Boskalis reported a strong first half of the year, with all three of its divisions showing substantial increases in their results.
In H1 2025, revenue for the group increased by 14 percent year on year, reaching EUR2.35 billion (USD2.75 billion); adjusted for (de)consolidations and currency effects, revenue was 5 percent higher, it said. EBITDA increased by 35 percent to EUR748 million (USD873.8 million); adjusted for exceptional income in 2024, EBITDA rose by 40 percent.
Net profit increased by 43 percent to EUR426 million (USD497.6 million); adjusted for exceptional income in 2024, net profit increased by 52 percent.
Boskalis said that in its offshore energy division, vessel utilisation of the transport fleet including heavy transport vessels was high, and various offshore wind projects contributed to the strong half-year. In dredging, the main contribution came from large projects in the Far and Middle East. Towage and salvage also contributed to growth, thanks in part to the full acquisition of Smit Lamnalco and its activities being fully consolidated into the organisation.
Theo Baartmans, ceo at Boskalis, said that given the current turbulent geopolitical landscape and strong results from recent years, the company’s H1 2025 performance was an “extraordinary achievement”. He added: “In offshore energy, despite turbulent market conditions, all business units contributed strongly. Our transport fleet was well occupied, and our strategic positioning, focused on offering services to both offshore wind and oil and gas clients, is yielding positive results.”
That division reported increased revenue in the first half-year, significantly higher EBITDA, and its heavy marine transport fleet occupancy was exceptionally high. Notable transports were carried out with the recently widened BOKA Vanguard, including the delivery of two large dry docks from China to Türkiye, and from Türkiye to the west coast of the USA.
The rest of the heavy transport and marine services fleet was occupied with work for both offshore wind projects and oil and gas clients in Asia, South America, West Africa, and the USA.
In its contracting arm, comprising offshore heavy lifting and subsea cables, it was also a strong first half-year. A large offshore wind project off the US East Coast is close to completion, according to Boskalis. Subsea cabling work was primarily active in Europe, in addition to the installation of two export cables in Taiwan.
The orderbook has declined from EUR7 billion (USD8.2 billion) at the end of 2024 to EUR6.2 billion (USD7.2 billion) as of June 30, 2025. Approximately a quarter of the decrease is explained by currency effects, said Boskalis.
At the start of the second half-year, the company secured two large contracts with a total value of approximately EUR900 million (USD1.05 billion). In Taiwan, it will perform dredging work in a consortium for the installation of a 232 km gas pipeline (YT2). Furthermore, Smit Lamnalco secured a large multi-year terminal contract in Guyana for which investments will also be made in four new, state-of-the-art vessels.
