Royl.Boskalis Share Discussion Threads

[ariane] 21/3/2009 07:55

Towage & Salvage

Boskalis has best year ever but warns party is over
Helen Hill, Amsterdam - Wednesday 18 March 2009

ROYAL Boskalis Westminster achieved the "best year" in its history with a near €45m ($59m) rise in net profit to €249.1m in 2008.

But the dredging firm warned that the party was over as the landscape of the dredging industry had "changed drastically". Earnings would be lower and the impact of the economic slump could already be seen.

The dredging firm said it had cleaned its order book of projects that would no longer materialise and others that would be delayed. This had resulted in the removal of around €450m worth of revenue from the order book, including all the projects in Dubai.

But the group said it had won new orders worth €2.3bn in 2008 and that the order book remained at a high level of €3.4bn.

Boskalis chief executive Peter Berdowski 2008 had been the "best year in our history", with record revenue and profit.

"However, 2008 was also a year with two faces, a year in which the first half was characterised by boisterous market growth, while the final quarter saw the global economic stage, and with it the landscape of the dredging industry, change drastically."

On a positive note, the order book was well-filled and broadly spread, resulting in sound fleet utilisation levels for 2009 and even part of 2010, he added.

Growth had continued in the first half of 2008 but the positive market conditions changed radically in the final quarter last year, Boskalis said.

Long-term structural growth factors for dredging and maritime infrastructure remained strong but a great deal had changed in the short term. "After years of boisterous growth we are set for a period of stagnation."

Meanwhile, the dredging firm said it was prepared to be patient in its ambition to acquire Smit Internationale, but that Smit was still firmly in its sights.

Mr Berdowski told Lloyd's List: "The market recognises us as being quite persistent in achieving our goals. Being persistent does not mean that we are in a hurry, we have the time and the patience."

Certain of Smit's activities still fitted in with Boskalis' the strategy and future ambitions, he said.

Boskalis abandoned its intended €1.1bn offer for Smit in early December.

Mr Berdowski said Boskalis would be broadening its portfolio and Smit could play a role there.

"We looked at many companies and came to the conclusion that Smit fits in best. And that still stands, nothing has changed," he said.

[grupo guitarlumber] 18/3/2009 10:00

UPDATE: Boskalis Shares Fall On 2009 Outlook; 2008 Net +22% (Boskalis Westmin)





(Adds detail and comment.)


By Maarten van Tartwijk
Of DOW JONES NEWSWIRES

AMSTERDAM -(Dow Jones)- Shares in Dutch dredging company Royal Boskalis Westminster NV (BOKA.AE) Wednesday fell as much as 7% after the company posted a 22% rise in full-year net profit on higher sales and a one-off financial gain, but said earnings are seen lower in 2009.

Boskalis Chief Executive Peter Berdowski said in a statement that "2008 has been the best year in our history" but added that in the final quarter the landscape of the dredging industry had "changed drastically."

Boskalis anticipates that "2009 earnings will be lower than the record levels achieved in 2008" and didn't give a detailed outlook.

Berdowski told reporters that the first quarter of 2009 provided a "mixed picture," as Boskalis' energy and offshore projects remained relatively stable, while its land reclamation activities for real-estate projects were hit hard by the economic downturn.

By the end of 2008, Boskalis' order book totaled EUR3.35 billion, down from EUR3.56 billion a year earlier. The company said it had erased EUR450 million from its order book, including all of its projects in Dubai, for contracts that had been delayed or abandoned.

At 0850 GMT, Boskalis' shares traded down 6.5% at EUR13.95 in a broadly higher Amsterdam market.

Boskalis reported net profit in 2008 of EUR249.1 million, up 22% from EUR204.4 million the year earlier. However, stripping out one-off items and an insurance payment, net profit climbed 15% to EUR235.7 million.

Full-year sales rose 12% to EUR2.1 billion from EUR1.87 billion.

Boskalis proposed a dividend of EUR1.19, unchanged from the year before.

Boskalis' results were broadly in line with its expectations after the company in November said it would achieve its 2008 guidance.

Petercam analyst Bart van den Wijngaard said the results were in line with his expectations but noted that the dredging sector was heavily impacted by the economic downturn and unlikely to recover before 2012. Boskalis awaits "a long dredging winter," Van den Wijngaard said, while maintaining his reduce rating.


