Boskalis Reports Record 2023 with 150 Pct Net Profit Increase; Half of Offshore Energy Revenue Came from Offshore Wind

March 12, 2024, by Adrijana Buljan

Boskalis’s offshore energy division saw 50 per cent of its revenue coming from offshore wind in 2023, according to annual results the Dutch dredging and offshore construction specialist released on 7 March. Company-wide, Boskalis reported a 20 per cent increase in revenue and a 150 per cent higher net profit than in 2022.

For its offshore energy division, Boskalis posted a revenue increase of 41 per cent in 2023, with all business units contributing to this but with offshore wind accounting for the largest increase as half of the divisional revenue came from this business unit.

Boskalis was active on 29 offshore wind projects last year, performing marine surveys, unexploded ordnance (UXO) removal, seabed preparation, and the transportation and installation of wind turbine foundations, substations, and subsea cables.

The company notes it had “sizable installation projects” in Taiwan, Europe, as well as the US, where Boskalis completed its first offshore wind project last year with 13 monopile foundations and an offshore substation installed at South Fork Wind, New York’s first offshore wind farm.

First American-Built Offshore Substation Stands at South Fork Wind

Wind Farm Update

In Taiwan, the company was installing foundations at the Changfang & Xidao offshore wind farm last year and has also been supporting the construction of the Yunlin project.

In Europe, Boskalis started working at the Moray West offshore wind farm last year under a contract the company secured in February 2023, which involves a multidisciplinary role in the Scottish project, including the transport and installation of monopiles and the installation of the wind farm’s two substations.

Second Moray West Substation Platform Touches Down

Project Updates

Most of the abovementioned offshore wind work Boskalis carried out using its new vessel Bokalift 2, whose conversion from a drilling vessel to an offshore wind crane vessel was completed in early 2023.

In January 2023, Boskalis announced it won a contract in the US for what will be the Dutch company’s 100th offshore wind project.

Looking at Boskalis’s order book at the end of 2023, the company had EUR 6 billion in contracts, excluding its share in the order books of joint ventures and associates. Of this, EUR 4.2 billion worth of new contracts were added in 2023.

Boskalis says it “concluded a historic 2023”, with a revenue of EUR 4.28 billion, 20 per cent higher than in the previous year, and a net profit that increased by nearly 150 per cent, from EUR 241 million in 2022 to EUR 601 million.

“After such a strong year, the challenge becomes to sustain this extraordinary level of success over the upcoming period. The outlook in many of our market segments is good and, with a well-filled order book, I look ahead with optimism,” Peter Berdowski, Boskalis CEO, said.

“For 2024, we expect to invest EUR 600 million across the three divisions with a combination of new-build and used vessels, and if the right opportunities present themselves, through acquisitions, all in line with our sustainable growth strategy.”