Bruce Barnard, Special Correspondent | Aug 17, 2012 9:17AM EDT
Boskalis Westminster’s first half profit dipped 10 percent from a year ago to 102.5 million euros ($126 million), but the world’s largest marine services and dredging group said revenue and value of its order book hit all time highs.
The Dutch firm’s revenue grew 12 percent to $1.7 billion from $1.5 billion, and the order book rose to $4.6 billion from $4.3 billion at the end of 2011.
Earnings before interest and tax sank to $179.6 million from $340.7 million as lower results in dredging and infrastructure outweighed higher profits in the harbor towage and salvage, heavy-lift and transport divisions.
“We are clearly reaping the benefit of the addition of Smit (acquired for $1.5 billion in 2010) both in terms of the financial contribution and with respect to new market initiatives, particularly in the field of offshore energy,” CEO Peter Berdowski said.
“For the remainder of the year our well filled order book bodes well for the utilization of the vessels. Market conditions are not expected to change substantially in the short term. We see opportunities particularly in the offshore energy market and in port developments,” he said.
The company said it expects to book full-year net profit of $258 million to $283 million.
“The financial position of Boskalis is very solid. Capital expenditure is expected to exceed ($400 million) in 2012 and to be financed from the company’s own cash flow,” the company said.
Contact Bruce Barnard at brucebarnard47@hotmail.com.