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Boskalis update share buyback

Papendrecht, 19 October 2020 ‎In the period from 12 October up to and including 16 October, Royal Boskalis Westminster N.V. (Boskalis) repurchased own shares. The repurchases took place within the framework of the share buyback program announced on 15 March 2019.  Click  here  for a complete overview of all individual transactions.  Boskalis will publish a press release every Monday for the duration of the buyback program, provided shares were repurchased in the preceding week. Interested parties can subscribe to these press releases at  ir@boskalis.com . An overview of the progress of the program can be found on  www.boskalis.com/sharebuyback2019-2020 .  FOR FURTHER INFORMATION Investor relations: Martijn L.D. Schuttevâer ir@boskalis.com Press: Arno Schikker press@boskalis.com T +31 786969310 ‎ Royal Boskalis Westminster N.V. is a leading global services provider operating in the dredging, maritime infrastructure and maritime services sectors. The company provides creative and innovative all-round solutions to infrastructural challenges in the maritime, coastal and delta regions of the world. With core activities such as coastal defense, riverbank protection and land reclamation Boskalis is able to provide adaptive and mitigating solutions to combat the effects of climate change, such as extreme weather conditions and rising sea levels, as well as delivering solutions for the increasing need for space in coastal and delta regions across the world. The company facilitates the development of offshore energy infrastructure, including renewable wind energy. Boskalis is furthermore active in the construction and maintenance of ports, waterways, access channels and civil infrastructure, thus helping to facilitate trade flows and regional socio-economic development. In addition, Boskalis is a global marine salvage expert and has a number of strategic partnerships in harbor towage and terminal services (Keppel Smit Towage and Smit Lamnalco). With a versatile fleet of more than 700 vessels and floating equipment and 9,600 employees, including associates, Boskalis is creating new horizons around the world. This press release can also be found on our website www.boskalis.com .  

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Press release

Boskalis finances new mega suction cutter dredger with Export Credit Agency covered loan

Papendrecht, 13 October 2020 Boskalis has today financed its mega suction cutter dredger Krios through an innovative Export Credit Agency (ECA) covered loan. This marks the first ECA insured financing of its kind in the Netherlands. With this EUR 121 million facility, Boskalis has refinanced a substantial part of the construction costs of the Krios. The ECA covered loan under the domestic cover arrangement was introduced by the Dutch Ministry of Finance late 2019. The arrangement targets indirect export, which in Boskalis’ case is a newly built dredging vessel that will be deployed on projects outside of the Netherlands. The Krios is currently being built at IHC in the Netherlands. The loan provided by ING and Rabobank was refinanced under a so-called CIRR (Commercial Interest Reference Rate) and is covered by Atradius Dutch State Business. The tenor of the facility is twelve years, includes linear redemption and carries an all-in financing cost of slightly less than one percent. Besides the attractive all-in rate, the long duration of the facility matches extremely well with the long economic lifetime of the vessel. Furthermore this new loan complements the current financing structure of Boskalis resulting in a well-spread and long-dated profile. Besides this twelve year facility, Boskalis has USD 325 million outstanding in US Private Placements, which mature in July 2023 and has a EUR 500 million Revolving Credit Facility maturing in April 2025, currently undrawn. FOR FURTHER INFORMATION Investor relations: Martijn L.D. Schuttevâer ir@boskalis.com Press: Arno Schikker press@boskalis.com T +31 786969310 Royal Boskalis Westminster N.V. is a leading global services provider operating in the dredging, maritime infrastructure and maritime services sectors. The company provides creative and innovative all-round solutions to infrastructural challenges in the maritime, coastal and delta regions of the world. With core activities such as coastal defense, riverbank protection and land reclamation Boskalis is able to provide adaptive and mitigating solutions to combat the effects of climate change, such as extreme weather conditions and rising sea levels, as well as delivering solutions for the increasing need for space in coastal and delta regions across the world. The company facilitates the development of offshore energy infrastructure, including renewable wind energy. Boskalis is furthermore active in the construction and maintenance of ports, waterways, access channels and civil infrastructure, thus helping to facilitate trade flows and regional socio-economic development. In addition, Boskalis is a global marine salvage expert and has a number of strategic partnerships in harbor towage and terminal services (Keppel Smit Towage and Smit Lamnalco ). With a versatile fleet of more than 700 vessels and floating equipment and 9,600 employees, including associates, Boskalis is creating new horizons around the world. This press release can also be found on our website www.boskalis.com .

