November 16 - Royal Boskalis Westminster (Boskalis) has posted "good" third quarter results, with quarterly revenue slightly exceeding the average quarterly revenue in the first of the year.
In line with expectations, Boskalis confirmed that operating profit for the third quarter was lower than the exceptionally high average quarterly result achieved in the first half of the year, which the company claims was characterised by a high fleet utilisation and exceptionally good project margins.
Operating profit was also lower than the level achieved in the third quarter of last year, which Boskalis says was positively impacted by substantial settlement results on old dredging projects.
Market conditions remain challenging, noted the company, particularly in the capacity-driven segments in the offshore energy market, resulting in pressure on work volumes and pricing.
The order book declined 6 percent to EUR 2.8 billion, compared with mid 2015. Boskalis attributed a significant part of this decline to the conclusion of the Suez Canal project.
However, Boskalis says that the outlook for the remainder of the year is unchanged and the full-year net profit forecast has therefore been maintained. The company expects 2015 to be another good year, with a full-year net profit, including its stake in the result of joint ventures and associated companies.
According to Boskalis, the company's offshore energy division had a good third quarter, although in line with expectations it was weaker than the strong first half of the year.
The offshore energy segment posted lower revenue and results compared to the past few quarters, which Boskalis attributed partly to a lower utilisation of heavy transport vessels.
The towage activities of Fairmount and the short-term heavy marine transport activities of Dockwise were under pressure in the third quarter, added the company. The order book of Boskalis' offshore energy business unit was around 9 percent lower in comparison with mid 2015.
Dockwise Vanguard in Malta.