Company Web site: www.boskalis.com

-By Maarten van Tartwijk; Dow Jones Newswires; [phone]; [e-mail]

[grupo guitarlumber] 18/3/2009 08:41

Boskalis CEO:Smit International Takeover Talks Head In Right Direction





AMSTERDAM (DOW JONES)--Dutch dredging company Boskalis NV's (BOKA.AE) talks to take over Smit International NV (SMIT.AE) are heading in the right direction, the company's chief executive said Wednesday.

Peter Berdowski said Boskalis is still "determined" to take over Smit International and "all options are open."

"We hope to reach a balanced agreement that is acceptable for both parties," Berdowski said, adding that given the current economic environment "we don't want to make any rash decisions."

In early February, Boskalis raised its stake in Smit to 25.07%, and said it was interested in acquiring most of Smit's assets, except for its harbor towage facilities.

Smit International's Ben Vree said earlier in March he's willing to sell the entire company to Boskalis, adding he is "open to all options, excluding the break up of Smit."

Earlier Wednesday, Boskalis posted a 22% rise in full-year net profit on higher sales and a one-off financial gain, but said earnings are expected to be lower in 2009.

-By Maarten van Tartwijk, Dow Jones Newswires; [phone]; [e-mail]

[grupo guitarlumber] 18/3/2009 07:06

Boskalis: record year 2008
(18/03/09 07:00 CET)

Papendrecht, March 18, 2009

Highlights 2008
Net profit rises to € 249.1 million
Net profit excluding exceptional items up 15% at € 235.7 million
Record revenue € 2.1 billion: +12%
Order book steady at high level: € 3.4 billion
Earnings per share € 2.90; dividend per share € 1.19

Outlook 2009
Well-filled and broadly spread order book provides solid basis
2009 earnings expected to be lower than 2008 record level


Royal Boskalis Westminster N.V. achieved a net profit of € 249.1 million in 2008 (2007: € 204.4 million). Net profit excluding exceptional items rose 15% to € 235.7 million in 2008. Revenue was € 2.1 billion, up 12% from 2007 (€ 1.9 billion), and was widely spread, both geographically and across all market segments.

Net profit was affected by three exceptional items which, on balance, had a € 13.4 million positive effect after tax:
a € 92.1 million one-off gain resulting from the settlement of the insurance claim for the W.D. Fairway;
a € 35.3 million impairment charge recognized on the stake in Smit Internationale N.V.; and
a negative hedge result of € 43.5 million.

In 2008 Boskalis won new orders worth € 2.3 billion. In addition, the order book was cleared of projects that are no longer expected to be executed or are expected to suffer significant delay. This resulted in the removal of around € 450 million worth of revenue from the order book, including all projects in Dubai. Despite this adjustment, high revenue levels in 2008 and the economic stagnation, the order book remained at the high level of € 3.4 billion.

Peter Berdowski, CEO:
"2008 has been the best year in our history, with record revenue and profit. We were able to reap the fruits of the strategy we pursued in previous years. However, 2008 was also a year with two faces. A year in which the first half was characterized by boisterous market growth, while the final quarter saw the global economic stage - and with it the landscape of the dredging industry - change drastically. On a positive note, amidst all these developments our order book is well-filled and broadly spread, resulting in sound fleet utilization levels for 2009 and even part of 2010."

Market developments
The global dredging and maritime infrastructure market is driven by factors such as growth in world trade, the global population, energy consumption and the effects of climate change. All these factors have undergone a period of unbridled growth in the past few years.

This growth trend continued in the first half of 2008. The price of oil rose to an unprecedented level and the prices of iron ore and other natural resources also continued to rise strongly. Growing demand for energy and natural resources propelled the need for dredging projects for the oil and gas industry and the development of new ports.

These positive market conditions changed radically in the final quarter of 2008. Even though long-term structural growth factors for dredging and maritime infrastructure remain strong, a great deal has changed for the short term. The price of oil has dropped sharply, demand for natural resources has plummeted and global trade is stagnating. All these factors are affecting demand for our products and services.


Outlook
After years of boisterous growth we are set for a period of stagnation. Boskalis is entering this period with a well-filled and broadly spread order book, resulting in sound fleet utilization levels for 2009 and even part of 2010. This gives Boskalis the time and flexibility to proactively streamline the organization for these changed market conditions. Measures under consideration in this context include the decommissioning of older ships and tightening the overall cost structure.

