance was “an extraordinary achievement” given geopolitical and macroeconomic challenges, crediting strong vessel utilisation and project results across all divisions.