Boskalis Annual Report 2020

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SALVAGE Salvage has had one of the busiest and most successful years in its rich history. Notable projects include the salvage of the bulk carrier Stellar Banner that ran aground and the emergency response activities for the Japanese bulk carrier Wakashio, which had run aground on a coral reef offshore Mauritius. The heavy seas tore the ship apart and it started leaking oil. By removing the bunker fuel, our Salvage colleagues were able to prevent a major environmental disaster. Furthermore, the VLCC New Diamond that was carrying two million barrels of crude oil was salvaged. This vessel ran into difficulties near Sri Lanka after an explosion and fire in the engine room. After successfully extinguishing the fire, our BOKA Expedition towed the crude carrier to the United Arab Emirates, where the crude oil cargo was safely transferred to other vessels. All in all, it has been a fantastic year for Salvage with a historically high result. It was also a year in which our main competitor Ardent left the market, allowing us to strengthen our position in the Americas. TRANSFORMATION Obviously, COVID-19 has caused a lot of disruptions over the past year. In July, we were due to celebrate the tenth anniversary of our successful NINA safety program. Since NINA was introduced, our accident rate has dropped spectacularly. Our Lost Time Injury Frequency fell by no less than 95%! NINA, which was developed entirely in-house, has brought about a genuine transformation of the culture and mentality throughout the company and working without NINA is unimaginable. Throughout the year we also made major steps in executing our sustainability strategy. We installed more than 5,000 solar panels on the roof of our distribution center in the Netherlands. They produce 1.6 million kWh of green electricity per year, which represents 15% of our domestic needs. And the use of alternative fuels such as biofuels is resulting in a substantial CO 2 reduction on an increasing number of projects in the Netherlands. We have also entered into an alliance with Wetlands International, an NGO dedicated to protecting and restoring wetlands around the world. Not only do these wetlands help to protect coasts, they are also some of the world’s largest repositories of carbon dioxide. After a true roller coaster ride over the last 12 months, I am looking forward with confidence. We may not be there yet, but the end of the pandemic is in sight and as a company we are in great shape with a well-filled order book, a strong financial position, and above all the best team of professionals in the industry. On behalf of the Board of Management, I would like to thank all of them for their commitment, flexibility and dedication over the past year as well as our clients, partners and shareholders for the trust and confidence they place in us.

In November, the German federal court ruled in favor of the construction of the Fehmarnbelt tunnel. Last year we already started on the Danish side and this year we can also get to work on the German side. Thanks to a positive ruling from the Dutch Council of State, the implementation of the project plan for the upgrading of the Markermeer dikes has now been given the definitive go-ahead and we completed the upgrade of the Houtrib dike. In the Netherlands we were also successful with numerous tenders, including two major dike reinforcement projects. In the closing days of this challenging year we were rewarded with a Letter of Confirmation relating to the land development for the new international airport of Manila. At EUR 1.5 billion, this is the largest dredging project ever undertaken by Boskalis on its own. With this project, we have secured the utilization of our large hoppers for three years. This was followed in early January 2021 by the award of a major sub-project of the Oosterweel link infrastructure project in Antwerp, Belgium. OFFSHORE ENERGY After a couple of tough years, Offshore Energy recovered well last year. Seabed Intervention in particular made a good contribution in this respect with both the successful completion of projects and numerous new developments. Work started in El Salvador, where we will connect an offshore Floating Storage and Regasification Unit to an onshore power plant and a new contract was won for the seabed preparation of the Fécamp wind farm offshore Normandy, France. In the area of renewables, Subsea Cables also had a very busy year, with cable-laying projects including Borssele Alpha and Beta, Hornsea 2, Triton Knoll and Ostwind 2 - the largest cable project in our history. In 2020, we set new records in heavy marine transport. The BOKA Vanguard transported both the largest and heaviest cargo ever by a ship: a fish farm of 385 by 60 meters and the FPSO P70, weighing over 91,000 tons. Furthermore, the Forte successfully carried out the float-over installation of the Bokor topside in Malaysian waters. The Bokalift 1 has been busy this year with a number of decommissioning projects: three platforms were dismantled for Neptune Energy and a total of four platform topsides and four jacket foundations were successfully removed as part of the Viking Vulcan 2020 campaign. We also acquired a spectacular contract for the world’s largest floating wind farm: Kincardine. In September, we started with the installation of the anchor spreads on the seabed followed by the transport of the floating foundations on the Fjord from Spain to Rotterdam. In Rotterdam, the floating turbines are being installed on the foundations and then towed to the wind farm off the Scottish coast. 2020 was the first year in which the survey activities of both Gardline and Horizon contributed in full to the group’s results. Early 2020, the remaining shares in Horizon were acquired. Despite a weaker start to the year due to the cocktail of weather, COVID-19 and the low oil price, a strong summer season and lots of surveying for the renewables market offset the difficult start. At the start of the new year we acquired the subsea activities of Rever Offshore, formerly known as Bibby Offshore. This acquisition enables us to strengthen our market position in the North Sea and will bring synergies by combining it with our current activities.

Peter Berdowski

ANNUAL REPORT 2020 – BOSKALIS