Boskalis' financial position is extremely sound, meaning that the company will be able to finance planned investments - amounting to around € 200-250 million per year - mostly from its own cash resources in the coming years.

As in previous years, we are unable to provide a specific forecast for the coming year due to the project-based nature of our work. We do, however, anticipate that 2009 earnings will be lower than the record levels achieved in 2008.


Dividend policy
The main principle underlying Boskalis' dividend policy is to distribute 40% to 50% of net profit from ordinary operations as dividend, while achieving a stable development of the dividend. In choosing the form in which the dividend is to be distributed, Boskalis considers both the desired balance-sheet structure and the interests of shareholders.
In light of the current economic conditions, Boskalis has a preference for distributing dividends entirely or partly in shares for the next few years. It will therefore be proposed to the Annual General Meeting on May 14, 2009 that a dividend of € 1.19 per share will be paid in ordinary shares, unless the shareholder opts for a cash dividend. The dividend will be payable from June 10, 2009.


Key figures (in millions of euros) 2008 2007
Revenue 2,094 1,869
Operating profit 339.1 245.5
Operating profit excl. exceptional items 285.5 245.5
Net profit 249.1 204.4
Net profit excluding exceptional items 235.7 204.4
EBITDA 454.6 348.1
EBITDA excluding exceptional items 401.0 348.1
Dividend per share (in euros) 1.19 1.19


31 December 2008 31 December 2007
Order book 3,354 3,562
Solvency ratio 34.0% 35.3%


Click here for the full press release

Financial calendar 2009

mid-April Publication of 2008 Annual Report
May 14 Trading update on first quarter of 2009
May 14 Annual General Meeting
May 18 Ex-dividend date
May 20 Dividend record date (after market close)
June 2 Final date for stating dividend preference - cash or stock
June 5 Determination and publication of conversion rate for stock dividend based on the average
share price on June 3, 4 and 5 (after market close)
June 10 Date of dividend payment and delivery of shares
August 21 Publication of 2009 half-year results



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 segments. 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: [phone]
Telefax: [phone]
E-mail: [e-mail]

This press release can also be found on our website www.boskalis.com
This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Bron : BOSKALIS WESTMIN Provider : Hugin

[ariane] 17/3/2009 07:17

Change in Boskalis Supervisory Board
(17/03/09 08:00 CET)

Papendrecht, 17 March 2009


Royal Boskalis Westminster N.V. announces that Mr. R. van Loon, chairman of the Supervisory Board, has as of today stepped down for personal health reasons.

Until further notice, Mr. H. Heemskerk, member of the Supervisory Board, will take on the role as acting chairman.



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: [phone]
Telefax: [phone]
E-mail: [e-mail]

This press release can also be found on our website www.boskalis.com This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Bron : BOSKALIS WESTMIN Provider : Hugin

[ariane] 16/3/2009 09:21

MARKET TALK: Boskalis koersdoel omlaag naar EUR17 - Petercam

[grupo guitarlumber] 05/3/2009 12:41

SMIT CEO: Open To Boskalis Buying Whole Co, But Not Break Up





AMSTERDAM -(Dow Jones)- Dutch maritime services company Smit International NV (SMIT.AE) is open to selling the entire company to peer Boskalis Westminster NV (BOKA.AE), Smit's chief executive officer Ben Vree said Thursday.

Vree, who was speaking after the firm reported a 2% increase in 2008 net profit, said he is "open to all options, excluding the break up of Smit."

"We would also consider an offer for the company as a whole", Vree said.

However, Boskalis isn't interested in Smit in its entirety.

In early February, Boskalis raised its stake in Smit to 25.07%, at which time a Boskalis spokesperson told Dow Jones Newswires that Boskalis continues to be interested in acquiring most of Smit's assets, except for it's harbour towage facilities.

Boskalis Chief Executive Peter Berdowski said Dec. 4 that after meeting Smit's management several times to discuss a breakup scenario, an agreement couldn't be reached and that Boskalis had abandoned its intended bid for Smit.

He also said at that time, "In view of the changed conditions in the financial markets and the market in general, we believe it is irresponsible to pursue the offer without support and cooperation" from Smit.

Thursday, Vree said the firms aren't in talks, nor does he have any indication whether Boskalis intends to increase its holding in Smit.

