Royal Boskalis B.V. has delivered an unprecedented financial performance in 2024, achieving record revenues of €4.4 billion, an EBITDA of €1.3 billion, and a net profit of €781 million. The company’s order book surged to €7 billion, reflecting strong market demand and the consolidation of Smit Lamnalco.
Offshore Energy Leads the Charge
The Offshore Energy division played a crucial role in Boskalis’ success, driving a 10% revenue increase to €2 billion. The company remained heavily involved in offshore wind projects, particularly along the U.S. East Coast and Europe, contributing to half of the division’s revenue. Subsea Cables had a busy year, executing major projects in Germany and the Netherlands, while heavy marine transport operations saw high-profile contracts, including the FPSO Opportunity transport to Turkey and the Fremantle Highway salvage operation.
Boskalis also expanded its offshore capabilities with the acquisition of eight large oceangoing tugs from ALP Maritime, which were fully utilized across a diverse range of projects.
Dredging & Inland Infra: Strong Utilization
Despite a slight revenue dip to €2.2 billion, the Dredging & Inland Infra division maintained robust activity across multiple regions. The company successfully completed land development for New Manila International Airport, progressed on Singapore’s Tuas Terminal 2 and Pulau Tekong polder, and made headway on Europe’s Fehmarnbelt tunnel project.
Utilization rates remained strong, with trailing suction hopper dredgers operating for 35 weeks, subsea rock installation vessels for 44 weeks, and cutter suction dredgers reaching an impressive 51 weeks, particularly in the Middle East.
Financial Strength and Strategic Investments
Boskalis’ financial position remains solid, with a net cash position of €518 million and a solvency ratio of 56.3%. The company invested a record €700 million in new equipment, including the Windpiper, the world’s largest subsea rock installation vessel, to support seabed intervention projects.
Leadership Transition
As part of its long-term strategy, CEO Peter Berdowski will step down on April 1, 2025, after leading the company to its strongest financial year ever. Theo Baartmans, a veteran of the Board of Management, will take over as CEO, while Berdowski transitions to Chairman of the Supervisory Board.
Boskalis’ record-breaking year highlights its resilience and adaptability amid changing market dynamics. With a healthy order book and strategic investments, the company is well-positioned for 2025 and beyond.
