In 2024, Royal Boskalis B.V. (Boskalis) surpassed all previous financial records with an all-time high revenue, result and order book. The revenue amounted to EUR 4.4 billion, with a strong contribution from the Offshore Energy division.
EBITDA and net result increased by more than 28% having already hit record levels in 2023. EBITDA increased to EUR 1.3 billion, EBIT rose to EUR 926 million and the net profit came out at EUR 781 million. The exceptional performance reflects a busy year with good project execution across the company. The acquisition of the remaining 50% share in Smit Lamnalco in late October 2024 also contributed to the earnings growth.
The order book increased by EUR 1 billion to EUR 7 billion, due to the consolidation of Smit Lamnalco.
Peter Berdowski, CEO Boskalis: 2024 was an extremely good year for Boskalis with all parts of the company performing exceptionally well. In every corner of the world, we sailed the waters white. We can proudly look back on a year that will go into the books as the best ever in our 115-year history. EBITDA increased by 28% to EUR 1.3 billion and net profit amounted to EUR 781 million. An exceptional performance to which all our colleagues contributed.
With the acquisition of SMIT in 2010, we laid the foundation for creating a second division within the company. Since then, we have successfully expanded this, supported by acquisitions and investments in vessels. With the resulting Energy Offshore division, we play an important role in facilitating the energy transition. Last year, half of the divisional revenue was related to offshore wind, and we have to date actively participated in the construction of more than 150 offshore wind farms worldwide.
In the Dredging & Inland Infra division, we were busy last year creating innovative infrastructure, such as the Fehmarnbelt tunnel between Germany and Denmark and the development of ports. We were also busy with a wide variety of climate adaptation projects – from Singapore to Zeeland in the Netherlands, and from riverbank protection to coastal defense.
As part of the energy transition, Seabed Intervention was active with numerous rock installation projects. The importance and scope of these activities is increasing, given the recent increase in damage to underwater infrastructure including subsea cables. With the recent addition of the Windpiper, the largest subsea rock installation vessel in the world, we are responding to these current developments.
The Offshore Energy division has been exceptionally busy over the past 12 months. The energy transition is fueling demand for new infrastructure, while the traditional oil and gas market is also still offering a lot of work. We were particularly active with offshore wind projects along the east coast of the US and in Europe. We transported a large number of special objects with our heavy marine transport vessels, and ALP Maritime’s eight large oceangoing tugs acquired in early 2024 have been put to full use on a wide range of projects.
Last year, we invested over EUR 700 million in equipment – another record amount for Boskalis. We recently completed a new business plan for the next three years. Despite the necessary uncertainties on the world stage, we are still positive about the prospects for Boskalis during this period. With our portfolio of activities, broad fleet, healthy financial position and above all our knowledgeable and passionate colleagues, we look ahead with confidence.