Transport and marine services specialist Boskalis concluded 2022 with a sharp increase in profitability and a strong increase in revenue. Its orderbook also increased to an all-time high.

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The company reported revenue of EUR3.58 billion (USD3.83 billion) in 2022, up from EUR2.96 billion (USD2.1 billion) in 2021. Net profit rose to EUR241 million (USD257.7 billion), up from EUR151 million (USD161.5 million). The company’s orderbook, which stood at EUR5.41 billion (US5.8 billion) in 2021 rose to EUR6.11 billion (USD6.53 billion). 

Boskalis ceo Peter Berdowski said: “Last year was a special year in many ways. At the outset, we started the year optimistically with a new ambitious corporate business plan. That optimism was nipped in the bud when Russia invaded Ukraine at the end of February. In haste we had to stop our operations in Russia and brought our colleagues to safety.  

“The consequences of these developments had a major impact on the global economy. Energy and commodity prices rose sharply and inflation reached record levels. Developments that also impacted our clients and projects. This makes it all the more commendable that, despite these adverse developments, we can look back on a strong year, both operationally and financially.” 

In terms of ownership, Boskalis was delisted from the stock exchange on November 9, with its existing shareholder HAL completing its acquisition of over 98 percent of the shares.  

Operationally, the offshore energy division increased revenues year-on-year by 14 percent on a 33 percent higher EBITDA. As a result of a quiet year in the subsea cables sector, revenue and earnings from the contracting business declined. This decline was more than offset by the services cluster, with marine transport and services, subsea services and marine survey divisions all having a very strong year, said Boskalis.

Salvage had a relatively quiet year following several very busy years. In late 2022, a substantial wreck removal project was acquired to be executed in 2023 and 2024. Furthermore, Boskalis is assisting the United Nations with a potential salvage project in the Red Sea.

The size of Boskalis’ towage portfolio has diminished in recent years following the decision to divest these activities. In 2022, the Southeast Asian harbour towage activities – Keppel Smit Towage – were sold. Furthermore, an agreement on the intended sale of the terminal services activities of Smit Lamnalco was reached in early 2023.

The orderbook increased to EUR6.11 billion, the increase partly as a result of acquiring a number of offshore wind projects in the USA.

 

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