Boskalis reported revenues of €2,570m in 2018, up 8.8% from 2017.
The company splits its revenues into three segments: Dredging, Offshore Energy and Towage. Revenues in all three segments increased year-on-year.
However, overall EBITDA, excluding extraordinary charges in 2018, was down by 19% year-on-year to €353.6m. The lower result is mainly attributable to a sharp decline in the result at the Offshore Energy division, which posted an operating loss for the first half of 2018.
The EBITDA for Dredging and Towage increased by 10% to €243.8m and 3.6% to €36.4m respectively.
Offshore Energy EBITDA decreased by 98.7% to €111.3m, decreasing its margin by 12.1 percentage points to 10.7%. This was due to the prevailing market conditions affecting the services cluster negatively, with the low-end of Marine Transport & Services and with Subsea Services most affected. The company decided to exit the low-end heavy marine transport business which resulted in an improvement in earnings during the second half of 2018.
Source: Boskalis
