Boskalis reports historic record-breaking year for 2023 – half of Offshore Energy revenue from offshore wind

Royal Boskalis B.V. (Boskalis) today presented its financial results for 2023. The company can look back on a historic 2023 with several records being broken. Both revenue and earnings reached a record level with all parts of the business contributing, with the offshore wind business showing the largest absolute increase in the offshore energy unit.

Revenue increased by 20% to EUR 4.28 billion (2022: EUR 3.58 billion). EBITDA increased 68% to EUR 1,016 million (2022: EUR 604 million) and EBIT increased 135% to EUR 701 million (2022: EUR 298 million). Net profit increased by nearly 150% to EUR 601 million from EUR 241 million in 2022.

“2023 was a particularly successful year for Boskalis, in which we broke many records. Net profit rose by almost one hundred and fifty percent to a record high of over EUR 600 million and EBITDA to over one billion euros. It is great to see that all parts of the business contributed to these impressive figures. All our employees deserve a big compliment for the dedication, professionalism and teamwork with which we were able to achieve these successes.

Peter Berdowski, CEO Boskalis

Divisional developments

At Offshore Energy, revenue increased 41%, to EUR 2.0 billion, with a very strong operational result. All business units contributed to these particularly strong financial figures, with the largest absolute increase coming from the offshore wind business. Last year, half of the divisional revenue came from offshore wind and Boskalis was active on 29 offshore wind projects during the year, including sizable installation projects in Taiwan, Europe and the United States.

In the Dredging & Inland Infra segment, revenue was almost stable at EUR 2.1 billion with a strong operational result. The Marine Transport & Services business unit again carried out some highprofile projects with its heavy transport vessels. Salvage had a busy and good year with numerous high-profile projects.

Financial position

Boskalis’ financial position is healthy. With a cash position of EUR 769 million and only EUR 246 million in debt, Boskalis has a financial net cash position of EUR 523 million. With the available cash and cash equivalents and (unused) bank facilities, Boskalis has an immediately available financing capacity of more than EUR 1.0 billion. The solid solvency increased to 52.4% and Boskalis comfortably meets its financial covenants.

In 2023, on balance, EUR 4.2 billion worth of new contracts were added to the order book. At the end of the year the order book, excluding Boskalis’ share in the order books of joint ventures and associates, stood stable at EUR 6 billion.

In 2023, a total amount of EUR 527 million was invested in property, plant and equipment of which EUR 68 million was related to dry dockings (2022: EUR 429 million and EUR 62 million respectively). Disposals were made totaling EUR 31 million (2022: EUR 32 million). In addition to these investments in property, plant and equipment, EUR 16 million was added in right-of-use assets (2022: EUR 28 million).

Of the total capital expenditure amount, the largest share however sat with the Offshore Energy division. In 2023, the conversion of the Bokalift 2 with its upending hinge and motion compensated pile gripper frame was completed and an inclined fallpipe installation was added to the rock installation vessel Seapiper. Furthermore, a number of vessels were acquired including the BOKA Sub C, BOKA Ocean, Horizon Zenith and the Horizon Geodrill as well as eight AHTs through the acquisition of ALP Maritime in early 2024. Capital expenditure commitments at the end of the year amounted to EUR 236 million (end-2022: EUR 84 million).

“With pride we look back, and with confidence we look forward. We reaped the benefits of our Sustainable Growth strategy and 2024 also seems to promise a fine harvest. The order book is well filled and the market outlook is also good. We will continue on our successful path of creating innovative infrastructure, protecting through climate adaptation and advancing the energy transition.”

Peter Berdowski, CEO Boskalis

Read the full financial report here.

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