Revenue at Boskalis fell 7% in the first half of 2017 partly due to a lack of major offshore wind farm work, according to the Dutch company.
Overall company figures for the offshore installation outfit showed revenue down to €1.09bn from €1.17bn in the same period in 2016 with overall net profit at €75.1m from €147.5m in the year-ago results. Pre-tax earnings also fell from €317.6m to €225.1m.
Poor market conditions in the oil and gas sector were also to blame, Boskalis said, although cable-lay subsidiary VBMS had a “good first half of the year” that included work at the 336MW Galloper and 402MW Dudgeon wind farms off the UK coast.
The company said its offshore wind work in 2017 is focused on Vattenfall’s 92.4MW Aberdeen Bay project off Scotland, while in 2016 it was involved in the 402MW Veja Mate and 350MW Wikinger developments in Germany.
Boskalis chief executive Peter Berdowski said: “Developments in the first half of the year were in line with expectations.
“We do not foresee a quick recovery in the offshore market, as previously stated, and have adjusted our fleet and organisation to this new reality.”
Image: Boskalis
