CEO Peter Berdowski of Royal Boskalis Westminster announced on May 9 that the 30508-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 40000-cubic-meter trailing suction hopper dredge and two other hopper dredges each with a capacity of 12000 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.