Dutch marine services player Royal Boskalis Westminster has returned to profit in 2017 despite 10 percent revenue fall as the company recognized no impairment charges, compared to €840 million impairment in 2016.
For the twelve months ended December 31, 2017, Boskalis generated net income of €150 million, or €1.15 per share, on revenue of €2.34 billion, versus net loss of €564 million, or €2.16 per share on revenue of €2.6 billion in the corresponding period in 2016.
Revenue declined due in part to poor market conditions in the oil and gas industry, Boskalis noted.
Boskalis reported full-year 2017 EBITDA of €437 million, down from a year-earlier result of €661 million.
Depreciation, amortization and impairments were 0, against €840 million in 2016.
The company’s order book increased to € 3.5 billion, compared to €2.92 billion at the end of 2016.
“We do not yet foresee a fundamental recovery in our markets in the coming years. In the short term we do however expect opportunities for selective growth and a subsequent structural recovery for the period thereafter,” said Peter Berdowski, CEO of Boskalis.
The company has proposed dividend of 1 Euro. The dividend will be distributed in the form of ordinary shares, unless the shareholder opts to receive a cash dividend. The dividend will be made payable from June 5, 2018.
Subsea World News Staff