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Bumper profits for Boskalis

August 21 - Boskalis has posted a net profit of EUR306.5 million (USD342.2million) in the first half of 2015 - a 21 percent increase compared with the first half of 2014.

Boskalis ceo Peter Berdowski stated that the year's takings were the highest in the company's history. "We are especially proud of the successful execution and swift realisation of the Suez Canal project, which kept the dredging fleet busy plying the waterways in the first half of the year," he said.

Royal Boskalis Westminster N.V. reports that no major changes are to be expected in the market environment for Dredging & Inland Infra and Towage & Salvage in the second half of the year compared to the first half.

However, following this increased activity in the first half of the year, fleet utilisation levels are expected to come down in the second half, partly due to postponed vessel maintenance, which will result in a lower operating margin. 

Boskalis reports that the outlook for Offshore Energy remains mixed. Long-term contracts and work already contracted are expected to provide an important degree of stability well into 2016, but the short-term related transport activities and subsea services are experiencing pressure on utilisation levels and margins.

Berdowski stated that "the second half of the year will be a different story in terms of utilisation in particular. We will have to catch up on vessel maintenance which will result in more expenses and less revenue. We expect a prolonged period of low energy prices and lean market conditions in the offshore oil and gas market, and are therefore tightening things up where necessary in terms of organisation, fleet composition and capital expenditure."

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