PAPENDRECHT, the Netherlands – Royal Boskalis Westminster will report a non-cash impairment charge of EUR840 million ($892 million) in its annual results for 2016.
This is due almost entirely to the deterioration in the market for the company’soffshore oil and gas vessel services.
Worst affected has been transportation specialist Dockwise, which the company acquired in 2013.
However, Boskalis points out that up to and including 2016 Dockwise generated around EUR900 million ($956 million) in cash from its operating activities.
Taking into account the initial acquisition cost, results to date and investments since, the return on this acquisition has been healthy, Boskalis maintains.