Boskalis jaarverslagen 2011

Terminal Services

Towage and mooring services, surface and subsurface maintenance and related maritime and management services to offshore and onshore oil and gas terminals.

    2011   2010*
(in EUR millions)        
Revenue   156   148
Operating profit   25.0   22.3
Order book   590   677

* SMIT activities consolidated from the second quarter

Revenue

In 2011, Boskalis was active in the Terminal Services segment through SMIT Terminals and its 50% stake in Lamnalco. 
Mid-2011 it was announced that a large part of the activities of SMIT Terminals were to be sold to Lamnalco, in which Boskalis holds a 50% stake. The sale was completed in early October and for this reason this segment currently mainly consists of Boskalis’ 50% stake in the activities of Lamnalco.
In 2011, the revenue of Terminal Services rose to EUR 156 million (2010: EUR 148 million). Excluding the contribution from SMIT Terminals 2011 revenue amounted to EUR 84.8 million (2010: EUR 75.8 million). The revenue growth at Lamnalco is partly attributable to two new contracts in Sierra Leone.

Segment result

The operating result, including the proportionate consolidation of associates, rose to EUR 25.0 million in 2011 (2010: EUR 22.3 million). The result, particularly at SMIT Terminals, was negatively impacted by the fact that there were only limited opportunities to deploy vessels on the spot market ahead of their deployment on new long-term contracts.

Order book

The sale of the activities of SMIT Terminals to Lamnalco means that 50% of the associated order book has also been deconsolidated. This resulted in a EUR 105 million decline in the order book, resulting in a year-end order book of EUR 590 million (end-2010: EUR 677 million).

Added to My report add to My report Source: Annual review 2011, Report of the Board of Management, page 38