Boskalis Westminster reported revenue reached a record high in 2012, but earnings stalled as the Dutch dredging and marine services group begins to integrate Dockwise, the heavy-lift shipping company it acquired for $953 million in January.
Revenue rose to 3.1 billion euros ($4 billion) from 2.8 billion euros ($3.64 billion) in 2011, and net profit dipped to 250 million euros ($325 million) from 254 million ($330 million).
The order book was worth $5.33 billion at the end of 2012, compared with $4.54 billion a year earlier, with the increase spread evenly across all units.
Dredging earnings declined because of the lower volume of work, but offshore energy and towage and salvage posted slightly higher operating results.
“No material change is expected in market conditions in 2013, with volume and margins remaining under pressure,” CEO Peter Berdowski said.
The current year will revolve around the integration and consolidation of Dockwise, Berdowski added.