Dutch marine outfit Boskalis saw a lower contribution to its offshore energy operating result from the wind and cable sector last year because of operational and contractual issues at unnamed projects.
The company reported an operating result of €5m for 2018 from its offshore energy business, compared with €85m the previous year.
Earnings before interest, tax, depreciation and amortization (EBITDA) in the business segment also fell to €111.3m last year, from €221.1m in 2017.
However, offshore energy saw a rise in revenue to just over €1.04bn, up from €972.1m in the previous 12 months.
The order book also increased to more than €1.28bn from just over €1.01bn in 2017. Boskalis said about half of the orders are related to offshore wind.
Overall, Boskalis posted a loss of €435.9m last year, compared with a profit of €150.5m in 2017. The loss was mainly down to a non-cash extraordinary charge of €519m, the company said.
EBITDA was down to €353.6m from €436.6m, while revenue grew to €2.57bn from just over €2.34bn.
Boskalis chief executive Peter Berdowski said: “We see cautious signs of recovery in the markets relevant to us in due course, although we are still a long way away from the exuberant market climate of three to five years ago.
“In the short term we will continue to maintain a disciplined and selective focus on opportunities to strengthen our position, in anticipation of recovery further down the line.”