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Fairway a Total Loss; Boskalis Orders Three New Dredges

CEO Peter Berdowski of Royal Boskalis Westminster announced on May 9 that the 30,508-cubic meter hopper dredge Fairway would be considered a constructive total loss after being rammed by a container vessel in China on March 8. (See container Vessel Rams W.D. Fairway, IDR, March/April 2007, page 11.)

At a general meeting of shareholders on May 9, the company management announced that they had signed a letter of intent with IHC Holland to purchase a new 40,000-cubic-meter trailing suction hopper dredge, and two other hopper dredges, each with a capacity of 12,000 cubic meters.

The investment in these new vessels will total €450 million.

The mega hopper will be completed in the spring of 2011, and the smaller hoppers will be completed in 2009 and 2011.

A constructive total loss of the W.D. Fairway means that Boskalis will receive insurance payments amounting to a total of more than €165 million. On balance, the financial settlement will lead to a positive result of approximately €85 million before taxation. In the early months of the year, the amount of acquired orders matched turnover, and the orderbook remained stable at approximately €2.5 billion.

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