Press release

9 July 2008

Royal Boskalis Westminster nv has been awarded a contract from Nakheel for the redevelopment of Port Rashid in Dubai. Boskalis will execute the project in a 50/50 partnership with the Belgian dredging company D.E.M.E. The contract is worth approximately € 400 million, with the share of Boskalis amounting to approximately € 200 million. Work will commence in the near future and the project will be executed within a period of two and a half years.

The assignment includes a sizable amount of land reclamation including the construction of a breakwater and shore protection. A total of approximately 86 million m³ of sand will be dredged thereby reclaiming 540 hectares of new land which includes the preparations for the construction of a prestigious new cruise terminal with 3.4 kilometers of quay walls. The project will be executed with four large trailing suction hopper dredgers.

The project is a direct consequence of the redevelopment of Port Rashid, the original key port of Dubai. Since all the harbor trade activities have been moved to the port of Jebel Ali, Port Rashid has become available for the development of real estate.

The Boskalis strategy is designed to benefit from the key macro-economic drivers that are fueling global demand in our selected markets: the rapid growth in global trade, surging energy consumption, expanding population pressures, the emergence of a global tourism industry and the challenges of changing climate conditions. The Port Rashid project relates to the expanding population pressures and the emergence of a global tourism industry.

Royal Boskalis Westminster nv is an international group with a leading position in the world market for dredging services. Its core activities are the construction and maintenance of ports and waterways, land reclamation, coastal defense and riverbank protection. The company holds important home market positions in and outside of Europe and targets all market segments in the dredging industry. It also has positions in strategic partnerships in the Middle East (Archirodon) and in offshore services (Lamnalco). Boskalis has a versatile fleet of over 300 units and operates in over 50 countries across five continents. Including its share in partnerships, Boskalis has approximately 8,000 employees.

For further information please contact:

Martijn Schuttevâer
Director Investor Relations & Corporate Communications
Telephone: +31 78 69 69 822
Mobile: +31 6 200 10 232
Fax: +31 78 69 69 020
E-mail: m.l.schuttevaer@boskalis.nl

This press release can also be found on our website www.boskalis.com.

 

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