Bruce Barnard, Special Correspondent | Mar 16, 2012 1:35PM EDT
Boskalis reported net profit plunged 18.3 percent to $330 million in a “turbulent” 2011, compared with a profit of $404 million in 2010, as the Dutch dredging and marine services group saw revenue grow 4.7 percent to a record $3.65 billion.
The company, which is also involved in heavy-lift shipping, salvage, towage and cargo terminals, said it expects to post a lower result in a “challenging” 2012 with margins and equipment utilization rates coming under pressure as clients defer investment decisions amid market uncertainties.
“To keep the vessels utilized requires more effort, and tendering for new projects has become more competitive,” CEO Peter Berdowski said.
The order book rose to $4.54 billion at the end of 2011 from $4.27 billion 12 months earlier.
Boskalis expects Europe to remain weak this year as governments are wary of investing, but it is positive about market developments in Latin America, West Africa and Australasia.
“We feel particularly positive about the offshore market, where we expect a great deal of work as from 2013,” Berdowski said.
Contact Bruce Barnard at brucebarnard47@hotmail.com.