Royal Boskalis Westminster reported strong results in the first half of 2021, with an increase in earnings despite ongoing Covid-19 restrictions and a number of high-profile projects with the refloating of Ever Given in the Suez Canal and the recovery of the Eemslift Hendrika off the coast of Norway.
The two projects fell under the company’s towage and salvage division. Although the projects propelled Boskalis’ name into the headlines, the first half of the year for this business unit was relatively quiet, it said.
Overall, however, Boskalis’ revenue increased by 4.6 percent compared to the previous year to EUR1.32 billion (USD1.55 billion). Net profit amounted to EUR72 million (USD84.5 million) compared to a net loss of EUR96 million (USD112.6 million) a year ago.
Peter Berdowski, ceo of Boskalis, said: ”…the company’s Offshore Energy division continued along last year’s upward trajectory, with revenue up 18 percent and offshore wind energy projects continuing to grow. “In addition, we see that the contribution from services has further increased. Both heavy transport and subsea services were busy and the activities acquired from Rever Offshore at the end of 2020 made an excellent contribution. The integration of Rever within Boskalis is progressing very well and is exceeding our own expectations financially.
“Many people will associate early 2021 with that moment when the economic artery through Egypt was suddenly blocked by the Ever Given. Worldwide, billions of people followed in suspense as to whether our salvage colleagues would succeed in refloating the ‘stranded whale’.
“Like in an adventurous novel they worked under extreme pressure on different scenarios to refloat the gigantic container ship as quickly as possible. Finally, after six long and intense days, they succeeded. This brought an end to the blockade of the Suez Canal and the hundreds of waiting ships could continue their journey. A unique feat of craftsmanship combined with exemplary cooperation with the local authorities.”
He added that another commendable achievement is the record high level of the company’s orderbook; at over EUR5.5 billion (USD6.5 billion), it provides a healthy foundation of work and fleet utilisation for the coming years.