Boskalis endures tough third quarter

Dutch-based Boskalis expects to achieve its profit target for 2015 after a challenging third quarter, but says it won’t top last year’s figure of €490 million.

However, the dredging and marine expert said its quarterly revenue slightly exceeded the average from the first half of the year.

The company’s operating profit for the third quarter was said to be lower than the average quarterly results achieved in the first half of the year. And, its profit was also lower than the level achieved in the third quarter of last year.

Boskalis said, “Market conditions remain challenging, particularly in the capacity-driven segments in the offshore energy market, resulting in pressure on work volumes and pricing. The order book declined 6% compared to mid-2015 to €2.8 billion. An important part of this decline was due to the conclusion of the sizable Suez Canal project.

“The outlook for the remainder of the year is unchanged and the full-year net profit forecast has therefore been maintained. Boskalis expects 2015 to be another good year, with a full-year net profit, including our stake in the result of joint ventures and associated companies, below the record level realised in 2014.”