|Fugro drops Asia/Pac subsea business
LEIDSCHENDAM, the Netherlands – In its 1H 2016 report, Fugro released details of its recent movements to downsize its personnel, fleet, and overall business as the result of the continuing depressed market.
The geoservices contractor announced an agreement with Shelf Subsea Holding UK Ltd. to divest its Fugro Asia Pacific subsea business. Fugro received a cash consideration of around 14 million EUR ($15.6 million) and about 25% equity share in Shelf Subsea. About 285 employees will be transferred to Shelf Subsea, along with four vessels, three chartered and one owned; 18 ROVs; and Fugro’s subsea offices in Perth and Singapore.
The company said that it will integrate its geophysical survey and its offshore geotechnical activities into a single site characterization proposition. This is designed to provide insight into environmental and ground conditions of building sites, as well as to allow clients to lower the cost of design, construction, and operation while experiencing higher reliability.
Fugro said it will reduce its headcount by another 1,000 over the course of this year after cutting 585 jobs in 1,577 in 2015.
In addition, its active fleet was reduced by five vessels, and more maybe made during the remainder of the year.
To an attempt to realize further efficiency gains, Fugro also reported that its Seabed Geosolutions joint venture with CGG will invest in its Manta technology. The crew will be operational in 1H 2017. Seabed Geosolutions describes Manta as a fully autonomous, modular “single four-component (4-C) ocean bottom node technology that works in all water depths from 0-3,000 m.”
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08 July 2016 13:37 GMT
Royal Boskalis is letting around 650 workers go as it chops vessels from its fleet due to poor market conditions and the continued weak oil price.|
|Boskalis vessel in Conakry boarding attack
Boarded: the Teal was subjected to a boarding incident in Conakry in early July
A Royal Boskalis-owned heavy-lift vessel was boarded by attackers at the Guinean port of Conakry at the weekend but the Dutch owner denies reports of any injuries or hostage-taking.|
Trading update on first quarter of 2016
Annual General Meeting of Shareholders|
|Strabag is to sell its hydraulic engineering business to Royal Boskalis Westminster in a €70m (£51.6m) deal.
Boskalis will acquire the equipment, employees and selected maintenance contracts of Hamburg-based dredging company Strabag Wasserbau. Remaining outstanding contracts will be taken over by Boskalis or will be completed by Boskalis as a subcontractor.
“We have decided to sell our hydraulic engineering assets to Boskalis, which is capable of operating the business strategically,”; said Strabag CEO Thomas Birtel. “Within our group, these activities would be consigned to a niche area. We are especially pleased that Boskalis is also willing to further employ the 238 employees of Strabag Wasserbau GmbH.”
The transaction is expected to be finalised in the first quarter of this year. The closing is pending approval by the supervisory board of Strabag SE and the competition authorities. The transaction will then become effective retroactively to 1 January 2016.
The Strabag group had entered the sector in September 2007 with the acquisition of 70% of German hydraulic engineering specialist Josef Möbius Bau Aktiengesellschaft. The remaining 30% of shares were purchased in July 2011. In 2013, Josef Möbius Bau was renamed Strabag Wasserbau. In the field of dredging, the company generated annual revenues of between €60 and €160m in the years from 2013 to 2015.|
|13/11/15 Q3 2015 Publication évolution de l'activité - Trading Update|
Trading update on third quarter of 2015
Publication of 2015 annual results
Trading update on first quarter of 2016
Annual General Meeting of Shareholders
Publication of 2016 half-year results
Trading update on third quarter of 2016|
|Net profit doubles for Boskalis
Written by Sarah McCay - 19 Aug 2014
Boskalis Westminster has reported net profit has doubled for the first half of 2014, compared to figures for 2013.
The Dutch dredging and maritime infrastructure contractor posted a net profit of 253 million in the first half of 2014, up from 123 million for the same period in 2013.
Revenue also increased, up 21% to 1.5 billion for the first half of this year, compared to 1.3 billion in 2013. Meanwhile, earnings before interest, taxes, depreciation and amortization (EBITDA) was 466 million for the first six months of 2014, up from 280 million for the first half of 2013.
Boskalis reported an order book of 3.15 billion as at June 30, 2014, down marginally on 3.32 billion as at the same point in 2013.
CEO Peter Berdowski said, "We have posted a historically high result in the first half of 2014 and the performance across the board of the company has been very good.
"This result is partly thanks to the strategic choice we made to broaden our focus on offshore. The offshore activities are becoming increasingly important and the contribution of Dockwise forms a key part of this. But the traditional core dredging activities also made an excellent contribution to the results."
Boskalis became the largest shareholder in oil and gas service provider Dockwise in November 2012.
