Annual report 20108.31 MB - Boskalis

Financial performanceIn the oil and gas market additional work wascontracted on the Nord Stream project for theprotection of sections of the gas pipelines to be laidbetween Russia and northern Germany as well asextra trenching work in the Bay of Pomerania. Boskaliswas also awarded the contracts for the second phaseof the dredging work for the construction of the LNGimport terminal in Cuyutlán (Mexico), the constructionof an LNG import port in Swinoujscie (Poland) andthe expansion of the Soyo LNG port in Angola.Significant additional work was also contracted onthe Gorgon project (Australia), where work started inearly 2010. At the end of August Boskalis was askedto assist in protecting the coast of Louisiana (UnitedStates) against the oil slick caused by the disasterwith the Deepwater Horizon rig. The Boskalis trailerhopper suction dredger Stuyvesant, which sailsunder the American flag, was the first American trailerhopper suction dredger to be deployed and helpedto construct a long sand berm to protect vulnerableswamps around New Orleans from oil pollution. Finally,just before the end of the year, the company wasawarded the ‘sand motor’ project in the Netherlands.This project involves creating a sand motor consistingof 21.5 million cubic meters of sand, deposited in theshape of a hook attached to the coast. Wind, wavesand sea currents will gradually distribute the sandalong the coast of the province of Zuid-Holland. In thisway the sand motor contributes in a natural way tocoastal safety, whilst at the same time creating morespace for both nature and recreational purposes.At the end of 2010 there was an order backlog of€ 1,923 million (end-2009: 2,223 million).Harbour TowageBerthing and unberthing of oceangoing ships, providingassistance to special objects and port servicesRevenueBoskalis is active in this segment through SMITHarbour Towage (consolidated from the secondquarter of 2010). In 2010 Harbour Towage sawa recovery from the recession with an increasein activities at its most important locations:Rotterdam, Belgium, Panama and Canada.Container line shipping in particular postedan increase activities at various locations. InBelgium this recovery was clearly visible in theports of Ghent and Zeebrugge, although revenuedevelopment in the port of Antwerp lagged behindas a result of a less rapid recovery of volumesand increased local competition. Revenue in thefinal three quarters of 2010, including the pro rataconsolidation of joint ventures, was € 155 million.Segment resultThe operating result was € 23.2 million, with goodresults being achieved once again by the jointventures in Singapore (Keppel SMIT Towage andMaju). Rebras, the joint venture in Brazil, alsoposted a good result. In mid-2010 we announcedthat Boskalis SMIT had reached an agreementin principle to acquire the remaining 50% stakein Rebras (Rebocadores do Brasil SA). Thistransaction was completed recently.Salvage, Transport & Heavy LiftSalvage: emergency response, wreck clearance,environmental care and consultancyTransport: chartering, hiring out work vessels,heavy transport and (ocean) towage servicesHeavy Lift: lifting work, maritime projects, marinesupport and subsea activities(in millions of euros) 2010*(in millions of euros) 2010*Revenue 155Operating result 23.2Revenue 296Operating result 43.0Order book 162* SMIT activities included from the second quarter onwards* SMIT activities included from the second quarter onwardsRoyal Boskalis Westminster nv41