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Press release

Boskalis secures multiple dredging contracts in Germany

Papendrecht, 12 October 2020 Boskalis recently secured three contracts for coastal protection and port maintenance activities in Germany. These dredging contracts carry a combined value of EUR 45 million for Boskalis and will all commence in the coming months. The first contract was awarded by the German Waterways and Shipping Office WSA Weser-Jade-Nordsee to upgrade the existing coastal defense on the island of Wangerooge to provide flood protection to the island’s residents. This project will be executed with a local German partner and involves the reinforcement of the groins and revetment for which 200,000 tons of rock will be used. In addition to a backhoe dredger a number of split barges will be deployed. Construction works will commence in November 2020 and are expected to be completed late 2021. Boskalis furthermore received a contract award from WSA Weser-Jade-Nordsee for maintaining a 90-kilometer-long section of the shipping fairway of the Weser river between Nordenham and Bremerhaven. Under a two-year maintenance contract Boskalis will dredge a total quantity of around 14 million cubic meters of sand and silt, which will be deposited at designated locations along the river. Boskalis will deploy a medium-sized trailing suction hopper dredger to carry out the dredging work that will start early 2021 and last until the end of 2022. The third contract that Boskalis secured was awarded by Niedersachsen Ports for the maintenance of the port of Emden, one of the largest German North Sea ports. Starting 1 November 2020, Boskalis will maintain the port at the required depth by dredging an annual volume of around 2.7 million cubic meters of sand and silt with a trailing suction hopper dredger for two consecutive years. Boskalis’ strategy is aimed at benefitting from key macro-economic factors which drive worldwide demand in our markets: expansion of the global economy, increase in energy consumption, global population growth and the challenges that go hand in hand with climate change. The project on the island of Wangerooge is aimed at combatting the consequences of extreme weather related to climate change. The activities in the Weser river and the port of Emden are largely driven by the need to maintain the accessibility of ports to accommodate global seaborne trade. With its groundbreaking activities and unique expertise, Boskalis is exceptionally positioned to play a significant societal role in creating and protecting welfare and advancing the energy transition. FOR FURTHER INFORMATION Investor relations: Martijn L.D. Schuttevâer ir@boskalis.com Press: Arno Schikker press@boskalis.com T +31 786969310 ‎ Royal Boskalis Westminster N.V. is a leading global services provider operating in the dredging, maritime infrastructure and maritime services sectors. The company provides creative and innovative all-round solutions to infrastructural challenges in the maritime, coastal and delta regions of the world. With core activities such as coastal defense, riverbank protection and land reclamation Boskalis is able to provide adaptive and mitigating solutions to combat the effects of climate change, such as extreme weather conditions and rising sea levels, as well as delivering solutions for the increasing need for space in coastal and delta regions across the world. The company facilitates the development of offshore energy infrastructure, including renewable wind energy. Boskalis is furthermore active in the construction and maintenance of ports, waterways, access channels and civil infrastructure, thus helping to facilitate trade flows and regional socio-economic development. In addition, Boskalis is a global marine salvage expert and has a number of strategic partnerships in harbor towage and terminal services (Keppel Smit Towage and Smit Lamnalco). With a versatile fleet of more than 700 vessels and floating equipment and 9,600 employees, including associates, Boskalis is creating new horizons around the world. This press release can also be found on our website www.boskalis.com .  

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Press release

Boskalis’ versatile and specialized fleet required for two exceptional transport and installation projects

