Boskalis Closes 2022 with Higher Profitability, Strong Increase in Revenue and Record Order Book – Heavy Lift News
10 Mar 2023

Boskalis Closes 2022 with Higher Profitability, Strong Increase in Revenue and Record Order Book

Royal Boskalis N.V. (Boskalis) concluded 2022 with a sharp increase in profitability with a strong increase in revenue. Boskalis’ order book also increased to an all-time high level.

  • Revenue: EUR 3.58 billion
    • 2021: EUR 2.96 billion
    • up 21%
  • EBITDA: EUR 604 million
    • 2021: EUR 462 million
    • up 30.7%
  • Net profit: EUR 241 million
    • 2021: EUR 151 million
  • Order book: EUR 6.11 billion
    • 2021: EUR 5.41 billion

In the Dredging & Inland Infra segment, revenue increased by over 30% and EBITDA by more than 50% compared to last year. The trailing suction hopper dredgers were well utilized and following a number of quiet years, the utilization of the cutter suction dredgers increased sharply. Noteworthy projects include the activities in Manila (Philippines), Tuas Terminal 2 and the Pulau Tekong Polder (both in Singapore), the Fehmarnbelt tunnel (between Denmark and Germany), the access channel to the port of Harwich (United Kingdom) and a large number of projects in the Netherlands.

At Offshore Energy, revenue increased by 14% on a 33% higher EBITDA. As a result of a quiet year at Subsea Cables, revenue and earnings from the contracting business declined. This decline was more than offset by the services cluster, with Marine Transport & Services, Subsea Services and Marine Survey all having a very strong year.

Salvage had a relatively quiet year following a number of very busy years. Late 2022, a substantial wreck removal project was acquired to be executed in 2023 and 2024. Furthermore Boskalis is assisting the United Nations with a potential salvage project in the Red Sea.

The size of the Towage portfolio has diminished in recent years following the strategic decision to divest these activities. In 2022, the Southeast Asian harbor towage activities – Keppel Smit Towage – were divested. Furthermore, an agreement on the intended sale of the terminal services activities of Smit Lamnalco was reached in early 2023.

Source Royal Boskalis N.V. (Boskalis)


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