Press release

Papendrecht, 17 November 2009

 

 

 

Boskalis Trading Update Q3 2009

 

 

 

  • Revenue up slightly on same period last year
  • Continued high fleet utilization rate
  • Order book level comparable to end of first half of 2009
  • Full year profit guidance increased: net profit of at least € 215 million

 

 

 

 

 

Review of operations

 

In the third quarter of 2009, Royal Boskalis Westminster N.V. booked revenue that was slightly higher than in the same period in 2008. The utilization of both the hopper and cutter fleet was also slightly up in the third quarter, maintaining the outstanding level seen in the first half year.

 

 

 

During the second half of this year, Boskalis has acquired a number of major assignments. In terminal services, Boskalis won a long-term contract through its subsidiary Lamnalco for supplying oil-related support services to the Caspian Pipeline Consortium. Boskalis also obtained a contract for the expansion of, among others, the port of Fremantle in Australia. Recently, and once again in Australia, a contract worth approximately € 500 million was awarded for the construction of a port for the Gorgon LNG project. One of the striking features of the Gorgon LNG project is the large amount of non-dredging activities, including maritime services.

 

The order book level in early November was comparable with the end of the first half year of 2009 (€ 3 billion).

 

 

 

Boskalis' financial position continues to be strong. The company is net debt-free and has a solid cash position.

 

 

 

 

 

Fleet developments

 

The announced study into the rationalization of the fleet will be rounded off in the fourth quarter. In view of the high utilization of the fleet and the strong order book, the first hoppers and cutters are not expected to be decommissioned before the second half of 2010.

 

 

 

As a part of the fleet replacement program, late September saw the naming and launch ceremony in Hardinxveld-Giessendam, The Netherlands of the "Gateway" a trailing suction hopper dredger with a hopper capacity of 12,000m3. The fitting-out of the ship is proceeding smoothly and she is expected to enter service in the course of the first quarter 2010. Furthermore, the naming and launch of her sister ship, the "Willem van Oranje" will take place in Kinderdijk, The Netherlands in mid-February.

 

 


 

 

Smit Internationale N.V.

 

With reference to the joint press release dated 12 November 2009, Boskalis and Smit have announced their intent to merge. Boskalis will shortly announce an Extraordinary General Meeting of Shareholders in relation to the intended merger.

 

 

 

Outlook

 

Boskalis has a well-filled and broadly spread order book providing healthy fleet utilization levels for 2009 and a large part of 2010. The 2009 full year outlook has been revised upward and the net profit is expected to be at least € 215 million on the back of approximately € 2.2 billion of revenue.

 

 

 

 

 

 

 

Financial Agenda

 

18 March 2010               Publication Annual Results 2009

 

12 May 2010                 Annual General Meeting of Shareholders

 

12 May 2010                 Trading update first period 2010

 

19 August 2010             Publication Half Year Results 2010

 

 

 

 

 

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.

 

 

 

Royal Boskalis Westminster N.V. is a leading global services provider operating in the dredging, maritime infrastructure and maritime services sectors. We provide creative and innovative all-round solutions to infrastructural challenges in the maritime, coastal and delta regions of the world including 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 10,000 employees.

 

 

 

For further information please contact:

 

 

 

Martijn L.D. Schuttevâer

 

Director of Investor Relations & Corporate Communications

 

Telephone:           +31 78 69 69 822 / +31 6 200 10 232

 

Telefax:                 +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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