At 1121 GMT, Smit was trading 0.3% lower at EUR33.20 whilst Boskalis was trading 5.2% lower at EUR14.15.

Company Web site: www.smit.com; www.boskalis.com

-By Anna Marij van der Meulen; Roberta B. Cowan; Dow Jones Newswires; [phone]; [e-mail]; [e-mail]

[waldron] 05/2/2009 18:54

[« Retour ]
RBS: "Construction & Materials: The Big 5"

05/02/2009 - 13:27 - (Bolsamania) - Par les analystes de Royal Bank of Scotland

We believe the dredging industry's strong recovery since 2004 has (temporarily) come to an end. Land reclamations in the Middle East have been scaled down as a result of the credit crisis, reducing global utilisation rates. Also, we believe the strong development of CCCC will spur demand/supply imbalances.

Demand: Credit crisis pushes utilisation rates down
The Middle East has driven about 61% of the dredging boom since 2004. Dubai's land reclamation projects required a significant amount of global capacity, which increased global utilisation rates and margins. The success of the Palm Jumeirah in 2001 triggered more real estate projects. The sky was the limit for the Big 4 and their average 2004-08F sales CAGR was 23%. However, we have recently seen real estate developer Nakheel face serious financing problems, putting on hold the land reclamation at Waterfront, Port Rashid and at Palm Deira. We lower our demand forecasts for the industry significantly.

Supply: CCCC contributes to overcapacity in Big 4's backyard
We have been concerned about oversupply since the beginning of 2008, as the Big 4 have been on a capex spree. We now increasingly see oversupply coming from CCCC (previously CHEC). CCCC focused on the domestic market in the past, but, since 2007, it has been tendering for projects in the international open market. We did extensive research on CCCC's non-domestic projects and capacity, and believe the company could become a serious competitor. CCCC's capacity already exceeds that of the Benelux players and its capacity expansion plans are even more aggressive. Given that CCCC's expertise will only improve and the Chinese domestic market is slowing down, we see CCCC as a true alternative in the open market, unbalancing demand/supply even more.

We see significant earnings risk in the dredging industry
We argue that the gap between demand and supply for dredging capacity is widening and creating significant earnings downside in the sector. We see EBIT margins in 2011 falling below previous troughs given the overcapacity, price pressure and higher depreciation charges as a result of fleet renewal.

Reiterate Hold on Boskalis, Downgrade CFE to Hold
Boskalis is the only listed dredger, while DEME is 50% owned by CFE and Ackermans & van Haaren. Dutch construction company BAM owns 21.5% of Van Oord. We believe Boskalis is fairly valued and we reiterate our Hold rating. DEME has a significant amount of debt on its balance sheet. We downgrade our rating on CFE to Hold (from Buy). We upgrade AvH to Buy (from Hold) on the back of non-dredging activities and reiterate our Buy on BAM.

[waldron] 04/2/2009 17:55

Van Oord wins contract to deepen Niger river
News - February 4, 2009

Van Oord has been awarded a contract for dredging a navigation channel in the River Niger.

Said Van Oord: "The river must be made navigable during the dry and wet seasons from Warri at the Atlantic coast to the train terminal in Baro in Central Nigeria."

"President Yar Adua of Nigeria announced Nigeria's economy will rank in the top 20 of the world by the year 2020. In order to realise this national ambition the government has launched seven spearhead policies and one special project, a navigation channel in the River Niger."

Van Oord will dredge 226km of the total length of river involved in the project, the total length being 550km.

The project is being split into two phases and will start in September 2009.

The first phase comprises capital dredging and construction of groynes and installation of hundreds of navigation buoys. More than 500,000 tonnes of rock have to be handled.

The second phase will consist of two years of maintenance dredging after completion of the first phase.

Two cutter suction dredgers will be working together on the project. The total contract value amounts to Euros 125 million.

Van Oord has been active in Nigeria for many decades and has its own yard with equipment stationed in Nigeria.

[waldron] 03/2/2009 12:34

Boskalis is back
Royal Boskalis Westminster has upped its stake in Smit International, two months after ditching a takeover bid for the company.



Boskalis looks to have Smit bakc in its crosshairs againRegulatory filings show that the Dutch dredging group now holds a 25% stake in Smit, up from just over 20%.

