HIGHLIGHTS FIRST QUARTER 2022
Strong increase in revenue compared to the first quarter of 2021 with a slightly higher EBITDA
Good utilization of the hopper fleet at Dredging and the transport fleet at Offshore Energy
Order book virtually stable at
Renewables accounts for more than 60 percent of order book Offshore Energy
Robust financial position despite sharp decline in net cash position
Increase in 2022 EBITDA guidance
OPERATIONAL AND FINANCIAL PERFORMANCE
Boskalis started 2022 with a good first quarter considering market conditions, helped by the well-filled order book. Compared to the same period last year, revenue increased strongly on a slightly higher EBITDA. The utilization of the large vessels was good and increased compared to the 2021 full year level. The order book position at the end of the quarter was virtually stable at
Dredging & Inland Infra
The Dredging & Inland Infra division's revenue increased significantly compared to the first quarter of last year, mainly due to the activities in the bay of
Other noteworthy projects in progress included
The utilization of the hopper fleet was good and fractionally higher than the healthy level in 2021. The two large cutter suction dredgers were idle during the first quarter with the Helios to be deployed on the
Early this year, the trailing suction hopper dredger
The order book of Dredging & Inland Infra decreased slightly compared to the end of 2021. During the quarter, mainly small to medium-sized projects were acquired in
Offshore Energy
The first quarter at Offshore Energy proceeded in line with expectations with a revenue level comparable to the first quarter of 2021.
The contracting part of the division consists of Seabed Intervention, Heavy Lifting (including offshore wind foundations) and Subsea Cables. At Seabed Intervention, the offshore wind projects Yunlin (
The services part of the division consists of
A number of offshore wind projects were acquired in the first quarter, including the export cable for Hollandse Kust West Beta. On balance, the Offshore Energy order book increased by 20 percent compared to the end of 2021. Boskalis successfully acquired another substantial cable project in the course of the second quarter for a new offshore wind farm to be constructed off the east coast of
Towage & Salvage
Salvage had a relatively busy first quarter with several emergency response assignments, including the salvage of the Euroferry Olympia off the Greek island of Corfu, and a wreck removal project off the west coast of
The contribution from the Towage joint ventures mainly relates to the terminal services of Smit Lamnalco. Compared to last year the quarterly result was lower. In anticipation of the announced sale, the Singaporean towage activities are held as assets held for sale as per the end of 2021 and therefore no longer contribute to the segment result. The sale of these activities is expected to be completed later this year.
FINANCIAL POSITION
The high net cash position of
On 15 March, HAL Investments, together with Stichting Hyacinth, acquired a combined stake of more than 50% in Boskalis. This event triggered a change of control in a number of its financing arrangements. After this change of control, all the banks and almost all of the other financing parties concerned, have confirmed the continuation of the financing facilities at unchanged terms and conditions.
OUTLOOK
Boskalis is in good shape with a well-filled order book and a robust financial position. The market outlook appears favorable for the short and medium term, although unforeseen developments such as those resulting from the geopolitical situation in
Given the project-based nature of a significant part of our business, it is difficult to make quantitative statements about the annual result for 2022. However, with the developments in the first quarter and the well-filled order book, there is a solid basis to increase the earnings guidance which initially stated that the 2022 EBITDA was expected to equal that of 2021. Based on the vessel planning and projects in hand, and barring unforeseen circumstances, the
In mid-March, at the announcement of the 2021 annual results, Boskalis indicated that it was considering a new share buy-back program. This intention has been suspended indefinitely in light of the announced intended offer by HAL.
UPDATE REGARDING HAL OFFER
Reference is made to the Boskalis press releases dated
The Supervisory Board and
Contact:
Investor
Martijn L.D. Schuttever
E: ir@boskalis.com
Press
Arno Schikker
E: press@boskalis.com
T: +31 786969310
This is a Boskalis press release on the grounds of article 17 paragraph 1 of the European Market Abuse Regulation (596/2014). This press release does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities of
This is an English translation of the Dutch press release. In the event of any disparity between the Dutch original and this translation, the Dutch text will prevail.
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