Netherlands-based specialist Boskalis has reported strong acceleration in its offshore energy segment of its business as demand for large vessels, operated by the company for offshore wind installations, resulted in high utilisation rates.
The company said in a statement that at Offshore Energy revenue increased by 50% in the first half of this year compared with the same period of 2022.
Earnings before interest, taxes, depreciation, and amortisation (Ebitda) for the segment grew even faster, posting an increase of almost 70%.
All five business units within Offshore Energy division saw increases in both revenue and earnings.
At Marine Transport & Services, BOKA Vanguard vessel was a part of a decommissioning project in which it transported a 50-year-old, 330 metre long floating production and storage facility to a scrapyard.
At Heavy Lifting, the installation of the foundations of the Changfang & Xidao offshore wind project in Taiwan was completed by the crane vessel Bokalift 1.
In the US, Boskalis’ new crane vessel Bokalift 2 successfully installed all 13 planned monopiles at the South Fork offshore wind project, developed by Orsted.
Fleet utilisation at Marine Survey was high in both the North Sea and the Middle East, Boskalis said.
At Subsea Services, the first half year consisted of a combination of traditional inspection, repair and maintenance work and decommissioning activities, it added.
Finally, at Seabed Intervention units, the fleet was expanded with the commissioning of subsea rock installation vessel Seapiper, and in Taiwan offshore wind activities were ongoing, Boskalis said.
For 2022, according to the company’s annual report, the Offshore Energy segment reported revenues of €1.45 billion ($1.6 billion). However, the dredging and inland infrastructure segment of Boskalis business came ahead with revenues of almost €2.1 billion last year.
However, in the first half of this year, the dredging division saw its revenues increasing fractionally on a 26% higher Ebitda compared to the same period last year, Boskalis said.
At Salvage business segment that reported revenues of €61 million in 2022, the first half of the year was largely dominated by two prominent projects.
In Southeast Asia, work commenced on a two-year project to recover a large jack-up platform from the seabed, Boskalis said.
The second project commenced late April with the mobilisation of equipment to transfer 1.1 million barrels of oil from a decaying old tanker — FSO Safer — off the coast of Yemen into a modern replacement tanker.
For the whole company, gross revenues in the first half of this year grew by 22% to almost €2 billion against the first half of 2022, while net revenues jumped by 56% to €181 million.
The order book as per 30 June was virtually stable at €6 billion against €6.1 billion at the end of 2022. Of the total Offshore Energy order portfolio, more than three-quarters is now related to offshore wind activities, Boskalis said.
“Over the past six months we succeeded in preserving the high level of our order book. With a portfolio of €6 billion, we look to the future with great confidence and expect to amply exceed the 2022 result”, Boskalis chief executive Peter Berdowski said.
