ANNUAL REPORT 2020 — BOSKALIS
ANNUAL
ANNUAL REPORT 2020 REPORT 2020 ANNUAL REPORT 2020 – BOSKALIS KEY FIGURES KEY FIGURES Revenue (in EURmillion,unlessstatedotherwise) * Excludingexceptionalcharges used fordefinitionsoftheterms Please refertotheglossary CO Supplier CodeofConduct Strategic suppliers:percentagespendcoveredby Total Rate(TRIR) RecordableInjury Frequency(LTIF)Lost Time Injury Lost Time Injuries(LTI) Number ofnationalitieswithinBoskalis’majorityownedentities Ratio women/menwithinBoskalis’majorityownedentities Employees inBoskalismajorityownedentities Employees includingassociatedcompanies NON-FINANCIAL INDICATORS Cash flow Dividend (proposal) Profit FIGURES PERSHARE(INEUR) Solvency onequity Return oncapitalemployed Return EBIT as%ofrevenue RATIOS (INPERCENTAGES) Shareholders’ equity Cash flow Net groupprofit(loss) Net profit(loss) Net operatingprofit EBIT Exceptional items(charges/income) Operating result Depreciation andamortization Net resultfromjointventuresandassociates EBITDA Order book 2 emissionsscope1+2(MT(‘000))
14/86 2,283 5,306 2,525 6,137 9,913 2020 -195 2.48* 0.69* 50.5 0.32 0.05 0.50 355* 140 264 404 973 -97 -97 -56 3.8* 3.9* 5.5* 19* 90 85 84 9 14/86 1,110 5,812 9,604 2,491 4,722 2,645 2019 0.37 0.03 2.55 0.56 54.3 340 111 265 376 3.0 2.9 4.2 81 79 75 75 82 28 26 -1 6 - REVENUE (in EUR million) NET OPERATING PROFIT (in EUR million) CAPITAL EXPENDITURE (in EUR million)
2,645 2,525
20 9
90
228 232
-1
2019 2020 2019 2020 2019 2020
Net capital expenditure Disposals
REVENUE BY SEGMENT (in EUR million) REVENUE BY GEOGRAPHICAL AREA (in EUR million)
175 252 Dredging & Inland Infra 97 581 The Netherlands Offshore Energy Rest of Europe Towage & Salvage 244 Australia / Asia Eliminations (-30) Middle East Africa 1,065 1,316 North and South 457 America
893
ORDER BOOK (in EUR million) ACQUIRED ORDERS (in EUR million) FLEET UTILIZATION (in weeks per year)
5,306
4,722 3,405 3,041 34 35 35 32
26
17
2019 2020 2019 2020 2019 2020 Hoppers Cutters HTVs
1 ANNUAL REPORT 2020
The Annual Report 2020 has been filed in accordance with the European Single Electronic Format (ESEF). The original approved annual report pursuant to article 361 of Book 2 of the Dutch Civil Code, including the audited financial statements and the auditor’s report, is available as a single report package on boskalis.com in the financial information section of the download center. This document is a ‘printed version’ of that digital report and in the event of any discrepancies, the digital single report package will prevail.
This annual report contains forward-looking statements. These statements are based on current expectations, estimates and projections of Boskalis’ management and information currently available to the company. These forecasts are not certain and contain elements of risk that are difficult to predict and therefore Boskalis does not guarantee that its expectations will be realized. Boskalis is under no obligation to update the statements contained in this annual report. Some of the projects referred to in this report were carried out in cooperation with other companies.
