Boskalis Trading Update

Papendrecht, 13 May 2020 

The first quarter of 2020 was above expectations for Royal Boskalis Westminster N.V. (Boskalis). In light of the worldwide developments of the COVID-19 virus, Boskalis closed a good first quarter. A modest increase in revenue was accompanied by a higher result compared to the same period last year. The order book decreased slightly at the end of the quarter compared to the record position held at the end of 2019. To date there have been no project cancellations of substance impacting the order book. The already very solid financial position improved further in the course of the first quarter.

HIGHLIGHTS FIRST QUARTER 2020

• COVID-19 impact on first quarter result relatively limited
• Increased revenue and higher EBITDA compared to the first quarter of 2019
• Fleet utilization: mixed picture within both Dredging and Offshore Energy
• Order book: EUR 4.6 billion
• Positive net cash position of EUR 57 million and a directly available financial headroom of approximately EUR 850 million

OPERATIONAL DEVELOPMENTS

With regard to the COVID-19 (corona) virus Boskalis has taken maximum precautions to ensure the health, safety and wellbeing of its employees. At the same time, all necessary steps are being taken to continue operating the business.

Projects are only affected to a limited extent by generic lockdown measures. The greatest operational challenge for Boskalis is to relieve the crews on the vessels and project personnel due to global travel restrictions. On a case by case basis tailored solutions are applied to ensure the continuity of business operations and the health of colleagues. A test procedure for COVID-19 has been developed in collaboration with the Travel Clinic, part of the Erasmus Medical Center in Rotterdam, the Netherlands. This procedure is being applied successfully since a couple of weeks for the relief of crews.

Dredging & Inland Infra

Revenue at the Dredging & Inland Infra division decreased slightly with a lower result compared to the first quarter of last year. Noteworthy projects in progress included Duqm (Oman), Pulau Tekong and Tuas Terminal Phase 2 (Singapore), LNG Canada and various medium-sized projects in the Netherlands. Of the medium to large projects, only the Pulau Tekong project is currently on hold due to COVID-19 measures following a selective lockdown in Singapore. Pulau Tekong mainly comprises civil engineering activities and does not involve the deployment of large dredging vessels. As a consequence, the earnings impact is very limited.