Looking ahead, Boskalis stated it expects to end the year with a net profit exceeding that of 2013, which saw a net profit of 366 million.
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Boskalis Westminster surged 8.2 percent to 41.55 euros for its biggest gain since November 2010. The world's largest dredging company said it will buy back as many as 10 million shares in the next 2 1/2 years. Boskalis also said first-half earnings before interest, taxes, depreciation and amortization jumped to 466 million euros from 280 million euros a year ago.|
|Boskalis Posts Record Profit in First Half Year
Posted on Aug 14th, 2014 with tags Boskalis, dredging, first, half, News, posts, profit, Record, year.
Royal Boskalis Westminster N.V. realized a net profit of EUR 253 million in the first half of 2014 (H1 2013: EUR 123 million). Revenue rose 21% in the first half of the year to EUR 1.5 billion (H1 2013: EUR 1.3 billion). Organic revenue growth was 13.4%.
EBITDA amounted to EUR 466 million in the first six months and the operating result (EBIT) was EUR 338 million (H1 2013 EBITDA: EUR 280 million and EBIT: EUR 162 million, respectively).
The results in all three segments rose sharply compared to the first half of 2013. Dredging & Inland Infra had a busy first half of the year with a high fleet utilization rate, good project margins and substantial settlement results on old projects. The Offshore Energy segment also had a good first half of the year with a high fleet utilization rate and good project margins.
Furthermore, Dockwise contributed an extra quarter to earnings compared to 2013 in addition to a sizable contribution from cancellation and rescheduling fees. The results at Towage & Salvage were higher despite a quiet first half of the year in terms of salvage activities, but with good results from the settlement of older salvage projects.
The order book stood at EUR 3,146 million at the end of the first half of the year (end 2013: EUR 3,323 million).
Peter Berdowski, CEO Boskalis, said: "We have posted a historically high result in the first half of 2014 and the performance across the board of the company has been very good. This result is partly thanks to the strategic choice we made to broaden our focus on offshore. The offshore activities are becoming increasingly important and the contribution of Dockwise forms a key part of this. But the traditional core dredging activities also made an excellent contribution to the results.
"In the first half of the year we achieved a high fleet utilization rate and good project results. In addition, a number of exceptional gains made a substantial contribution to the results, including settlement results on old projects in Dredging and Salvage as well as compensation for Dockwise transport contracts that were cancelled. The extremely good results may however not be viewed as a fair reflection of current market conditions which remain very challenging, both in terms of margin and volume."
The markets in which Boskalis operates are driven by growing prosperity and the world's increasing population. This increases global trade and energy consumption, as the irreversible impact of climate change becomes visible. Boskalis responds to these trends. The extent to which these develop positively in the coming years depends largely on geopolitical stability and macro-economic growth.
Positive investment decisions for large maritime infrastructure projects, which generate work for Boskalis, are closely linked to this.
Boskalis expects a reasonably stable market environment for Dredging and Towage in the next couple of years. The growth of global trade flows and the need to maintain and expand ports are expected to continue at a moderate rate. The growth opportunities for Boskalis are mainly in the offshore sector in the field of Transport, Logistics and Installation.
Despite growing reluctance in the offshore sector to make investment decisions when it comes to large projects, Boskalis remains cautiously positive about its own prospects in this part of the market by using and combining equipment and expertise throughout the group.
Current insights suggest that the market picture is not expected to change significantly in the second half of the year compared to the first half of the year. With the projects in the order book a healthy fleet utilization is expected at Dredging and Offshore Energy in the second half of the year, although the utilization rate will be lower than in the first half of the year.
After a very strong first half of the year for Dredging the absence of comparable substantial settlement results will result in a lower operating margin in the second half of the year. Similarly, the outlook for Offshore Energy is that the absence of comparable compensation for cancellations and delays will result in a lower operating margin in the second half of the year. The outlook for Towage & Salvage is stable compared to the first half of the year.
Assuming the positive settlement of several old projects in 2014 the Board of Management expects that, barring unforeseen circumstances, net profit for the 2014 financial year will exceed the record profit achieved in 2013 (EUR 366 million).
Capital expenditure is expected to be around EUR 300 million in 2014 and will be financed from the company's own cash flow.
Press Release, August 14, 2014
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|Performance Beyond Compliance Certificate for VBA Team (UK)
Posted on Aug 6th, 2014 with tags Beyond, Boskalis, Compliance, performance, projects, Ramsbottom, Stubbins, VolkerStevin.
VolkerStevin, alongside joint venture partners Boskalis Westminster and Atkins (VBA Joint Venture Limited), received a performance beyond compliance certificate from Considerate Constructors for their Ramsbottom and Stubbins flood risk management scheme.
