Boskalis Westminster raised its 2010 profit forecast as the global economic recovery increases utilization of its dredging fleet and a more vibrant shipping market boosts the Dutch company's harbor towage business.
The world's biggest dredger said full year net profit should be at least $391 million compared with an earlier forecast that it would be 10-15 percent higher than the 2009 net profit of $308 million.
Dredging had an "extremely strong" third quarter, and a large part of the fleet "is assured of good utilization rates for a significant part of 2011," the company said in a trading update.
Boskalis news from JOC:
Boskalis Boosts Profit 20 Percent.
Revenue grew further in the quarter as a result of the $1.5 billion acquisition of Smit Internationale, the Rotterdam-based marine services company, earlier in the year.
Excluding Smit, which is active in marine salvage, heavy lift shipping, cargo terminals and harbor towage, revenue was slightly higher compared to the same period in 2009.
The company's order book was worth $4.32 billion in mid-November against $4.45 billion at the end of June.
Boskalis said it would present a new three year business plan for the entire group with its full year results in March.
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