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Boskalis jaarverslagen 2012

Market developments

The Corporate Business Plan 2014-2016 was formulated with a clear view on the long-term trends, with Boskalis also being mindful of the (strongly) fluctuating market conditions in the short term. With regard to market developments we are currently seeing a clear divide between the short and the longer term.

Developments in the short term are unstable and unpredictable. This was true to an extreme degree in the past year, with the oil price dropping from over USD 110 a barrel to below USD 50 in early 2015 in the space of a few months. In particular this translates into reluctance to invest in new complex and costly offshore projects.

In the medium to long term the global megatrends that underlie our strategy will remain in force. Growth in global population and wealth is of a structural nature and is the driver behind the growth in global trade and demand for raw materials and energy.

These indisputable trends are the key drivers of long-term growth in the ports and energy market segments. Positive developments for Boskalis can be identi.ed in two underlying trends: (i) despite the slower growth in seaborne trade, there is demand for larger and deeper ports with associated infrastructure to accommodate larger oceangoing vessels with deeper drafts, and (ii) the growing demand for energy and the associated increase in offshore exploration and production, also in vulnerable regions, which in turn increases the need for sustainable solutions.

The growing demand for energy and the – inevitable – associated additional offshore exploration and production are evident from research findings (see figure 2). The development of new offshore .elds will be required if production volumes are to be at least maintained or increased. Despite the current relatively low oil price, new offshore developments will still need to be started up if demand remains stable.

Global population growth is fueling sustained structural demand for our land reclamation and infra activities. Climate change is forcing governments on several continents to take steps to protect their populations against flooding and rising sea levels. As a result we see growing demand for integrated sustainable solutions for complete maritime infrastructures (for example Jakarta Bay in Indonesia).

Boskalis continues to focus its activities and services (see figure 3) on markets that demonstrate structural growth in the longer term. 

The key activities are:

- Dredging
- Offshore Energy

The key market segments are:

- Energy (oil, gas and wind)
- Ports

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