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Boskalis weathers the storm

March 9 - While the company's revenue rose 2.3 percent year-on-year in 2015, Royal Boskalis Westminster achieved a net profit of EUR440 million (USD482 million), compared with EUR490 million (USD537 million) in 2014.

EBITDA was slightly down on 2014 levels, with EUR885 million (USD970 million) recorded in 2015 and EUR946 million (USD1.03 billion) in the previous year.

According to Boskalis, the company's offshore energy business had a good year and earnings increased slightly despite deteriorated market conditions, with the result also driven by good equipment utilisation.

Peter Berdowski, ceo of Boskalis, said: "We look back on a very successful year in which we achieved excellent results across the entire business. While the storm was gathering strength outside, we had an exceptionally busy year with many impressive projects."

However, he added: "The stormy conditions outside are also increasingly being felt within our company. Falling prices for oil, gas and commodities are also taking their toll in various market segments we operate in."

Boskalis said that it continues to focus on market segments that display structural growth in the long term, while also offering opportunities in the short term, such as oil, gas, wind and the decommissioning of offshore platforms.

The company expects that in 2016, general market conditions will be characterised by lower volumes of work and pressure on utilisation rates and margins. In the offshore energy business, Boskalis' outlook remains mixed.

A number of its long-term contracts and work already contracted is providing stability for part of the fleet, but the spot market related transport activities and subsea services are experiencing pressure on utilisation rates and margins, said Boskalis.

www.boskalis.com

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