Certain photos in this annual report were taken before the outbreak of COVID-19 or on vessels or at locations where the 1.5-meter social distancing rule and other public health measures do not apply. 2 TABLE OF CONTENTS
The upgraded Houtrib dike between Enkhuizen and Lelystad in the Netherlands with the new Trintelzand nature reserve 3
4 CHAIRMAN’S STATEMENT
6 BOSKALIS AT A GLANCE
24 REPORT OF THE SUPERVISORY BOARD
36 REPORT OF THE BOARD OF MANAGEMENT
77 FINANCIAL STATEMENTS 2020
154 OTHER INFORMATION ANNUAL REPORT 2020 – BOSKALIS 4 from our colleagues in terms offlexibility andloyalty.from our colleaguesin terms And in the orderbook hadtostayfilled. To dothat,wehadtoaskalot had tobereduced wherepossible,investments werepostponedand paramount, theprojectshadto continueasmuchpossible,costs our policysince.Thehealthand safetyofourpeoplewas We immediatelyestablished acrisisagendathathasbeenguiding unprecedented challenge. vessels aroundtheworldoperationalandstaffedbecamean a grindinghaltand,asconsequence,keepingourprojects and cameto theaviationindustry working fromhomebecamethenorm, down. Lockdownmeasureswereannouncedacrosstheglobe, upside mid-March. Inonestrike,ourviewoftheworldwasturned Our positive mindset was howeverbluntly crushed by the coronavirus transition andtheprotectionofcoastalregionsfromclimate change. the challengesoffuture;infieldsinfrastructure, energy as weexpectBoskalistomakearelevantcontributionsolutions for and anupwardtrend.We werealsopositiveaboutthelongerterm for 2020-2022,whichwasbasedonagradualmarketrecovery beginning ofMarchwepresentedournewCorporateBusinessPlan The year2020hasbeenexceptionalinmanyways.Atthe STATEMENT CHAIRMAN’S position boastinganetcashofEUR439millionasperyear end. time, wewereabletosubstantiallyimproveourstrongfinancial and ahistoricallyhighorderbookofEUR5.3billion.Atthe same year witharevenueofEUR2.5billion,EBITDA404 million in Kitimat, Canada, where an LNG export terminal isbeingbuilt. terminal in Kitimat, Canada,where anLNGexport full swingand we havebeenworkingonthe thirdandfinalseason dredging projects. InSingapore,thelargeFinger Pier3projectisin reclaimed alongside.InSaudi Arabiawealsocompletedtwomajor areahasbeen polderandahugeport constructed inatemporary completed lastyear. Alongquaywallandtwojettieswere In theDredging&InlandInfra divisiontheDuqmmegaprojectwas DREDGING &INLANDINFRA thankstothemeasurestakenwehave endedthe Inpart corona-storm. genuinely confessthatIamproudofhowwehaveweathered the Looking atwherewestandtoday, andlookingbackat2020,Ican offices werealsohard,withmostcolleaguesworkingfromhome. tough quarantinerestrictions.Thedemandsonthecolleaguesin periods onboardandtheprojects,longertravellingtimes ontheprojectsand vessels.Longer fromeveryone particular synergies bycombining itwithourcurrent activities. Seaandwillbring strengthen our market positionintheNorth knownas Bibby Offshore.Thisacquisition enablesusto formerly new yearweacquiredthesubsea activitiesofReverOffshore, ofthe Atthestart for therenewablesmarketoffset thedifficultstart. and thelowoilprice,astrong summerseasonandlotsofsurveying totheyearduecocktailofweather,weaker start COVID-19 2020, theremainingsharesin Horizonwereacquired.Despitea Gardline andHorizoncontributedinfulltothegroup’s results.Early activitiesofboth 2020 wasthefirstyearinwhichsurvey coast. offtheScottish the foundationsandthentowedtowindfarm Rotterdam. InRotterdam,thefloatingturbinesarebeinginstalled on ofthefloatingfoundations ontheFjordfromSpainto transport installation oftheanchorspreadsonseabedfollowed by the Kincardine.InSeptember,floating windfarm: withthe westarted We alsoacquiredaspectacularcontractfortheworld’s largest the VikingVulcan 2020campaign. of and fourjacketfoundationsweresuccessfullyremovedaspart topsides dismantled forNeptuneEnergyandatotaloffourplatform were with anumberofdecommissioningprojects:threeplatforms topside inMalaysianwaters.TheBokalift1hasbeenbusythisyear successfully carriedoutthefloat-overinstallationofBokor