Royal Boskalis Westminster N.V. (Boskalis) realized a good third quarter. Quarterly revenue slightly exceeded the average quarterly revenue in the first half of the year. Cumulative revenue for the past three quarters was stable compared to the same period last year when adjusted for (de)consolidation and currency effects, the company said in its press release.
In line with expectations, operating profit for the third quarter was lower than the exceptionally high average quarterly result achieved in the first half of the year, which was characterized by a high fleet utilization and exceptionally good project margins. Operating profit was also lower than the level achieved in the third quarter of last year which was positively impacted by substantial settlement results on old Dredging projects.
Market conditions remain challenging, particularly in the capacity-driven segments in the Offshore Energy market, resulting in pressure on work volumes and pricing. The order book declined 6% compared to mid-2015 to EUR 2.8 billion. An important part of this decline was due to the conclusion of the sizable Suez Canal project.
The outlook for the remainder of the year is unchanged and the full-year net profit forecast has therefore been maintained. Boskalis expects 2015 to be another good year, with a full-year net profit, including our stake in the result of joint ventures and associated companies, below the record level realized in 2014 (EUR 490 million).