Boskalis results and takeover latest
Boskalis reports improved financial results for first half-year 2022 but a sharp decline in revenue and earnings in its Towage & Salvage division.
Key figures from the Dutch maritime services provider indicate revenues up from €1.32 billion in H1 2021 to €1.61 billion in H1 2022 and net profit of €116 million (including €37 million exceptional gain) this year, compared with €72 million for the same period in 2021.
Within Towage & Salvage, revenue and earnings “declined sharply”. After several years with large high-profile salvage projects and significant settlement results from old projects, the first half of the year was quiet in terms of both revenue and earnings. It must be remembered that both execution and settlement of salvage projects, including wreck removals, can extend over long periods beyond the usual reporting periods.
At the end of June, the sale of the Keppel Smit Towage joint venture was successfully completed, with towage activities mainly related to terminal services of Smit Lamnalco. Within its Offshore Energy division, Boskalis operates a substantial fleet of ocean-going tugs, including the five 205tbp former Fairmount ocean tugs along with 15 anchor-handling tugs and its largest, the 257tbp Boka Pegasus.
At Offshore Energy, revenue increased by 3% with the EBITDA result increasing by 29%.
A “sharp decline” in contracting activities partly due to a volume decline at Subsea Cables was more than offset by a good half year within the services part of the division, with vessel utilisation “exceptionally high”, partly thanks to a strong demand from the offshore wind and traditional oil and gas markets.
Separately, Boskalis has been providing regular updates of the takeover bid by HAL Holding. Both had announced that Offer Conditions had been satisfied with the unconditional offer price of €33 per share being final by law.
At the time of writing Boskalis had announced that during the post-acceptance period, shares were tendered representing approximately 13.7% of the issued share capital of Boskalis, which together with shares already held by HAL represent 98.3% of Boskalis shares.
As a result of HAL holding more than 95% of the shares, Boskalis and HAL will seek to procure the delisting of the shares from Euronext Amsterdam. In Q4 2022 HAL will commence statutory buy-out proceedings to acquire the remaining shares.
