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Mixed Results for Dutch Dredging Trio
01 Jun 2003
The 'Big Three' major Dutch dredging contractors have all reported significant profits for 2002 despite a second half slowdown and an uncertain future clouded by a sluggish world economy, war, and sand-winning rights disputes.
Industry leader Royal Boskalis Westminster even managed to boost profit by 5% to ? 82.1m and reported a forward order book looking quite healthy at ? 1.3 billion. The company's fleet extension and modernisation programme continues apace, with investment up by 13% to ? 152m.
The spend included lengthening the jumbo-trailer WD Fairway , two newbuild 16,000m 3capacity trailers, and purchase of Italian contractor Dragomar's dredger fleet.
Profits at Van Oord ACZ tumbled by 42% but still came in at a respectable ? 10.8m.
Home market turnover surged by 50% to ? 90m.
Ballast Ham Dredging posted their first consolidated results under the ownership of the Royal BAM Group, with profits up by 34% to ? 51m. The forward order book stood at ? 722m.
The most significant news for Ballast Ham was BAM's stated intention of finding a partner this year for its dredging operation.
The partial sale is felt necessary to help repay the still outstanding ? 500m bridging loan BAM had to raise for its recent purchase of Ballast Ham Dredging.
MJ Information No: 18300
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