Papendrecht, 2 September 2020 Royal Boskalis Westminster N.V. (Boskalis) recently took on two exceptional projects. The first project involves the transport and installation of five floating wind turbines for the Kincardine floating wind farm off the coast of Aberdeen in Scotland. The second project involves the installation of bridge sections of the world’s longest suspension bridge, the Çanakkale 1915 Bridge in Turkey. Decisive factors for the award of both contracts are Boskalis’ versatility in the field of offshore transport and installation work and the wide variety of specialized Boskalis equipment with which it is able to fully execute the projects. Kincardine floating wind farm For Cobra Wind International Ltd, Boskalis will transport and install five floating wind turbines for the Kincardine offshore wind farm fifteen kilometers off the coast of Aberdeen. This will be Boskalis’ first floating wind farm project. The turbines with a capacity of 9.525 megawatts each will be anchored at a depth of sixty to eighty meters. In September 2020, the heavy anchor handling tug (AHT) BOKA Falcon will start installing the anchors and chains on the seabed. In the meantime, the floating foundations will be transported from Ferrol in Spain to Rotterdam, for which Boskalis will deploy the Fjord as a semi-submersible barge. In Rotterdam, the wind turbines will be mounted on the foundations, after which the floating wind turbines are towed to the wind farm. In addition to the BOKA Falcon and Fjord, three Boskalis AHTs will be deployed on this project. Çanakkale 1915 Bridge Boskalis will install twenty bridge sections for the 4,600-meter-long Çanakkale 1915 bridge in Southwest Turkey. The floating sheerleg crane Asian Hercules III, one of the few sheerlegs in the world with sufficient outreach, will be deployed for lifting and installing the sections. A Boskalis AHT will provide assistance during the execution of these activities, which will take place in 2021. In 2019 Boskalis was already involved in the construction of the bridge with the installation of the foundations of the bridge pylons and various other lifting and transport operations of steel and concrete bridge elements. The client is DSLY; a consortium of the South Korean Daelim and SK Group, and the Turkish partners Limak Holding and Yapı Merkezi. FOR FURTHER INFORMATION Investor relations: Martijn L.D. Schuttevâer ir@boskalis.com Press: Arno Schikker press@boskalis.com T +31 786969310 Royal Boskalis Westminster N.V. is a leading global services provider operating in the dredging, maritime infrastructure and maritime services sectors. The company provides creative and innovative all-round solutions to infrastructural challenges in the maritime, coastal and delta regions of the world. With core activities such as coastal defense, riverbank protection and land reclamation Boskalis is able to provide adaptive and mitigating solutions to combat the effects of climate change, such as extreme weather conditions and rising sea levels, as well as delivering solutions for the increasing need for space in coastal and delta regions across the world. The company facilitates the development of offshore energy infrastructure, including renewable wind energy. Boskalis is furthermore active in the construction and maintenance of ports, waterways, access channels and civil infrastructure, thus helping to facilitate trade flows and regional socio-economic development. In addition, Boskalis is a global marine salvage expert and has a number of strategic partnerships in harbor towage and terminal services (Keppel Smit Towage and Smit Lamnalco). With a versatile fleet of more than 700 vessels and floating equipment and 9,600 employees, including associates, Boskalis is creating new horizons around the world. This press release can also be found on our website www.boskalis.com .  

