Boskalis stops crew changes over COVID-19

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Boskalis staff working on international projects and vessel crews will stay deployed with crew changes cancelled. Credit: Boskalis

Posted April 6, 2020

Amid the Coronavirus pandemic, infrastructure projects are continuing. Dredging company Boskalis has issued an update saying that staff working on international projects and vessel crews will stay deployed with crew changes cancelled.

Consequently, Boskalis is able to keep business operational around the world. “This is only made possible through the impressive flexibility and commitment of our employees,” the company states.

As a proactive measure, Boskalis has increased its focus on cash generation and preservation. The company therefore halved the 2020 capital investment programme to approximately EUR 200 million, including dry dockings.

Having entered the year with a self-proclaimed record-high orderbook and a strong balance sheet, Boskalis currently has a financial headroom of more than EUR 950 million.

However, Boskalis is anticipating negative impact from the COVID-19 outbreak but is yet unable to quantify this. “In view of the project-based nature of a significant part of our activities along with the uncertain conditions, it is difficult at this early stage of the year to make a specific quantitative statement about the projected annual result for 2020,” the company stated. .

In light of this, Boskalis has decided not to schedule a dividend proposal over the financial year 2019 for the agenda of the annual general meeting (AGM) and to suspend its share buy-back program as of 6 April.

Boskalis will publish its Q1 trading update on 13 May and will hold its AGM on 30 June 2020. Given the circumstances, Boskalis urges its shareholders to exercise their voting rights via proxy.

Source: dredgingandports