Royal Boskalis B.V. (Boskalis) is riding high on the waves of success, concluding a historically impressive third quarter. The maritime giant is steering towards a stellar full-year performance, building on the momentum gained in the first half of the year.
Boskalis reported a surge in revenue and record results across all divisions during Q3. The Offshore Energy division, in particular, experienced substantial growth, underpinned by high fleet utilization and favorable project outcomes. CEO Peter Berdowski expressed enthusiasm about achieving the “best third quarter in our history.”
The company added several feathers to its cap in the past quarter with the acquisition of key projects, including the expansive Baltica 2 offshore wind cable project and the A2 infra project in Limburg, Netherlands. The order book, standing strong at EUR 6 billion by the end of September, reflects stability comparable to mid-2023 levels.
Peter Berdowski, CEO:“With the high utilization of our fleet and good project results, we are looking back at the best third quarter in our history. At Dredging, major projects in Asia, the Middle East and our home markets in Europe made a significant contribution. We saw the biggest increase at Offshore Energy. Our strategy focusing on both the traditional energy market and the offshore wind market is paying off. Our vessels at Heavy Marine Transport, Subsea Services, Marine Services and Survey have been extremely busy. At Salvage, we successfully completed a number of high-profile assignments in recent months, including the FSO Safer in the Red Sea and the Fremantle Highway in the Wadden Sea. All in all, we are on track to conclude one of our best years ever.”
The past quarter saw significant progress in climate adaptation projects, including dike reinforcement in the Netherlands and coastal protection initiatives in Togo, Benin, and the Maldives. The company’s commitment to Nature-Based Solutions was evident in the completion of the coastal protection project in West Africa.
Boskalis is at the forefront of the energy transition, contributing to renewable energy infrastructure worldwide. Highlights include the successful installation of jackets for the Changfang & Xidao offshore wind farm in Taiwan and active involvement in projects in the United States and Scotland. The third quarter also marked substantial decommissioning activities and salvage operations in the Caribbean.
Innovation prowess took center stage with the completion of the transformation of the crane vessel Bokalift 2 into a modern crane vessel suited for the offshore wind market. The company’s commitment to sustainability was further emphasized with the order of a state-of-the-art jumbo trailing suction hopper dredger, equipped with Azipods and designed for energy efficiency.
With an EBITDA expected to surpass EUR 800 million for 2023, Boskalis anticipates one of its best financial performances. The positive outlook is rooted in market dynamics and a robust order book. Boskalis, maintaining a strong financial position with a positive net cash position and no debt, remains committed to sustainable growth in alignment with its strategic agenda.
Boskalis’ Q3 set the stage for a record-breaking year, commitment to sustainability, and ability to navigate the complex currents of the maritime industry.
