Annual report 2019

10

STRATEGY

We create and protect welfare and advance the energy transition.

FOCUS

BOSKALIS 2020-2022

SUSTAINABLE GROWTH

HUMAN EXCELLENCE

Boskalis operates around the world and is a leading player in the fields of dredging, offshore energy and maritime services. The company is a frontrunner in many of its markets thanks to its ability to deliver innovative all-round solutions combined with a comprehensive portfolio of specialist activities. Its versatile vessels and maritime equipment with value-adding potential are the cornerstone of the Boskalis business model. Systematic execution of the strategy, which is reviewed regularly in light of relevant market developments, is a key factor in Boskalis’ success. Our strategy is elaborated in our three-year business plan. Following a thorough review of our markets and business lines, a new Corporate Business Plan was formulated early 2020 for the period 2020-2022. Based on three strategic pillars – Focus, Sustainable Growth and Human Excellence – this plan addresses current and anticipated developments in our global business environment. Smit Towage to Boluda that same year. With the proceeds we strengthened the balance sheet and returned equity to shareholders through a share buyback program. With the acquisition of Gardline (UK) in 2017 and Horizon (United Arab Emirates) in 2019, Boskalis delivered on its strategic ambition to build a leading position in the marine survey market. This has strengthened our position considerably in the early part of the business cycle of the renewables and offshore energy markets. Through the acquisition of the offshore cable installation activities and assets of Bohlen & Doyen early 2019, we bolstered our position in the offshore cable market. Over the past two years we signifcantly strengthened our position in the area of inspection, repair and maintenance of subsea installations, pipelines and cables through the addition of two large diving support vessels and the opening of a new offce in Aberdeen.

boskalis at a glance ANNUAL REPORT 2019 – BOSKALIS

IN RETROSPECT Although the 2017-2019 business plan assumed business conditions to remain challenging, the decline in most of our market segments was deeper and longer than expected. Further to a fleet rationalization we completed a cost reduction program for our head-offce organization and terminated our low-end heavy marine transport activities. To foster the group-wide harmonization and effciency of our operations, we developed and implemented a new quality management system which we refer to as the Boskalis Way of Working (WoW). To improve the commercial presentation of our integrated services to the Offshore Energy sector we merged them under the Boskalis brand name. In 2019, in response to the competitive environment and the subsequent need for further consolidation in the harbor towage markets, we completed the sale of our equity stake in SAAM SMIT Towage to SAAM. Furthermore – together with our co-shareholder Kotug – we concluded the divestment of Kotug