Royal Boskalis Westminster N.V. (Boskalis) has concluded a good third quarter, the company said in its press release. Revenue and earnings, adjusted to reflect the deconsolidation of SAAM SMIT Towage, are in line with the first two quarters of 2014. At Dredging the possible settlement of a number of old projects mentioned during the presentation of the half-year numbers has taken place. This contributed substantially to third quarter earnings.
Overall market conditions remain challenging. Despite this the order book has risen slightly, compared to the mid-2014 level, to EUR 3.3 billion, which is on par with the level at the start of the year.
Based on current insights the second half of the year is expected to be good.
Alongside the expected contribution from current projects, the realized close-out result on a number of old dredging projects is a substantial contributor. In view of these developments Boskalis is raising its full-year net profit outlook to EUR 450 million. This does not include a possible impact related to the value of the recently acquired stake in Fugro.