May 11 - Royal Boskalis Westminster has said its performance in the first quarter of 2017 has been in line with expectations, characterised by continued lower volumes of work due to weak market conditions.

Its offshore energy division saw a decline in revenue in the first quarter. The contracting part of the division, including installation and intervention, and the offshore wind activities, contributed well with projects in progress and positive financial settlements from previously completed projects, says Boskalis.

The utilisation rate of Dockwise's fleet of semi-submersible heavy lift vessels was comparable to the level seen in 2016.

The outlook for Boskalis' offshore energy division remains unchanged. It reports that the completion of long-term contracts from pervious years means an increased dependence on the spot market, where the pressure on margins continues to be considerable.

Due to the project-based nature of a significant part of Boskalis' activities and the uncertain market conditions, the Netherlands-based company said it is difficult to give a specific quantitative forecast for 2017 so early on in the year, yet confirms that it expects the net result to be lower than the 2016 financial results, adjusted for impairment charges.


 Image supplied by Boskalis