Boskalis eyes ‘best year ever’ as offshore energy work booms
Royal Boskalis said it is heading towards one of its best years ever following strong results achieved in the third quarter of the year 2023 and a good first half of the year. Fleet utilisation was high and there was an increase in revenue and results in all divisions, particularly in the Offshore Energy division.
The order book stood at €6 billion as of the end of September, comparable to the mid-2023 level. Underlying, the order book of the two major divisions was also virtually stable.
“With the high utilization of our fleet and good project results, we are looking back at the best third quarter in our history,” said Peter Berdowski, Boskalis CEO. “We saw the biggest increase at Offshore Energy. Our strategy focusing on both the traditional energy market and the offshore wind market is paying off. Our vessels at Heavy Marine Transport, Subsea Services, Marine Services and Survey have been extremely busy. All in all, we are on track to conclude one of our best years ever.”
Offshore wind activity booming
At the beginning of the third quarter, the crane vessel Bokalift 1 successfully installed the last of 62 jackets for the Changfang & Xidao offshore wind farm in Taiwan, where Boskalis was also involved in the construction of the Yunlin wind farm.
In the United States of America (US), Boskalis was active on the Southfork offshore wind project, where the Bokalift 2 crane vessel installed all the monopile foundations and a substation in one quarter. The wind farm will supply 70,000 households with green power. Preparations for the next US wind farm, Revolution, are now underway.
In Scotland, Boskalis is currently working on the construction of part of the Moray West offshore wind farm. For Boskalis, this project involves conducting geophysical surveys, transporting the foundations (monopiles), preparing the seabed and installing the foundations.
Positive look ahead
Based on the results for the first nine months of the year and the ongoing projects, Boskalis is expecting a great financial year in 2023. The company is projecting an EBITDA of over €800 million, which is significantly higher than the previous year’s earnings. Boskalis is optimistic about the future, considering the well-filled order book and market trends.
Moreover, Boskalis has a strong financial position, with a positive net cash position and no debt.