Royal Boskalis Profit On Track for 2018
Date 9 November 2018
OUTLOOK FOR 2018
Market picture unchanged
Dredging & Inland Infra: stable market volumes and stable margins
Offshore Energy contracting: good projects in the order book
Offshore Energy services: positive contribution to operating result following the termination of loss-making low-end transport activities
Towage: stabilizing at current levels
Salvage: positive outlook based on projects in hand
Profit outlook 2018: sharp improvement in net operating profit compared to first half year
The order book stood at EUR 3.8 billion, virtually stable compared to the end of June. Around EUR 0.5 billion of new contracts were acquired in the third quarter.
Boskalis maintains its profit outlook for the full year 2018. Barring unforeseen circumstances net operating profit in the second half of the year is expected to be sharply higher compared to the first half (EUR 34.5 million). However, the net result is not expected to match the level achieved in the second half of 2017 (EUR 75 million).
In the services activities Marine Transport & Services had a reasonable quarter given market circumstances. Despite the continuing pressure on volumes, utilization of the heavy transport vessels was stable compared to the first half of the year. Following the decision to decommission eleven heavy transport vessels, as reported on HLN here, the first of these will be scrapped in the fourth quarter.
Source Royal Boskalis