Boskalis' Offshore Energy Branch Sees 1H Revenue Increase 50%

Dutch offshore and marine services firm Boskalis said its Offshore Energy division saw its revenue increase by 50%, with an EBITDA increase of almost 70% in the first half of 2023.

All business units within the Offshore Energy branch saw increases in both revenue and earnings. 

"A busy first half of the year was also reflected in a high utilization of the large vessels," Boskalis said.

At Marine Transport & Services, this included the BOKA Vanguard which was part of a decommissioning project in which it transported a 50-year-old, 330-meter-long FPSO to a green scrapyard. 

At Heavy Lifting, the foundations installation of the Changfang & Xidao offshore wind project in Taiwan was completed by the crane vessel Bokalift 1, and in the United States Boskalis' new crane vessel Bokalift 2 installed all the planned monopiles. 

Fleet utilization at Marine Survey was high in both the North Sea and the Middle East and at Subsea Services the good first half year consisted of a combination of traditional IRM work and decommissioning activities, Boskalis said.

Finally, Boskalis said, at Seabed Intervention the fleet was expanded with the commissioning of the Seapiper, and in Taiwan offshore wind activities were ongoing.

At Salvage, the first half of the year was largely dominated by two projects. 

In Southeast Asia, work started on a two-year projectto recover a large jack-up platform from the seabed.

The second project started in late April with the mobilization of equipment to transfer 1.1 million barrels of oil from a decaying old tanker (FSO Safer) off the coast of Yemen into a modern replacement tanker. This was completed last week.

Overall, compared to the same period last year, Boskalis' revenue increased by 22% to EUR 1.97 billion (H1 2022: EUR 1.61 billion).

EBITDA increased by 27% to EUR 370 million (H1 2022: EUR 292 million). Adjusted for a EUR 50 million book gain in H1 2022, EBITDA increased 53%.

Net profit increased by 56% to EUR 181 million (H1 2022: EUR 116 million, including EUR 37 million in exceptional gains and losses).