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Press release

Boskalis reports strong operational first half year

Papendrecht, 20 August 2020 KEY FIGURES FIRST HALF YEAR 2020 Revenue: EUR 1.3 billion EBITDA: EUR 204 million Operating result: EUR 72 million Net operating profit: EUR 48 million Extraordinary charges: EUR 148 million Order book: EUR 4.7 billion Positive net cash position of EUR 190 million OUTLOOK 2020 Dredging: stable at current level Offshore Energy contracting: good year for Seabed Intervention and Subsea Cables Offshore Energy services: growth in Survey due to addition of Horizon Salvage: good year following strong first half year 2020 EBITDA outlook: expected to match 2019 EBITDA level Resumption of share buyback program Royal Boskalis Westminster N.V. (Boskalis) had a very good operational first half year considering the circumstances. The operating result increased sharply compared to last year with revenue at virtually the same level. Furthermore, Boskalis’ financial position remains strong and the net cash position has improved significantly since the end of 2019. Nevertheless, the outbreak of COVID-19 has of course also impacted Boskalis. Operationally it is was very challenging, particularly keeping Dredging projects outside of Europe going due to prolonged travel restrictions and strict quarantine measures. At the Offshore Energy division the services activities were particularly affected by the unexpected significant drop in the oil price, resulting in a lack of demand in parts of the offshore market. At the end of the first half year Boskalis undertook, in light of the COVID-19 pandemic and the sharp drop in the oil price, a critical review of the valuation of its vessels and balance sheet assets across the board. This has resulted in a virtually exclusively non-cash extraordinary charge of EUR 147.8 million. This charge mainly consists of an impairment on goodwill and vessels in two joint ventures as well as of a limited number of our old own vessels earmarked for scrapping. Revenue amounted to EUR 1.26 billion in the first half of the year, virtually the same as last year (H1 2019: EUR 1.27 billion). EBITDA totaled EUR 204.1 million in the first half of the year (H1 2019: EUR 135.7 million) and the operating result was EUR 72.4 million (H1 2019: EUR 33.1 million negative), both adjusted for extraordinary charges. A net operating profit of EUR 47.5 million was realized in the first half of the year (H1 2019: loss of EUR 40.9 million). Including extraordinary charges there was a net loss of EUR 96.4 million. Extraordinary items impacted both the 2019 and 2020 first-half results. In 2019 this concerned gains of EUR 42.2 million relating to the sale of Kotug Smit Towage and the sale of a vessel. In 2020 it relates to charges of EUR 147.8 million before tax due to an impairment on goodwill and vessels of two joint ventures as well as of a small number of our own vessels. These exceptional charges are largely recognized at Group level. Within the Dredging & Inland Infra segment revenue declined mainly due to startup delays of projects. The largest revenue contribution came from the Singapore region, the Indian subcontinent and the Middle East. Boskalis Nederland had a strong first half of the year with Dutch Inland Infra projects contributing well to the result. On balance, the divisional result dropped compared to the same period last year, due in part to COVID-19-related operational disruptions and a lower fleet utilization. At Offshore Energy revenue of the contracting activities was stable with a busy first half of the year at Seabed Intervention. Revenue of the services activities declined slightly, impacted by the sharp drop in the oil price. The survey activities of Horizon have been fully consolidated since the start of 2020, resulting on balance in a rise in revenue from services. The sharp improvement in the operating result of the division was partly due to the consolidation of Horizon but particularly due to good results on projects at Seabed Intervention and Subsea Cables. Salvage had a very good first half of the year with significantly higher revenue and good results on several projects. The contribution of the Towage joint ventures was virtually stable, taking into account the sale of our interest in Kotug Smit Towage in 2019. The customary holding and non-allocated group costs were reduced thanks to a wide range of cost-saving measures in response to the outbreak of COVID-19. Boskalis’ financial position remains strong. At 30 June 2020 Boskalis was net debt-free with a net cash position of EUR 190 million, compared to a net cash position of EUR 26 million at the end of 2019. Furthermore, the solvency ratio remains high at 51%. The order book excluding our share in the order book of associates remained stable at a high level of EUR 4.7 billion (end 2019: EUR 4.7 billion). No significant projects in the order book have been canceled since the outbreak of COVID-19. Peter Berdowski, CEO Boskalis: “The first half of 2020 was a rollercoaster in which we pulled out all the stops to steer the company through the COVID-19 crisis. Despite the unprecedented challenging circumstances we achieved an excellent operating result in the first half of the year. This remarkable achievement would not have been possible without the tremendous commitment and flexibility of our people working on the vessels, the projects and from home. They deserve a big thank you. It goes without saying that the health and safety of our colleagues has been our number one priority since the outbreak of COVID-19. Colleagues are still working from home where possible. In order to keep the projects and vessels in operation we had to come up with a lot of tailor-made solutions. Relieving crews and project staff remains the biggest challenge outside of Europe due to the many travel restrictions and quarantine requirements. To safeguard the continuity of the company we implemented numerous measures at an early stage. Our overhead costs have been sharply reduced by bringing down our non-project-related expenses. And we have managed to considerably reduce the outflow of funds in 2020 by halving our capital expenditure program, suspending our share buyback program and canceling the dividend payout. These measures have contributed to the good half-year result and the company’s strong financial position. Thanks to the well-filled order book a large part of our revenue for 2020 is already secured. We look ahead at the rest of 2020 with confidence and expect to match the EBITDA level achieved in 2019. It is difficult to predict the pace at which the global economy will recover from the COVID-19 pandemic, and it is equally difficult to estimate at this time how the markets relevant to Boskalis will develop. As soon as this becomes clearer we will reassess the market picture presented earlier this year in the Corporate Business Plan 2020-2022. One thing that has not changed is the unique role that Boskalis can play with its activities and expertise to make an important contribution to society in the development and protection of welfare and in advancing the energy transition. With the quality of our organization, our vessels and above all our people we look to the future with confidence. In light of this confidence and the company’s robust financial position we have decided to resume the share buyback program.” Outlook The COVID-19 pandemic and its effects are expected to continue to be felt – both in society and economically – in the coming quarters. Although it is impossible to predict the extent and duration of the impact, Boskalis has a strong basis with its well-filled order book and extremely sound balance sheet. At Dredging & Inland Infra we expect the picture to be stable for the rest of 2020, both in terms of revenue and result. The currently-known operational bottlenecks related to COVID-19 as well as the persistently competitive market have been taken into account in this projection. In the short term most of the volume of work is in Asia and Europe, with the timing of the startup and award of new projects being the biggest uncertainty. The projects in the order book ensure that a significant part of the revenue for 2020 has been secured with an expected virtually stable utilization level of the hopper fleet and lower utilization of the cutter fleet. The picture for Offshore Energy is not expected to change materially in the second half of the year. The services activities at Transport and Subsea Services will partly depend on the spot market. At Survey, demand from the offshore wind sector remains strong and the oil and gas market is impacted by oil price developments. A good second half of the year is expected for the contracting activities Seabed Intervention and Subsea Cables based on the projects in the order book. At Towage & Salvage an exceptional first half of the year is expected to be followed up by a good second half of the year. The market volumes at Towage are stable and, as is customary, Salvage depends on new emergency response assignments and possible settlement results from old projects. Based on the fleet planning and projects in the order book and barring unforeseen circumstances in particular COVID-19 related, the Board of Management expects that the 2020 EBITDA, adjusted for the extraordinary charges taken in the first half of 2020, will match the level achieved in 2019. Since the outbreak of COVID-19 Boskalis has further increased its strong focus on cash management. Various initiatives have been taken aimed at limiting non-project-related expenses, optimizing working capital and safeguarding the company’s strong financial position. It was announced in early April that the capital investment program for 2020 was halved. In addition, no dividend was paid out for the 2019 financial year and the share buy-back program was suspended. The combined effect of these measures is a positive cash flow impact of approximately EUR 300 million in 2020. With its available cash and bank facilities Boskalis has a direct financing capacity of around EUR 0.9 billion. Capital expenditure in 2020 is expected to be slightly higher than EUR 200 million, including dry dockings. This projection does not include any acquisitions, such as the purchase of the remaining interest in Horizon at the end of January. Resumption share buy-back program On 15 March 2019 Boskalis announced the start of a EUR 100 million share buy-back program. Due to global developments and increased uncertainty following the outbreak of COVID-19 Boskalis suspended the buy-back program on 2 April, at which time 61.60 percent of the program had been completed. In view of the company’s outlook and robust financial position the share buy-back program will resume on 21 August. >>> click here for the full version of the 2020 half year report including all the financial details

