A strong performance in offshore wind helped the energy arm of Boskalis to almost double profits for the first six months of the year.
The Offshore Energy segment, which includes marine renewables, delivered EBIT of €43.4m for the half-year, up from €26.4m in the year ago period.
Revenue amounted to €599.7m, up from €506.4m, of which 43% was offshore wind related. Contracting revenue was virtually stable compared to the first half of last year.
The strong earnings increase was driven by a combination of factors, including a higher result from the services activities, the integration of Rever Offshore and good operational results from offshore wind projects.
The Subsea Cables unit had a good half year with the largest contribution coming from Ostwind 2, Hornsea 2 and Moray East, said the company.
Meanwhile, its Heavy Lifting operation is also operating well. Installation of the first pin piles and jackets for the Changfang & Xidao project in Taiwan commenced in the second quarter.
“Despite enduring stringent COVID-19 measures in Taiwan and the associated operational disruptions, initial installation work is progressing well.”
The energy segment’s return helped the Boskalis group deliver an EBIT of €97m, turning around a €75.4m loss in the year-ago period.
Boskalis chief executive Peter Berdowski said: “We can reflect on a strong first half year with a substantial increase in earnings. Certainly in light of the still restrictive COVID-19 measures, worldwide, this is a major achievement.”