Boskalis Report Good Financial Progress
Royal Boskalis Westminster N.V. (Boskalis) say that developments in first quarter 2013 to date are in line with expectations.
In their latest trading update Boskalis show:
· Revenue higher than in the same period last year
· Good fleet utilization
· Order book stable compared to year-end 2012
· Dockwise acquisition finalized; integration process started
Developments
Boskalis realized a higher revenue in the first quarter of 2013 compared to the same period last year. There was no material change in market circumstances during the quarter, with continued pressure on margins and challenging conditions. The acquisition of Dockwise was finalized at the end of March and the Dockwise results will be included in the consolidated figures from the second quarter.
The Dredging segment
reported good margins with a revenue level that was in line with the first quarter of 2012. Utilization of the hopper fleet was good in the first quarter and was higher than the 2012 full year utilization rate. In addition to the customary contribution from the fleet operations and project results, the first quarter also saw a book profit from the sale of equipment.
Offshore Energy
provided a mixed picture in the first quarter. Subsea and Marine Services saw a relatively quiet quarter, partly because of low utilization of the diving support vessels due to weather conditions in the North Sea. Subsea and Marine Contracting had a busy first quarter, with good utilization rates for the fallpipe vessels in particular. The Dockwise activities will be added to the Offshore Energy segment with effect from the second quarter.
The revenue level in the Inland Infra segment was higher compared to the same period last year. However, due to seasonality and pricing pressure in the Dutch market, result growth did not keep pace. Since late 2012 Boskalis has been in talks with a party from the Middle East which is interested in acquiring Boskalis' 40% stake in Archirodon. Further details will be disclosed if and as soon as these talks result in an actual transaction.
Towage & Salvage
These activities had a good first quarter. Harbour Towage was able to look back on a good quarter partly thanks to a number of Salvage assistances. The terminal activities (our 50% stake in Smit Lamnalco) also had a good quarter despite a quiet spot market. Salvage made a good start to the year with a high workload of emergency response and salvage contracts.
At end-March the order book stood at EUR 4.1 billion, unchanged compared to the end of 2012.