Boskalis jaarverslagen 2011

Reinforce

  • Invest in the fleet
  • Combine terminal services

In order to maintain and reinforce our leading position we make targeted investments in our equipment. Our R&D department supports our newbuild program by refining techniques. In this way we not only respond to demand in the market but also create demand by leading the way with advanced and cutting-edge technology. We invest on an ongoing basis, also in the sustainability of our equipment. More information can be found in our 2011 CSR report.

Invest in the fleet

Boskalis has ‘winning dredging vessels’ in the medium, large and jumbo hopper segments. We see sufficient opportunities in the market to warrant further selective investment. Over the next years investments will be aimed at replacing and modifying existing ships. In 2011 we acted on the investment plans announced in 2010.

Results in 2011
  • The self-propelled jumbo cutter Taurus II was modernized in late 2011 – early 2012. The vessel now has 60% more press pump capacity as well as an all-new electrical installation.
  • In 2011 the decision was taken to add another 4,500 m3 hopper to the fleet. The Shoalway, a 4,500 m3 hopper, 
    was taken into service in 2010.
  • The megahopper WD Fairway will be recommissioned in early 2013. The ship was taken out of service following a collision in 2007 and is currently undergoing reconstruction in Thailand.

In order to increase our chances of securing contracts in the energy market, both in the oil and gas sector and in offshore wind parks, we are investing in expanding our specialist equipment and tugboats.

Results in 2011
  • The fleet was augmented by a fallpipe vessel (for the covering and protection of pipelines and cables) which was commissioned in the first quarter of 2012. The fallpipe is made of composite, a lightweight material which enhances the vessel’s efficiency.
  • To reinforce our cable-laying activities we ordered two multifunctional cable laying/rock dumping vessels. The first is expected to be commissioned in September 2012, the second in December 2012.
  • In connection with the expansion of our harbour towage activities in Brazil we ordered six tugboats, which are currently under construction locally, with an option for another six.
  • Several smaller vessels are under construction for SMIT’s various activities around the world.
  • For Asian Lift Singapore, a joint venture with Keppel Corporation Singapore, the Asian Hercules III, a large floating crane with a lift capacity of 5,000 tonnes, is currently under construction. This represents a step-up in capacity compared to the lift capacity of up to 3,200 tonnes customarily found in the market. The Asian Hercules III will be brought into service at the end of 2013 and will mainly be used to assemble FPSOs in Singapore, where Keppel leads the market for constructing these units. In the interests of efficiency Keppel is having increasingly large modules built onshore for subsequent installation on the FPSOs. Larger modules require greater lift capacity.
Reinforce Terminal services

The integration of SMIT Terminals with our partner company Lamnalco, a move which was decided in July 2011, has created 
a new global leader in terminal services. Boskalis remains a 50% shareholder in this combined entity. Smit Lamnalco has a fleet of 200 ships, 50 current terminal contracts on its books and 2,000 employees.

Result in 2011

Global leader in terminal services: the sale of the activities of SMIT Terminals to Lamnalco became effective on 5 October 2011. Lamnalco’s two shareholders – Boskalis and Rezayat – expressed their intention to reinvest the available cash flows in Smit Lamnalco, which gives the new company the opportunity and strength for growth. In addition, once the integration has been completed, Smit Lamnalco will refinance itself in order to optimize its capital structure. During 2012, we will work on the structure of the new organization and the establishment of the new head office. 
We see growth opportunities for Smit Lamnalco in regions such as the Middle East, West Africa, Russia and Australia, with the primary focus being on the oil and gas market. A promising new market segment is the minerals market. In West Africa (Sierra Leone), the combined entity already provides towage services and transportation of ores mined in the country’s interior, which we convey down inland waterways and deliver to an offshore transshipment facility.

Added to My report add to My report Source: Annual review 2011, Boskalis at a glance, page 14