Boskalis Releases 2017 Annual Report

On March 8, Boskalis released its 2017 Annual Report and Corporate Social Responsibility (CSR) report.

We closed the year with revenue of EUR 2.3 billion ($2.83 billion US) and a net profit of EUR 150 million ($184.5 million US). A positive development was a rise in the order book to EUR 3.5 billion (4.3 billion US). Despite a decline in the result, Boskalis said it is still generating a healthy EBITDA of EUR 437 million ($537.5 million US).

At the beginning of 2017, Boskalis presented its new Corporate Business Plan for 2017 – 2019. The company said the plan was based on three pillars: Focus, Optimize and Expand. “An important part of this plan is aimed at capturing opportunities that present themselves in the current challenging operating environment. After all, depressed maritime markets create opportunities for our selective reinforcement, also as a foundation for the medium term when markets are expected to recover,” the report said.

In 2017, Boskalis increased the dredging order book with a number of contracts. In January, the company received a EUR 480 million ($590.4 million US) letter of intent (LOI) for the development of the port of Duqm in Oman to build a bulk liquid berth terminal. As largest project in the portfolio, Duqm will keep the commissioned mega cutter Helios busy in the coming year. In 2017, Boskalis also secured a EUR 250 million ($307.5 million US) dredging maintenance contract in the Middle East.

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In Brazil, the company successfully concluded the sizable expansion of the Porto do Açu Oil Transshipment Terminal. In the Netherlands, Boskalis was involved with projects such as the realization of the Marker Wadden nature area, the IJsseldelta Room for the River project, the Houtrib dike reinforcement and the completion of the impressive SAAone project. “All-in-all, after a very lean 2016 we achieved some good successes in 2017, resulting in a higher utilization of the dredging fleet,” the report said.

Dredging and inland infrastructure is the traditional core activity of the company, the report said. Boskalis is focused on market segments with structural growth, as the rate at which the market is expected to grow is modest. Boskalis said it holds an important share of the heavily consolidated market and has a very strong global presence. To position itself for these opportunities, Boskalis will make investments to maintain and where appropriate expand its market position.

In July 2017, the new mega cutter suction dredge Helios was commissioned and following a maiden project in the Port of Rotterdam, the vessel will be working on a large port development project in Duqm, Oman, in 2018. The sister vessel to the Helios was ordered in the second half of 2017 with delivery planned for 2020.