Press release

28 July 2008

Royal Boskalis Westminster nv has been given a notice of award for a contract with Rio Tinto for the expansion of its iron ore port facility at Cape Lambert in Western Australia. The contract will be worth approximately € 145 million and is due to be completed in the second half of 2010.

The assignment includes the dredging of new berth pockets, turning and departure basins and an access channel and will be executed with a combination of cutters and hoppers. The contract is conditional on Rio Tinto obtaining various approvals, including environmental.

Global demand for maritime infrastructure continues to be strong. Specifically large scale projects such as Cape Lambert are driven by the strong demand for energy and natural resources. Boskalis can successfully capitalize on these developments through its global presence and its selective contracting policy.

Peter Berdowski, Boskalis CEO:
"As a consequence of the recently acquired projects in Dubai and Australia, our fleet is well utilized through 2009. The margins on these new projects are healthy despite increases in operational cost items such as fuel and steel. Furthermore, the margin development on current projects is in line with our previous expectations."

The market in which Boskalis operates is driven by long-term factors, such as increases in the global population, the growth of the global economy and international trade volumes and the developments on the energy markets.

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
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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