The Netherlands-based Royal Boskalis Westminster plans to take advantage of the post-COP21 focus on renewables and pursue new projects in the growing offshore wind market, the company said in its financial report for the Fiscal Year 2015.
The announcement is in line with Boskalis’ plans to acquire all of the offshore energy activities, including offshore wind, from compatriot WolkerVessels.
Looking at the full-year numbers, the company’s revenue was EUR 3.24 billion, a 2% increase year-on-year, despite continued market weakness due to low oil and commodity prices.
The company’s net profit for the year was EUR 440 million, a 10.2% decrease compared to EUR 490 million net profit recorded in FY2014.
Looking ahead, Boskalis expects net profit for 2016 to be ‘ ‘substantially lower” compared to 2015. The company’s Offshore Energy division presents a ”mixed picture.”
A number of long-term contracts and work already contracted provide stability for part of the fleet, but the spot market-related transport activities and subsea services are experiencing pressure on utilization rates and margins, the company said.
To respond to these market developments, Boskalis has launched a fleet rationalization and cost reduction program. It is expected that equipment will be taken out of service at the Offshore Energy division, with the associated implications for staffing levels.
” We are tightening up the fleet and the organization and are alert to respond to the opportunities the market continues to present – opportunities in existing market segments as well as opportunities created by adjusting our playing field and extending it to growth markets. A good example of this is the acquisition of VolkerWessels’ offshore activities, which substantially strengthens our position in the growing offshore wind market. Our fleet, organization and balance sheet put us in an excellent position to weather the storm with reason and consideration and come out of it even stronger,” Peter Berdowski, CEO of Boskalis, said.