Boskalis posts ‘historically high’ results for H1 2024

Revenue saw a 5% increase over the first half of last year, from €1.97 billion in H1 2023 to €2.07 billion in H1 2024, and net profit rose by 65% to €298 million from last year’s €181 million.

Of the three main divisions (Dredging & Inland Infrastructure, Offshore Energy and Towage & Salvage), Offshore Energy showed the strongest results, Boskalis said, with offshore wind projects accounting for around half of revenue.

The revenue came partly from cable laying in Europe at the Hollandse Kust farm in the Netherlands and Riffgrund and Godewind in Germany.

In the US, Boskalis has had its crane vessels deployed installing monopile foundations that its own heavy transport vessels had delivered.

Marine transport and services were busy, subsea services were used in a variety of projects including decommissioning works in the North Sea, and survey work also had a good half year.

“Financially, the past six months have been the most successful we have achieved in Boskalis’ long history,” said CEO Peter Berdowski. “There was an exceptionally good performance across the board. EBITDA increased by nearly 50% to more than half a billion euros and net income by 65% to almost 300 million euros.”

Berdowski said Boskalis had invested heavily in recent years in equipment that can be deployed across offshore wind and the traditional fossil fuel segment to give the company ’a strong position in the lifecycle chain from development, installation and maintenance to decommissioning of offshore structures’.

“Salvage once again carried out several special assignments,” he said. “For example, a very complex wreck removal operation off the coast of Malaysia was successfully completed. This involved a sunken jack-up platform that was completely removed from the seabed.

“The volume of work in the order book is still at a healthy level. With €5.3 billion of work in the portfolio and a strong financial position, we look to the future with confidence.”