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Press release

Boskalis acquires two major dike reinforcement projects in the Netherlands

Papendrecht, 22 July 2020 Royal Boskalis Westminster N.V. (Boskalis) has acquired two major dike reinforcement projects in the Netherlands, namely the IJsseldijk Zwolle-Olst project and the Krachtige IJsseldijken Krimpenerwaard. The projects are part of the national Flood Protection Program in which the government and regional Water Boards work together to protect the Netherlands against flooding. Based on current estimates, the combined contract value for Boskalis amounts to approximately EUR 200 million. Boskalis will reinforce the IJssel dike over a distance of almost thirty kilometers between Zwolle and Olst on behalf of the Drents Overijsselse Delta Water Board. The dike protects the residents of the Salland region against flooding from the river IJssel and the IJsselmeer lake. Boskalis will also strengthen the IJssel dike at Krimpenerwaard over a distance of ten kilometers on behalf of the Schieland and Krimpenerwaard Water Board. The dike must provide protection against high water and flooding of the Hollandsche IJssel river and protects more than 200,000 residents and the economic value ​​of the hinterland. This project will be carried out in joint venture with van Hattum en Blankevoort. Both projects have a plan development phase and an execution phase resulting in a total project duration up to 2026. In addition to these projects, Boskalis is actively involved in the national Flood Protection Program and is currently working with partners to strengthen the Markermeer dikes and has recently completed the reinforcements of the Houtrib dike and the Wadden Sea dike between Eemshaven and Delfzijl.‎ Boskalis’ strategy is aimed at benefitting from key macro-economic factors which drive worldwide demand in our markets: expansion of the global economy, increase in energy consumption, global population growth and the challenges that go hand in hand with climate change. Both these dike projects are aimed at protecting welfare in large parts of the Netherlands and combatting the consequences of extreme weather related to climate change. With its groundbreaking activities and unique expertise, Boskalis is exceptionally positioned to play a significant societal role in creating and protecting welfare and advancing the energy transition. FOR FURTHER INFORMATION Investor relations: Martijn L.D. Schuttevâer ir@boskalis.com Press: Arno Schikker press@boskalis.com T +31 786969310 Royal Boskalis Westminster N.V. is a leading global services provider operating in the dredging, maritime infrastructure and maritime services sectors. The company provides creative and innovative all-round solutions to infrastructural challenges in the maritime, coastal and delta regions of the world. With core activities such as coastal defense, riverbank protection and land reclamation Boskalis is able to provide adaptive and mitigating solutions to combat the effects of climate change, such as extreme weather conditions and rising sea levels, as well as delivering solutions for the increasing need for space in coastal and delta regions across the world. The company facilitates the development of offshore energy infrastructure, including renewable wind energy. Boskalis is furthermore active in the construction and maintenance of ports, waterways, access channels and civil infrastructure, thus helping to facilitate trade flows and regional socio-economic development. In addition, Boskalis is a global marine salvage expert and has a number of strategic partnerships in harbor towage and terminal services (Keppel Smit Towage and Smit Lamnalco). With a versatile fleet of more than 700 vessels and floating equipment and 9,600 employees, including associates, Boskalis is creating new horizons around the world. This press release can also be found on our website www.boskalis.com .

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