The increased stake comes after Boskalis abandoned a takeover bid for Smit last year after repeated rebuffs from its management.

Boskalis said it would be irresponsible in the current financial climate to buy Smit without its co-operation.

"The oil and gas sector we believe is where we want to strengthen ourselves and some of Smit's activities fit in that segment," Boskalis spokesman Martijn Schuttevaer said.

Under Dutch law, the next threshold where Boskalis would need to report its stake is 30%. If it crosses that level, it will be forced to make a full offer for Smit

Schuttevaer said the way Boskalis views Smit and how it executes its strategy has not changed and upping the size of its stake fits within that perspective.

Boskalis first moved for Smit with a EUR 1.11bn ($1.57bn) bid in September 2008, which was immediately rejected.

By mid October Boskalis had built a 20% holding in the salvage giant and was determined to complete a takeover by the end of the year.

Shifting financial conditions and strong opposition to the deal in the Smit boardroom eventually led Boskalis to abandon its chase.

By Dale Wainwright in Singapore
Published: 03:42 GMT, 03 Feb 2009 | last updated: 03:54 GMT, 03 Feb 2009

[waldron] 02/2/2009 22:17

HollandMT enters the market for dredging equipment
Company News - February 2, 2009

A new company, Holland Marine Technologies (HollandMT) has been formed to target the international dredging market.

In a statement, the company said: "HollandMT's focus is on becoming a world market leader in engineering and supply of dredge parts and systems by making use of innovative design, cost effective manufacturing and outsourcing solutions, state of the art project management and product support services."

"HollandMT manages its engineering and product support services through its head office in Woerden, The Netherlands, whereas various global partnerships are in place for manufacturing and fabrication of dredge parts and systems," said the company.

To enhance the outsourcing activities with foundries, machine shops and fabrication yards, HollandMT has also opened a branch office in China.

"The main task of the branch office is controlling and securing HollandMT's stringent quality standards. As such, HollandMT will provide high quality products and services at a competitive price level," said the company.

"HollandMT's experienced team of engineers and project managers are eager to meet equipment requirements from global dredging contractors. HollandMT's management has decades of solid experience in the dredge manufacturing industry, previously fulfilling various senior management and board positions at IHC Merwede and Vosta LMG."

For more information, contact HollandMT's marketing and sales director Jan Willem de Wit, or visit

[waldron] 02/2/2009 10:25

Boskalis Interest In Some Of Smit's Opers Continues





AMSTERDAM -(Dow Jones)- Maritime services company Royal Boskalis Westminster NV (BOKA.AE) continues to be interested in some of Dutch rival Smit Internationale's NV (SMIT.AE) assets, Boskalis spokesman Martijn Schuttevaer told Dow Jones Newswires Monday.

Over the weekend, Boskalis raised its stake in Smit to 25.07% from 20%, according to a filing with the Dutch regulator and confirmed by Schuttevare Monday.

A Smit spokeswoman confirmed Smit is aware of Boskalis' raised stake in Smit, but declined any further comment Monday.

On Sept. 16, 2008, Smit rejected a takeover bid from Boskalis, which valued the company at EUR1.11 billion, saying the proposal undervalues Smit on a standalone basis.

Boskalis Chief Executive Peter Berdowski announced Dec. 4 that after meeting Smit management several times to discuss a breakup scenario, an agreement couldn't be reached and that Boskalis had abandoned its intended bid for Smit.

He also said at that time, "in view of the changed conditions in the financial markets and the market in general, we believe it is irresponsible to pursue the offer without support and cooperation" from Smit.

Schuttevaer wouldn't say anything about whether talks with Boskalis had resumed but told Dow Jones Newswires Monday that Boskalis' interest in Smit's businesses includes everything except Smit's harbor towage facilities.

At 0927 GMT, Boskalis shares were trading down 4.3% at EUR15.17 whilst Smit was trading up 4.8% at EUR38.19 in a broadly lower AEX market.

-By Roberta B. Cowan; Dow Jones Newswires; [phone]; [e-mail]

[waldron] 02/2/2009 09:31

Boskalis Raises Its Stake In Smit To 25.07% Vs 20%- Filing





AMSTERDAM -(Dow Jones)- Maritime services company Royal Boskalis Westminster NV (BOKA.AE) has raised its stake in Dutch rival Smit Internationale NV (SMIT.AE), to 25.07% from 20%, according to a filing to the Dutch financial regulator AFM.

