Papendrecht, 15 August 2024

KEY FIGURES FIRST HALF OF 2024

• Sales: 2.07 billion euros
  (H1 2023: 1.97 Billion)

• EBITDA: 553 million euros
  (H1 2023: EUR 370 million)

• Net profit: 298 million euros
  (H1 2023: 181 Million)

• Order backlog: 5.3 billion euros
  (End of 2023: 6.0 billion euros)

‎Royal Boskalis BV (Boskalis) concluded a historically good first half of the year. Fleet utilization was high and all three business areas were able to increase their results.

Sales increased by 5% year-on-year to EUR 2.07 billion (H1 2023: EUR 1.97 billion).

EBITDA increased by almost 50% to EUR 553 million (H1 2023: EUR 370 million). Adjusted for an extraordinary gain in the first half of the year, EBITDA increased by 44% compared to the same period last year.

Net profit increased by 65% ​​to EUR 298 million (H1 2023: EUR 181 million).

Peter Berdowski, CEO Boskalis:
“Financially, the last six months have been the most successful in Boskalis’ long history. We have performed exceptionally well across the board. EBITDA increased by almost 50% to over half a billion euros and net profit increased by 65% ​​to almost 300 million euros.

In the Dredging & Inland Infra business area, our large vessels were well utilized, especially on projects in the Middle and Far East. We are in the final phase of the extensive Manila International Airport project and are gradually focusing on new projects in South East Asia and the Middle East. Closer to home, we have been working a lot in the Netherlands on the reinforcement of the Markermeer dikes north of Amsterdam and on the Zuidas public transport hub in Amsterdam.

At Offshore Energy, we have invested heavily in recent years in equipment that can be used in both the offshore wind market and the traditional fossil energy market. This has enabled us to achieve a strong position in the lifecycle chain from development, installation and maintenance to decommissioning of offshore structures. Thanks in particular to this strategy, we have again achieved excellent results in the last six months.

Acquired from ALP Maritime earlier this year, the vessels have been fully integrated into our fleet and have, among other things, contributed to the transport of a 50-year-old FPSO from an oil field in Brazil to a recycling yard in Europe.

This year, a number of special salvage operations were carried out again. For example, a very complex wreck salvage operation was successfully completed off the coast of Malaysia. This involved a sunken jack-up platform that was completely recovered from the seabed.

The order backlog remains at a healthy level. With an order backlog of 5.3 billion euros and a strong financial position, we are looking to the future with confidence.”

DEVELOPMENT DEPARTMENTS
In the Dredging and inland infrastructure Sales remained stable in the business area, with EBITDA slightly higher than in the same period last year. The hopper fleet was well utilized on large projects in Asia and the Middle East, and the cutter suction dredgers were fully utilized in the Middle East.

The most important regions in terms of revenue contribution were Asia/Australia and Europe, with major projects in the Philippines, Taiwan, Singapore, Australia, Denmark and the Netherlands. In the first half of the year, Boskalis largely completed its work on the construction of the new Manila International Airport and the project is expected to be handed over to the customer shortly. In Singapore, a lot of work was again done around the innovative polder (Pulau Tekong) and the port expansion (Tuas Terminal 2), while energy transition projects (wind and gas) are underway in Taiwan and Australia.

In Europe, dredging work for the trench of the Fehmarnbelt tunnel (between Denmark and Germany) was completed in the first half of the year. In the Netherlands, Boskalis was involved in numerous projects, including the multi-year project to strengthen the Markermeer dikes north of Amsterdam, the OVT Zuidasdok project to expand the existing public transport hub in Amsterdam, and preparatory work for the A2 Het Vonderen-Kerensheide motorway extension project is in full swing.

At Offshore energyRevenue increased due to a significantly higher EBITDA. All business areas had a strong first half of the year with good results. Approximately half of revenue was generated by offshore wind projects. In the US, the crane vessels were busy installing monopile foundations that had previously been delivered by our heavy lift vessels. In Europe, the cable laying vessels were busy on projects such as Hollandse Kust West Beta (Netherlands) and Borkum Riffgrund 3 & Godewind 3 (Germany).

Our Marine Transport & Services business units had a busy and good half year. ALP’s powerful ocean-going tugs, acquired in early 2024, were used, among other things, to transport an old FPSO to a recycling yard in Europe.

Subsea Services was busy with a nice combination of projects in the first half of the year, ranging from decommissioning work in the North Sea to a multi-year maintenance contract in Dubai and inspection and maintenance work for a number of large offshore companies. Survey also had a good half year with a variety of projects in the energy markets.

Overall, the department was once again able to respond successfully to the strong demand from both the offshore wind energy and the traditional oil and gas markets and successfully implement the projects.

Towing and recovery: The first six months of salvage operations have been busy and successful. A sunken oil platform was successfully raised and removed from the seabed off the coast of Malaysia within two seasons. Salvage operations have also been involved in several emergency operations, including the recovery of the Northern Juvenile in the Strait of Malacca.

Towage’s contribution to the results was higher than in the previous year, as Smit Lamnalco no longer asset held for saleIn addition, Boskalis signed an agreement to acquire all remaining (50%) shares in Smit Lamnalco in early July. The transaction is subject to customary conditions, including regulatory approval.

FINANCIAL POSITION
Boskalis’ financial position is strong and robust. The net financial position continued to increase to EUR 668 million, partly due to the strong operating result. The solid solvency ratio continued to increase to 54.8%. Boskalis is easily meeting its financial obligations.

The order backlog amounts to EUR 5.3 billion and combined with the market outlook, we are positive for the remainder of 2024.

Definitions: EBITDA is EBIT before depreciation, amortization, impairments and other extraordinary expenses; operating profit is EBIT adjusted for extraordinary items. EBIT(DA) and operating profit include our share of the net income of joint ventures and associated companies.

FOR MORE INFORMATION
Martijn LD Schuttevâer

[email protected]
+31 786969310

This is an English translation of the Dutch press release. In case of discrepancies between the Dutch original and this translation, the Dutch text prevails.

Boskalis is a global leader in dredging, maritime infrastructure and maritime services. The company provides creative and innovative complete solutions to infrastructural challenges in the world’s maritime, coastal and delta regions. With core activities such as coastal protection, bank protection and land reclamation, Boskalis is able to provide adaptive and mitigating solutions to combat the effects of climate change such as extreme weather conditions and rising sea levels, and deliver solutions to the increasing space requirements in coastal and delta regions around the world. The company supports the development of offshore energy infrastructure, including renewable wind energy. Boskalis is also active in the construction and maintenance of ports, waterways, access channels and civil infrastructure, contributing to facilitating trade flows and regional socio-economic development. In addition, Boskalis is a global expert in salvage at sea and has a strategic partnership in terminal services (Smit Lamnalco). With a diverse fleet of over 500 vessels and floating equipment and over 11,000 employees, including partners, Boskalis creates new horizons around the world.

This press release can also be found on our website www.boskalis.com.

• Boskalis H1 2024 Press Release 15082024

• Boskalis Bokalift 1 & Bokalift 2