Offshore dredging and rock installation projects, heavy transport, lift and installation work, diving and ROV services in support of the development, construction, maintenance and dismantling of oil and LNG import/export facilities, offshore platforms, pipelines and cables and offshore wind farms.
|OFFSHORE ENERGY|| ||2014|| ||2013|
|(in EUR million)|| || || || |
|Revenue || ||1,238.6 || ||1,067.4|
|EBITDA* || ||387.8 || ||274.7|
|Result from JVs and associates || ||15.1 || ||17.7|
|Operating result (EBIT)* || ||236.1 || ||147.0|
|Order book at year end || ||1,207.4 || ||1,322.9|
Revenue in the Offshore Energy segment rose to EUR 1,239 million (2013: EUR 1,067 million). The increase was largely due to the contribution of Dockwise which, in addition to the consolidation effect of an extra quarter, had a very strong year with revenue of EUR 496.1 million (2013: EUR 331.6 million). The Fairmount activities acquired in March 2014 also contributed to the revenue growth.
Revenue at both Marine Contracting and Subsea Contracting was slightly lower than the very busy 2013. Subsea Contracting had a busy year, with projects in countries including Australia (Ichthys; offshore trenching and shore approach), Indonesia (Java to Bali power cable) and the Philippines (Malampaya; transport and installation) as well as various rock-installation contracts, for example in the North Sea for Statoil. During the year under review Marine Contracting completed the multi-year West of Duddon Sands offshore wind farm project. The utilization rate of the equipment was good at both Subsea Services and Marine Services, the latter of which also comprises the Fairmount activities.
In its first full year as part of the group Dockwise had a record year with high fleet utilization and an exceptionally strong result. The strong demand for Heavy Marine Transport services seen in the .rst half of the year fell back slightly in the second half. In Australia, in the course of the year work was successfully concluded on the Gorgon project, a lot of work was carried out on the Ichthys project and the extensive Wheatstone LNG project got fully underway. In addition Dockwise successfully performed several offshore float-over installations for projects including Tapis R in Malaysia, SylWin off the coast of Germany and Ofon in Nigeria. In early 2015 Dockwise loaded the Goliat FPSO, owned by Italian oil company ENI, onto the Dockwise Vanguard for transportation from South Korea to Europe. With a diameter of 107 meters the Goliat is the largest cargo to have been transported by the Dockwise Vanguard so far.
In 2014 the utilization rate of the Dockwise fleet was 84% (Q2-Q4 2013: 83%). During the year under review Boskalis strongly expanded its fleet of anchor handling tugs (AHTs) with the acquisition of Fairmount and its five vessels, each with a capacity of 205 tons bollard pull.
On 12 February 2015 the new Dockwise vessel White Marlin was christened and taken into service in Guangzhou, China. With a deadweight of 72,000 metric tons, the type I vessel strengthens Dockwise’s leading position at the top end of the dry heavy marine transport market.
In 2014 EBITDA for the Offshore Energy segment amounted to EUR 387.8 million and the operating result was EUR 236.1 million (2013: EUR 274.7 million and EUR 147.0 million, respectively).
Dockwise’s contribution to EBITDA and the operating result was EUR 248.1 million and EUR 149.0 million, respectively (2013: EUR 145.6 million and EUR 55.6 million, respectively). Compared to 2013 Dockwise contributed an extra quarter. In addition there was an above-average contribution from cancellation and rescheduling fees, in particular in the first half of the year. The Dockwise activities were fully integrated into the Offshore Energy division at the start of 2015.
As well as a positive contribution from Fairmount, which was acquired in March, there was a EUR 6.9 million impairment charge relating to several smaller units of equipment. In addition, from the second half of the year the way in which costs connected with dry-docking are accounted for was harmonized, bringing it in line both with the method used at Dockwise and Fairmount and with industry practice. This change in accounting estimates resulted in a one-off charge of EUR 10 million.
The result includes our stake in the net pro.t of joint ventures and associated companies, mainly VBMS and Asian Lift. The contribution from these activities was EUR 15.1 million (2013: EUR 17.7 million) with in particular a lower contribution from the Asian Lift partnership in Singapore relative to 2013.
At the end of 2014 the order book stood at EUR 1,207 million (end-2013: EUR 1,323 million). EUR 710.1 million of this related to projects and contracts for Dockwise (end-2013: EUR 686.5 million).
At the time of acquisition contracts held by Fairmount were valued at EUR 32.7 million and added to the order book.
In 2014 EUR 1,090 million of new work was acquired, including a contract to transport two very large new jack-up (drilling) rigs for Statoil; the transportation of an FPSO from Rotterdam to Asia by the Dockwise Vanguard; trenching, pipe-pulling and backpulling work for a gas pipeline in Azerbaijan; and work connected with the construction of the Wikinger offshore wind farm in Germany.
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