On Sept. 16, 2008, Smit rejected a takeover bid from Boskalis, which valued the company at EUR1.11 billion, saying the proposal undervalues Smit on a standalone basis.

Boskalis Chief Executive Officer Peter Berdowski announced Dec. 4 that after meeting with Smit management several times to discuss a breakup scenario, an agreement couldn't be reached and that Boskalis had abandoned its intended bid for Smit.

He also said at that time, "In view of the changed conditions in the financial markets and the market in general, we believe it is irresponsible to pursue the offer without support and cooperation" from Smit.

At 0828 GMT, Boskalis shares were trading down 2.6% at EUR15.43, while Smit shares were trading up 2.9% at EUR37.49, in a broadly lower AMX market.

-By Roberta B. Cowan; Dow Jones Newswires; [phone]; [e-mail]

[misca2] 01/2/2009 14:37

Air France-KLM, Boskalis in AEX index
Friday 30 January 2009

Airline Air France-KLM and the dredging firm Boskalis are to move into the AEX index of leading stocks at the begining of March, says the NYSE Euronext stock exchange in a statement.

The two companies will replace staffing agency USG People and financial services group Fortis.

source : DutchNews.nl

[grupo] 31/1/2009 18:21

Port Strategy » Archive » 2008 » December » Maintenance: Dredging » Chasing rainbows
Maintenance: Dredging
Chasing rainbows
07 Jan 2009

Maintaining channels and berth depths has become an operational migraine as dredgers flock to more lucrative reclamation projects instead, as Stevie Knight discovers



Dredging companies may have found the gold at the end of the rainbow
Ports, dredging and the phrase 'over a barrel' go together for even the smallest operations around the world today. Those not blessed with a natural harbour have to keep dredging - and even larger ports have had to put in extra resources for capital works in order to keep the big ships flowing.


And dredging companies may have found the gold at the end of the rainbow

Despite the global downturn, there seems little chance that the larger ship sizes will melt away. "Although the dredging market has been cyclic in the past, it might not be anymore - we have gone so far along the path of world trade," says Constantijn Dolmans, general secretary of the International Association of Dredging Companies. He adds: "Even if this slows, volume is not really expected to decrease, I expect that there will still be a, slightly reduced, growth in shipping transport. And the larger ships are often more economic anyway."

The problem would seem to be that the glut of work - and relative scarcity of dredgers - has meant that the dredging companies can pick and choose which projects they wish to do, leaving others on the shelf. Some places have an ongoing maintenance relationship, like the port of Harwich which has a Westminster dredger on call, but a capital works programme, however urgently needed, can be left kicking its heels - unless of course the port has friends in high places, like the London Gateway project, backed by DP World.

Which projects get picked can be swung by factors like repositioning costs. This can tilt a decision, given the huge size of the recent builds (like the Cristóbal Colón which has a 46,000 cubic meter capacity) and the still relatively-high price of fuel, because companies have to absorb the expenses themselves once the dredger has finished a job, although mobilisation may be factored into costs.

This means around half the world's dredgers are hanging around the Middle East, taking advantage of both its stupendous building projects and blossoming shipping facilities. The other place they swarm is near the home of the four major companies: Boskalis, Van Oord, Jan de Nul and Dredging International all come from Holland or Belgium, where the companies often work together on large-scale government-backed reclamation works. This cosy relationship has aroused unsubstantiated allegations of price-fixing in some quarters.

For example, the All India Port and Dock Workers' Federation recently accused these big contractors of operating as a cartel and extorting exorbitant fees, while on the other hand the international companies are unhappy with the skewed table that the Indian Government has created by legislation that rules in favour of a home-grown contractor if it comes within 10% of an international dredging bid.

But although there are some smaller indigenous companies around the region (like the partially state-owned Dredging Corporation of India), there is still no large or effective presence, though Dredging International now has a joint venture with Larson & Toubro, called International Seaport Dredging, and the possible rewards have tempted companies like Sical Logistics, an extremely new player with no previous dredging experience.

In short, local dredgers are spread too thin to cover even the present annual maintenance requirement of the major ports - totalling around 65m cubic metres - let alone the sharp increase predicted from a buoyant economy.