The river flood defense works involved the team constructing a continuous retaining wall along the River Irwell in Stubbins. To minimize disruption to the village, the team took every consideration to minimize possible impact.
The VBA team also received a presentation from the local residents to thank them for all the work they had done.
The scheme is part of the Environment Agency's Water and Environment Management Framework in Lot 4 Asset Delivery, which VBA is one of six Asset delivery Partners. The framework focuses on reducing the risk or river and coastal flooding, as well as securing social and environmental improvements across England and Wales.
Press Release, August 6, 2014
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14-08-2014Publication of 2014 half-year results
14-11-2014Trading update on third quarter of 2014|
|A consortium that includes Van Oord and Boskalis has been appointed to carry out reclamation work for the Singapore Tuas Mega Port development.
Jurong Town Corporation awarded the 'Tuas Finger One' reclamation project for to a consortium of Hyundai, Samsung, Penta Ocean, Van Oord and Boskalis. The total contract value is SG$960m (£450m) and the combined Van Oord/Boskalis share is approximately 100m (£79m).
It is expected that the majority of the 24.5 million cubic metres of sand required for this project will be supplied by long distance bulk carriers. In addition to the land reclamation work, the consortium will undertake dredging and construct 3.4km of quay wall.
Work is set to start within the next couple of weeks and will take until late 2018.|
|Koninklijke Boskalis Westminster N.V. (BOKA.AE) said Thursday VSMC, its strategic cable-laying joint venture with VolkerWessels, has been awarded a 110 million Euro ($150.32 million) contract by Dudgeon Offshore Wind Ltd., owned by Norwegian companies Statoil ASA (STO) and Statkraft, for the export and inter-array cabling for the Dudgeon Offshore Wind Farm.
VSMC will perform two 1,100-meter horizontal directional drillings at the landfall in 2015, followed by the installation of two 42-kilometer export cables in 2016, Boskalis said.
-Write to Ian Walker at [email protected]
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|13-03-2014Publication of 2013 annual results i13-05-2014Trading update on first quarter of 2014 i13-05-2014Annual General Meeting of Shareholders i14-08-2014Publication of 2014 half-year results i14-11-2014Trading update on third quarter of 2014|
14-03-2013 Publication of 2012 annual results - 07.00 CET
08-05-2013 Trading update Q1 2013 - 08.00 CET
08-05-2013 Annual General Meeting of Shareholders
15-08-2013 Publication of 2013 half-year results - 07.00 CET
15-11-2013 Trading update Q3 2013 - 08.00 CET|
|Dockwise board says Boskalis offer 'undervalued'
Knives out: Dockwise admits offer has some merits but insists it undervalues company
Dockwise Vanguard prepares to set sail
28 November 2012 08:19 GMT
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Dockwise payback from Fairstar buy
08 November 2012 10:05 GMT
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01 November 2012 09:06 GMT
Dockwise bags $56m in new deals
16 October 2012 07:16 GMT
30 November 2012 09:25 GMT
.Dutch heavy-lift contractor Dockwise has come out against the unsolicited takeover offer from compatriot Royal Boskalis Westminster, saying that the current offer price undervalues the company.
Breda, Netherlands-based Dockwise has sought clarification on the offer from Royal Boskalis Westminister and has corralled the support of 25% of its shareholders who are against the current offer price.
However the company faces an uphill battle in any attempt to block the bid given Royal Boskalis Westminster now has the support of 65% of the shareholders.
The Dockwise board of directors has admitted that it "sees various merits in the communicated strategic rationale of a potential combination" but insisted that "the current intended offer price...undervalues Dockwise and does not reflect its potential".
Dockwise said it consulted with various large and minority shareholders representing 25% of the company's share capital who also "communicated their dissatisfaction with the current offer price".
Since launching the 682 million ($887.32 million) bid on Monday at 17.20 per share, Royal Boskalis Westminster has purchased the equivalent of 33% of Dockwise's shares.
A spokesperson for Royal Boskalis Westminister confirmed to Upstream earlier this week that the company also had the support of HAL Investments, which holds 32% of Dockwise, meaning the takeover bid effectively commands 65% support overall.
The company has called an extraordinary general meeting of Royal Boskalis Westminister shareholders in 10 January to explain the takeover bid and to get approval to issue new shares equivalent to that of up to 10% of share capital to raise part of the funding for the offer.
The offer price represents a 61% premium on Dockwise's 23 November close of 10.66, and a premium of around 30% on the company's 12-month average stock performance.
The takeover battle comes months after Dockwise successfully mounted a hostile takeover of compatriot Fairstar Heavy Transport, whose bosses had bitterly opposed the move.|