International Dredging Review

International Dredging Review

Royal Boskalis Westminster N.V. (Boskalis) reported a net profit of EUR 123 million (about $164 million) in the first half of 2013. Revenues rose by 12 percent in the first half to EUR 1.6 billion ($2.23 billion).

EBITDA in the first half of the year amounted to EUR 297 million ($395 million) and the operating result (EBIT) was EUR 155 million ($206 million). The results from the Dockwise acquisition have been fully consolidated from the second quarter which largely explains this increase Boskalis said.

Orion Marine Group Inc. reported a net income for the three months that ended June 30 2013 of $0.2 million ($0.01 diluted earnings per share). These results compare to a net loss of $5.4 million ($0.20 diluted loss per share) for the same period a year ago.

The second quarter of 2013 Orion contract revenue was $84.1 million an increase of 25 percent as compared with second quarter 2012 revenues of $67.1 million. Gross profit for the quarter was $7.8 million which represents an increase of $8 million as compared with the second quarter of 2012. Gross profit margin for the quarter was 9.3 percent which was higher than the prior year period of negative 0.3 percent. During the second quarter of 2013 gross profit margin improved as a result of improved equipment utilization as compared with the prior year period. Margin in the prior year period was also driven down due to idle crews and equipment following project completions.

For Great Lakes Dock & Dredge Jonathan Berger chief executive officer said the company reported revenue of $152.9 million a net loss of $25.2 million and adjusted EBITDA of $11.0 million for the second quarter.

“Our dredging segment won $346 million or 62 percent of the domestic bid market through the first six months of 2013. This win rate driven by the award of the first phase of the Port of Miami project and capturing 63 percent of the coastal protection market sets the stage for a busy second half of this year and into 2014. Our Terra Contracting and Rivers & Lakes teams have commenced working together on a project in the Midwest valued at approximately $30 million” Berger said.

William Steckel GLDD chief financial Officer said “After six months of near record revenue levels dredging activity slowed in the second quarter as several vessels were offline for scheduled maintenance and some projects expected to contribute were delayed into the second half of the year. Gross margin was lower due to lower fixed cost coverage. As we look forward dredging has nearly $460 million in backlog and another $143 million in low bids and options pending award. We currently expect an increase in activity in the dredging segment for the remainder of 2013.”