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Royal Boskalis B.V. delivered a robust performance in the first half of 2025, reporting significant growth across all three core divisions—Dredging, Offshore Energy, and Towage & Salvage. Revenue rose 14% to EUR 2.35 billion, up from EUR 2.07 billion in the same period last year, while net profit climbed 43% to EUR 426 million.
EBITDA reached EUR 748 million, an increase of 35% compared to EUR 553 million in H1 2024. Adjusted for exceptional income in 2024, the increase stood at 40%. The order book closed at EUR 6.2 billion, down from EUR 7.0 billion at the end of last year, with around a quarter of the decline attributed to currency effects.
Theo Baartmans, CEO of Boskalis, credited the results to high vessel utilization and strong project execution across all segments. He highlighted recent multi-year project completions in Singapore, Taiwan, and the Middle East, and a newly secured dredging contract in Taiwan that will occupy large dredging vessels for the next two years.
Dredging & Inland Infra
The Dredging & Inland Infra division maintained stable revenue and increased EBITDA compared to last year. Hopper fleet utilization was on par with 2024, while cutter suction dredgers experienced slightly lower occupancy. International operations included large-scale projects in the Philippines, Taiwan, Singapore, Australia, Saudi Arabia, the UAE, and Oman.
In the Netherlands, Boskalis advanced national infrastructure initiatives such as the Markermeerdijken project, Meanderende Maas, and the Zuidasdok OVT project in Amsterdam. The company also completed its scope for the Porthos offshore carbon capture and storage project and worked on the Europa Terminal and Antwerp ring road in Belgium.
Offshore Energy
Revenue and EBITDA for Offshore Energy grew sharply, supported by high utilization of the heavy marine transport fleet. The BOKA Vanguard carried out two notable transports of large dry docks—one from China to Turkey and another from Turkey to the US West Coast. The fleet also handled assignments for offshore wind and oil and gas projects in Asia, South America, West Africa, and the United States.
Subsea Services and Survey maintained results comparable to last year, with activity concentrated in the North Sea and Middle East. In the Contracting segment, a major offshore wind project off the US East Coast neared completion, and Subsea Cables was active in Europe and Taiwan, installing two export cables.
Towage & Salvage
Following the late-2024 acquisition of the remaining stake in Smit Lamnalco, Towage operations are now fully consolidated. These activities serve long-term contracts in the Middle East, West Africa, and Australia. In June, Boskalis signed an agreement to sell Smit Lamnalco’s Australian and Papua New Guinea activities, pending regulatory approval.
Salvage operations remained busy, with significant projects including extinguishing a containership fire in the Middle East, responding to a cargo ship collision in Vietnam, and assisting the collided Stena Immaculate in the North Sea.
Order Book and New Contracts
The mid-year order book stood at EUR 6.2 billion. Early in the second half, Boskalis secured two major contracts worth approximately EUR 0.9 billion. One involves dredging work in Taiwan for a 232-kilometer gas pipeline installation (YT2). Smit Lamnalco also won a long-term terminal contract in Guyana, which includes investment in four new vessels.
Financial Position
Boskalis reported a net cash position of EUR 565 million, up from EUR 518 million at year-end 2024. The solvency ratio remained strong at 52.8%. While macroeconomic uncertainty and geopolitical tensions continue to affect the market, the company’s portfolio provides a solid base for the remainder of 2025 and into 2026.
