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Boskalis profit beats; uncertainty remains over Fugro intentions
March 12, 2015 / 6:52 AM / 2 years ago

Boskalis profit beats; uncertainty remains over Fugro intentions

AMSTERDAM, March 12 (Reuters) - Dutch marine engineering company Boskalis beat consensus net profit forecasts for 2014, helped by 200 million euros of exceptional items including cancellation and rescheduling fees, the firm said on Thursday.

The company, involved in inland dredging, offshore energy and port infrastructure and towage, made no forecast for 2015, but said it did not expect the exceptional items to be repeated.

"The great result in 2014 has enabled us to strengthen our balance sheet sooner than we expected, with the solvency ratio now exceeding 53 percent," said Chief Executive Peter Berdowski. He said conditions in offshore energy would be challenging.

The company took a 20 percent stake in smaller rival Fugro last year, and launched legal action earlier this week in a bid to dismantle some of its poison pill takeover defences. Fugro shares have been hit by low oil prices.

Boskalis, which has denied it was planning a takeover, said on Thursday it remained "positive" about the long-term prospects for Fugro's offshore energy market and that the two companies were "global leaders in niche markets" and an "excellent fit".

Boskalis made a net profit of 490.3 million euros, ahead of the 457 million average forecast of analysts polled by Reuters, on revenue of 3.2 billion. Analysts had expected revenue of 3.3 billion.

Reporting By Thomas Escritt; Editing by Prateek Chatterjee

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