BOSKALIS - KBC Securities Company Note 24-01-2019 - OIL systems go
Hit by a slowdown in its most important segments, Boskalis has had a rough couple of years. After the worse-than-expected 1H18 results, decisive measures were taken to terminate the lower-end activities of the marine transport division. We consider 1H18 to be the turning point, based on: (i) an annual contribution of >€ 25m after this termination (ii) strong growth potential in offshore Oil & Gas after years of postponed investments (with a good position in the recovering FPSO market) and (iii) a cautiously positive shift in on-going dredging tendering activity, with further smaller potential for margin gains.Royal Boskalis Westminster is a service provider operating in the dredging, dry and maritime infrastructure and maritime services sectors. Co. is involved in dredging activities and provides a range of maritime services for the offshore energy sector. In addition, Co. provides towage services as well as emergency response and salvage related services. Co.'s main clients are oil, gas and power companies, port operators, governments, shipping companies, international project developers, insurance companies and mining companies. Co. operates on behalf of its clients in over 75 countries across six continents.
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