This causes problems that are compounded by a lack of planning and monitoring. For example Barisal, (Bangladesh's second largest river port) is located on the Kirtonkhola river which loses navigability around the port area every September, and has done for the last 20 years. Despite this, no monitoring of the situation had taken place, and regular dredging works had simply not been scheduled until deteriorating conditions forced the authorities to move the whole operation to a working quay a kilometre upstream and attempt an emergency remedy. As to why the situation had got so out of hand, the authorities cited lack of funds and non-availability of dredgers.

While in Africa, dredging of the Niger Delta is big news, with the government putting scarce resources into the scheme which will create inland ports at Onitsha and Idah. It is an ambitious project that is catching attention: already two US-based dredging firms - KOFA International and Dredging Supply Co - have promised to assist the country with low-cost finance and capacity building, on a five-year pay-back period.

But it is not always easy to translate the vast possibilities that Nigeria offers into tangible developments. For example, Nigerian company Shoreline Dredging and Oil Services recently admitted that in the past the company had depended on subcontractors but discovered that reliability was an issue and the company 'vision' could sometimes be compromised. However, Shoreline's expansion plans, fuelled by a company share floatation, includes the acquisition of a jetty and dredger to help minimise its reliance on bought-in help.

A few ports have been tempted by independence. Cochin Port Trust in India was looking at buying a dredger after a very tetchy letter from the All India Port and Dock Workers' Federation to the Union Shipping Secretary recommended it as a way of stopping the international companies making tall demands on Indian ports. So, with a bid in from Dredging International for around $150m, and a dredger proposition of about a third of this (plus the creation of local jobs), it was looking like a no-brainer.

And then in stepped Jaisu Shipping with an offer of around $100m - 20% over Cochin's budget but 'within acceptable margins'. However, it may not have been Jaisu's insider knowledge as much as the lead-in times to acquire a dredger plus the perennial manning and skills problem that put Cochin off, according to Mr Dolmans. After all, getting a crew in place and taking on capital works in the same breath may have left them with cold (and wet) feet.

Needless to say, scarcity of skills has added to the ongoing problem. Lack of available manpower hasn't been helped by the relatively small pool of large, international dredging companies, since training is usually in-house. However, the answer may be at hand from technology - the Training Institute for Dredging (TID) has a mobile simulator that gives trainee recruits concentrated levels of (simulated) experience, plus TID will be opening its first web-based training portal in 2009.

[grupo] 30/1/2009 22:04

Maritime Journal » Archive » 2009 » January » Marine Civils by David Foxwell » Boskalis secures oil and gas contracts
Marine Civils by David Foxwell
Boskalis secures oil and gas contracts
30 Jan 2009

Royal Boskalis Westminster has acquired three oil and gas related contracts for projects in Europe and the Middle East. The total contract value amounts to approximately €100m.
Two contracts are linked to the Nord Stream project, which encompasses the construction of two gas pipelines from Russia to Northern Germany through the Baltic Sea.

Boskalis will prepare the seabed for the laying of the pipelines over the full distance of the Nord Stream pipelines, and also execute the shore approach of the pipelines in Germany.
The contract for the preparation of the seabed for the 1,220km double pipeline requires the construction of rock beds and berms using approximately 320,000 tons of rock to level and stabilize the seabed. The project will be executed in a 50/50 partnership with Tideway and be realized in 2010.

The contract for the shore approach for the double pipeline in Germany requires the dredging of a 23km trench for the pipes, a pipe-pull over a distance of approximately 800m and the backfilling of the dredged trench. A 650m cofferdam will be constructed on the waterline to protect the pipeline. The project will be executed in a 50/50 partnership with Rohde Nielsen A/S and will also be realised in 2010.

The third contract comprises the infrastructure, including the shore approach, for an oil pipeline from the Safaniyah offshore field to the mainland of Saudi Arabia. Boskalis will dredge a 7km trench and backfill the trench with sand after completing a pipe-pull. The project will be executed in 2009 for Saudi Aramco.

In all three projects, Saipem will be the lead contractor.

[grupo] 30/1/2009 17:22

important date 3rd march

[grupo guitarlumber] 25/1/2009 09:07

March 18, 2009 - Publication of annual results 2008


mid April 2009 - Publication of Annual Report 2008


May 14, 2009 - Annual General Meeting of Shareholders


August 20, 2009 - Publication of half year results