November 10 - Royal Boskalis Westminster saw a slight increase in revenue in the third quarter of 2017, compared to the quarterly average reported for the first half of the year.
Boskalis cited poor conditions in the oil and gas sector for lower revenue results in its offshore energy business activities, compared with the previous quarters.
The Netherlands-based company said that margins were under pressure and utilisation of heavy transport vessels declined compared to the first half of the year.
Notable contracts acquired in the third quarter include rock placement work for Nord Stream 2 (Baltic Sea), a transport contract for West White Rose (Canada) and a logistical management contract for a petrochemical plant in the Middle East. This led to a slight increase in the order book for offshore energy compared to mid-2017.
Boskalis predicts persistently difficult market conditions characterised by low work volumes and pressure on utilisation rates and margins, but suggests that its profit outlook for the second half of the year will be comparable to the first, excluding restructuring charges.
