Dutch maritime services provider Boskalis reported a sharp increase in revenue and earnings in the first half of 2025, driven by strong demand across offshore wind, oil and gas projects, and high utilisation of its heavy marine transport fleet.
The company’s offshore energy division recorded significant growth in revenue and EBITDA, with the BOKA Vanguard and other transport vessels completing major assignments, including the relocation of two large dry docks from China to Turkey and from Turkey to the U.S. west coast.
Subsea and survey operations remained stable, matching last year’s levels, supported by activity in the North Sea and Middle East. Marine services also performed well, the company said.
In the contracting segment, offshore heavy lifting and subsea cable installation contributed to a strong first half. Boskalis highlighted progress on a large U.S. offshore wind project nearing completion and the successful installation of two export cables in Taiwan.
“The division successfully capitalised on both offshore wind and traditional oil and gas markets, delivering strong project execution across the board,” the company said in a statement.
Group-wide revenue rose 14% year-on-year to €2.35 billion, while EBITDA increased 35% to €748 million. Net profit was up 43% to €426 million. All three divisions—offshore energy, dredging, and towage and salvage—contributed to the growth. Dredging was supported by large-scale projects in Asia and the Middle East, while the towage and salvage segment benefited from the integration of Smit Lamnalco and an active salvage schedule.
The order book stood at €6.2 billion at the end of June, down from €7 billion at the end of 2024, with the company attributing about a quarter of the decline to currency effects. New contracts worth €900 million were secured early in the second half, including dredging work for a gas pipeline in Taiwan and a long-term terminal services agreement in Guyana.
“This performance is an extraordinary achievement given the geopolitical unrest and economic uncertainty we are facing,” said CEO Theo Baartmans. “Our strong results are the outcome of high vessel utilisation and solid project execution across all divisions.
