August 16 - Royal Boskalis Westminster - the Netherlands headquartered marine contractor - has issued its H1 2013 performance figures reporting a net profit of EUR123 million (USD164 million), up from EUR102 million (USD136.11 million) in H1 2012.
Revenue grew 12 percent in H1 2013 to EUR1.6 billion (USD2.14 billion) over the same period of 2012. EBITDA amounted to EUR297 million (USD396.32 million), up from EUR254 million (USD338.94 million) in H1 2013. Boskalis' operating result was up from EUR145 million (USD193.49 million) in H1 2012 to EUR155 million (USD206.83 million) in 2013.
The results from Dockwise - the heavy lift semi-submersible shipping line that was acquired by Boskalis earlier in 2013 - have been fully consolidated into the results and are the main contributor to the strong results.
Boskalis' Dredging segment realised a higher end result year-on-year in H1 2013. The performance of the Offshore Energy division, adjusted for the contribution from Dockwise, was slightly lower than in the same period of 2012. The results at the Inland Infra and Towage & Salvage segments were in line with the results achieved in the same period of 2012.
"We look back on a busy first half of the year in which we delivered a good operational performance but also took an important strategic step with the acquisition of Dockwise," said Peter Berdowski, ceo of Boskalis. "This combination allows us to strongly expand our position in the offshore energy sector and offer new perspectives to both our clients and our staff. We have already made a good start with the integration of the two companies."
Berdowski highlighted how synergies within the group are working to its advantage including: "Dredging combined with SMIT Salvage in India, offshore ordnance clearance in northern Germany using dredging and subsea services, and very recently SMIT Salvage with Dockwise in an initial dry-docking project involving the Vanguard."
Looking to the second half of the year Berdowski said: "The market conditions in the first six months of the year remained challenging but in spite of this capacity utilization of the large ships was good and we managed to keep the order book well filled, as a result of which we expect to achieve a healthy capacity utilisation of the fleet for the remainder of the year.
"With this prospect, as well as the book gain we will realise in the second half of the year from the sale of our 40 percent stake in Archirodon, we expect to close the year with an all-time high net profit," Berdowski explained.