Boskalis order book slips from record highs
Boskalis saw its order book slip slightly from the record levels reported in the previous quarter. The company noted its order book stood at €5.1 billion at the end of September, down from the €5.53 billion reported in the second quarter and €5.3 billion reported in the first three months of the year.
Over €0.3 billion worth of contracts were acquired in the third quarter, Boskalis said, adding that the order book is still very well filled thereby offering a solid foundation for the rest of this year and the period thereafter.
The company noted that in the past quarter, projects continue to be affected to a greater or lesser extent by the consequences of the Covid-19 pandemic. International travel and entry restrictions make it as challenging as ever to keep projects and vessels operational, especially in the Far East, where the additional costs due to Covid measures are weighing heavily on the margins of certain projects.
Heavy transport vessel utilisation edges down
Boskalis said that the utilisation of the heavy transport vessels was fractionally lower compared to the first half of the year. The rest of the fleet was, however, better utilised. In its quarterly report, Boskalis said the offshore wind projects in Taiwan and Europe contributed significantly to revenue within the contracting cluster. The company recently delivered the topsides for Ørsted’s Greater Changhua 1 & 2a offshore substations onboard the Mighty Servant 3.
In the services cluster, Marine Transport & Services contributed significantly and Subsea Services, partly due to the integration of Rever Offshore, maintained the strong performance from the first half of the year.
During the quarter, new contract awards were largely related to the services activities which include transport, subsea services and survey. On balance, the Offshore Energy order book decreased compared to mid 2021, Boskalis said.
Boskalis maintains EBITDA guidance
Based on projects in execution and the order book, Boskalis is maintaining its EBITDA guidance. Nevertheless, the consequences of stringent Covid-19 restrictions, particularly in the Far East, play an important role and the definitive start of the sizeable project in the Philippines is of great importance.
For 2021, based on fleet planning, projects in the order book and barring unforeseen circumstances, the company expects the EBITDA level of the second half of the year to be in line with the €226 million from the first half of the year.