Boskalis earnings surge from offshore energy

Boskalis recorded earnings before interest, tax, depreciation and amortisation (EBITDA) of €193m in 2020, up from €47m in 2019, from its offshore energy business last year.

Revenue from the offshore energy segment, which includes wind farms, cabling, dredging as well as offshore oil and gas work, amounted to €1065m, compared to €1020m in 2019 of which 41% was related to offshore wind. Contracting accounted for approximately 56% of divisional revenue.

The subsea cables team had a busy year with the largest revenue contribution coming from the offshore wind projects Ostwind 2, Moray East, Hornsea 2, Triton Knoll and Borssele Beta, Boskalis said.

Within heavy lifting, several offshore wind foundation projects were completed, in addition to preparatory works for the Changfang & Xidao project that will commence in 2021.

At the end of 2020, the order book stood at €1227m, compared with €1524m at the end of 2019, of which 57% is related to offshore wind, said Boskalis.

Seabed intervention acquired a number of projects including the seabed preparation and scour protection scope for the Fecamp offshore wind farm in Normandy. Boskalis will design and install the seabed rock foundation for 71 gravity-based structures and will carry out the scour protection and ballasting of the structures following the installation.

In the second half of the year, Boskalis acquired the transport and installation scope for Kincardine, the world’s largest floating wind farm off the coast of Aberdeen.

On balance, €744m of new work was acquired during the year in the offshore energy segment.

Author: https://renews.biz/

Photo: Boskalis