Royal Boskalis Westminster reported an increased operating result for the first half of 2020, compared to the same period of 2019. Nevertheless, the company saw a net loss of EUR96.4 million (USD86.6 million) for the period.

The net operating profit stood at EUR47.5 million (USD42.7 million) for the first half of the year. For the first half of 2019, Boskalis reported a net operating loss of EUR40.9 million (USD36.8 million).

Boskalis said that it had, “a very good operational first half year considering the circumstances”. In addition to the sharp increase in operating result, revenue remained on par with last year’s results. Still, the outbreak of Covid-19 had an impact.

“Operationally it is was very challenging, particularly keeping dredging projects outside of Europe going due to prolonged travel restrictions and strict quarantine measures,” explained Boskalis.

“At the offshore energy division the services activities were particularly affected by the unexpected significant drop in the oil price, resulting in a lack of demand in parts of the offshore market.”

Peter Berdowski, ceo at Boskalis, added: “The first half of 2020 was a rollercoaster in which we pulled out all the stops to steer the company through the Covid-19 crisis. Despite the unprecedented challenging circumstances we achieved an excellent operating result in the first half of the year.”

He continued: “It is difficult to predict the pace at which the global economy will recover from the Covid-19 pandemic, and it is equally difficult to estimate at this time how the markets relevant to Boskalis will develop.”

For the offshore energy division, demand from the offshore wind sector remains strong, while the oil and gas market will be impacted by oil price developments.