Boskalis had a financially and operationally solid third quarter. Revenue and earnings were greater than the first half-year quarterly average.
Boskalis’ approach focuses on three activity clusters to create sustainable growth. In the recent quarter, many amazing and influential projects were underway.
Energy transition
Boskalis and its consortium partners recently installed 71 Gravity Base Structures (GBS) for Fécamp offshore wind. Boskalis also protected and ballasted these concrete foundations from scour. The project will generate enough electricity for more than 770,000 people and reduce CO2 by 2 million tons per year.
Survey and Subsea Services offers offshore energy services. Third-quarter fleet utilization was strong. In addition to Middle East deployments, North Sea work was extensive.
Boskalis was awarded a contract to protect Togo and Benin’s eroding coastline in 2022. The coastline protection project is part of WACA.
In the Netherlands, work is underway to strengthen the Markermeer dikes north of Amsterdam. The Markermeer dikes are part of the Zuyder Sea dikes, which have defended the hinterland from the Zuyder Sea and now the Markermeer lake for centuries. More than 30 km of dikes don’t meet water safety regulations, and 1.2 million people reside in the hinterland. The innovative alliance contract is part of the national flood protection program.
Boskalis helps the energy transition by constructing infrastructure to offer inexpensive, clean electricity. Several projects contributed to this cluster last quarter.
Changfang & Xidao is Boskalis’ largest offshore wind project in Taiwan. Bokalift 2 completed its 2022 jacket and pinpile installation campaign. 2023 will see the final installation of jackets and pinpiles.
In the Philippines, development of the new Manila International Airport’s 1,700-hectare sand body is underway.
The Fehmarnbelt tunnel connecting Scandinavia and Central Europe is under development in Denmark. Work on dredging the 18-kilometer tunnel trench has begun at the Danish end.
The Finnish Project Management Association awarded Boskalis 2022 Project of the Year for deepening the Vuosaari Channel in Helsinki.
A newly acquired project involves the development of the Europa Terminal for the port of Antwerp, Belgium, to continue receiving the largest container ships and boost capacity by a third.
Assets
Two offshore wind tools are being fitted to the recently commissioned Bokalift 2 crane vessel. US Southfork and Revolution Wind farms will erect 2,300-ton, 114-meter-long, 10-meter-diameter monopiles next year. Singapore is preparing an upending hinge to verticalize monopiles. Bokalift 2 will sail to Rotterdam, where a motion-compensated pile gripper frame will be installed in early 2023.
Boskalis acquired the BOKA Northern Ocean Construction Support Vessel (CSV). This is the fourth BOKA Tiamat, Atlantic, and Southern Ocean CSV. BOKA Northern Ocean is a high-end CSV with a huge deck and 400-ton crane. This is a key market for Boskalis, from Subsea Services to floating wind farms. The new CSV’s A&R system can lower 350-ton objects to 3,000-meter depths.
Future-looking
The order book is EUR 5.1 billion, providing a solid platform for the balance of the year and beyond. Boskalis’ full-year EBITDA projection is unchanged based on fleet planning and works-in-progress. 2022 EBITDA is estimated to be around 500 million euros. The unaltered capital expenditures outlook for 2022 is 450 million euros, including dry-dockings but excluding acquisitions.
Boskalis’ financial position is robust and increased throughout the quarter to EUR 207 million in net cash, excluding lease liabilities. Boskalis plans to invest in sustainable expansion in response to market opportunities.
In September, HAL bought all outstanding Boskalis shares. HAL acquired 95% of all shares during the (after) offer period, delisting Boskalis. Boskalis’ Euronext Amsterdam listing ends on November 9, 2022.
Image source: Boskalis
