Boskalis has announced a rise in its net profit for 2024, reaching €781 million, up from €601 million in 2023. The company’s offshore energy division played a pivotal role in this performance, posting a 10% increase in revenue to €2 billion, with offshore wind accounting for half of the division’s earnings.
The growth in the offshore energy division was attributed to “healthy demand” in both the offshore wind and traditional oil and gas markets. The utilisation of Boskalis’ fleet was also higher compared to 2023, with crane vessels and heavy marine transport fleets seeing particularly strong activity throughout the year.
Peter Berdowski, CEO of Boskalis, highlighted the company’s strong performance: “The Offshore Energy division has been exceptionally busy over the past 12 months. The energy transition is fuelling demand for new infrastructure, while the traditional oil and gas market is also still offering a lot of work.”
The company also noted that some of its most significant foundation installation projects were located along the US East Coast. Boskalis had a particularly active year with offshore wind projects in the US and Europe, with special projects involving heavy marine transport vessels and the recent addition of eight large oceangoing tugs from ALP Maritime.
“Our investment in new equipment last year exceeded EUR 700 million, marking another record amount for Boskalis,” Berdowski continued. “This demonstrates our commitment to expanding our capabilities to meet growing demand.
Boskalis’ energy transition efforts also involved the Seabed Intervention division, which worked on several rock installation projects. The company noted that these activities were becoming increasingly important due to rising damage to underwater infrastructure, including subsea cables.
To address these developments, Boskalis introduced the Windpiper, which the company claims is the largest subsea rock installation vessel in the world. This addition reflects Boskalis’ strategic response to the growing importance of maintaining and protecting subsea infrastructure.
Looking ahead, Boskalis recently completed a new three-year business plan, positioning itself to continue benefiting from the ongoing energy transition while remaining active in the traditional oil and gas markets.
