The orderbook increase, compared to the end of the first half of the year and adjusted for the sale of the 40% stake in Archirodon, was EUR4.3bn ($5.8bn)
The second half of the year is expected to be strong with a high, stable workload and a good operational contribution. Various dredging projects with close-out results as well as the settlement of a longstanding equipment-related insurance claim also made a significant contribution. In view of these developments Boskalis is raising its earnings outlook and now expects a 2013 net profit of at least EUR360m.
At the publication of the first-half results, net profit was expected to amount to at least EUR330m for the full year. Due in part to the close-out result realized on the Port Rashid project and the favourable settlement of a longstanding equipment-related insurance claim, Boskalis is raising its earnings outlook. For 2013 net profit is now expected to amount to at least EUR360m.
Capital expenditure is expected to total around EUR330m in 2013, funded from Boskalis' own cash flow.
The dredging segment achieved a good result in the third quarter. Contracts in South Korea, Russia and Qatar among others, were added to the orderbook in the third quarter. On balance the dredging orderbook increased compared to mid-2013 to EUR1.36bn.
The offshore energy segment, in which Dockwise has been included since the second quarter of 2013, had a good third quarter. The fleet utilisation at Dockwise was at a slightly lower level than in the first half of the year. Despite the fact that market conditions continue to be very competitive, the spot market for heavy marine transport picked up and utilisation will be high in the fourth quarter.
At towage & salvage, the level of activity was stable compared to the first half of the year. In mid-September Boskalis signed an agreement with Chile’s Sudamericana Agencias Aéreas y Marítimas S.A. (SAAM) to merge the harbour towage operations of SMIT and SAAM in North and South America. The combined entity will be formed in 2014 by means of two joint ventures, following the required approval of the regulators and local financiers.
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