theForte the FPSOP70,weighingover91,000tons.Furthermore, of385by60metersand heaviest cargoeverbyaship:fishfarm TheBOKAVanguardtransport. boththelargestand transported project inourhistory. In2020,wesetnewrecordsinheavymarine 2,TritonBeta, Hornsea KnollandOstwind2-thelargestcable busy year, withcable-layingprojectsincludingBorsseleAlphaand France. Intheareaofrenewables,SubseaCablesalsohadavery offshoreNormandy,seabed preparationoftheFécampwindfarm Unit toanonshorepowerplantandanewcontractwaswonforthe we willconnectanoffshoreFloatingStorageandRegasification numerous newdevelopments.Work inElSalvador, started where this respectwithboththesuccessfulcompletionofprojectsand year. madeagoodcontributionin inparticular SeabedIntervention After acoupleoftoughyears,OffshoreEnergyrecoveredwelllast OFFSHORE ENERGY infrastructure projectinAntwerp,Belgium. link by theawardofamajorsub-projectOosterweel 2021 hoppers forthreeyears.ThiswasfollowedinearlyJanuary With thisproject,wehavesecuredtheutilizationofourlarge byBoskalisonitsown. largest dredgingprojecteverundertaken ofManila.AtEUR1.5billion,thisisthe airport new international relatingtothelanddevelopmentfor a LetterofConfirmation In theclosingdaysofthischallengingyearwewererewardedwith including twomajordikereinforcementprojects. Netherlands wewerealsosuccessfulwithnumeroustenders, and wecompletedtheupgradeofHoutribdike.In dikeshasnowbeengiventhedefinitivego-ahead the Markermeer State, theimplementationofprojectplanforupgrading side.ThankstoapositiverulingfromtheDutchCouncilof German on theDanishsideandthisyearwecanalsogettowork tunnel.Lastyearwealreadystarted construction oftheFehmarnbelt In November, ruledinfavorofthe federalcourt theGerman they placeinus. and shareholders forthetrustandconfidence our clients,partners commitment, flexibilityanddedicationoverthepastyear as well Board ofManagement,Iwouldliketothankallthemfor their all thebestteamofprofessionalsinindustry. Onbehalfofthe with awell-filledorderbook,strongfinancialposition, andabove the pandemicisinsightandasacompanywearegreat shape withconfidence. forward We maynotbe thereyet,buttheendof After atruerollercoasterrideoverthelast12months,Iam looking some oftheworld’s largest repositoriesofcarbondioxide. Not onlydothesewetlandshelptoprotectcoasts,theyarealso dedicated toprotectingandrestoringwetlandsaroundtheworld. entered intoanalliancewithWetlands anNGO International, an increasingnumberofprojectsintheNetherlands.We havealso fuels suchasbiofuelsisresultinginasubstantialCO represents 15%ofourdomesticneeds.Andtheusealternative produce 1.6millionkWhofgreenelectricityperyear, which on theroofofourdistributioncenterinNetherlands.They sustainability strategy. We installedmorethan5,000solarpanels Throughout theyearwealsomademajorstepsinexecutingour NINA isunimaginable. culture andmentalitythroughoutthecompanyworkingwithout ofthe entirely in-house,hasbroughtaboutagenuinetransformation Frequency fellbynolessthan95%!NINA,whichwasdeveloped accident ratehasdroppedspectacularly. OurLostTime Injury successful NINAsafetyprogram.Sincewasintroduced,our year. InJuly, ofour wewereduetocelebratethetenthanniversary Obviously, COVID-19hascausedalotofdisruptionsoverthepast TRANSFORMATION left themarket,allowingustostrengthenourpositioninAmericas. high result.ItwasalsoayearinwhichourmaincompetitorArdent All inall,ithasbeenafantasticyearforSalvagewithhistorically crude oilcargowassafelytransferredtoothervessels. towed thecrudecarriertoUnitedArabEmirates,where room. Aftersuccessfullyextinguishingthefire,ourBOKAExpedition difficulties nearSriLankaafteranexplosionandfireintheengine two millionbarrelsofcrudeoilwassalvaged.Thisvesselraninto disaster. theVLCCNewDiamondthatwascarrying Furthermore, our Salvagecolleagueswereabletopreventamajorenvironmental leakingoil.Byremovingthebunkerfuel, anditstarted ship apart aground onacoralreefoffshoreMauritius.Theheavyseastorethe activities fortheJapanesebulkcarrierWakashio, whichhadrun Stellar Bannerthatranagroundandtheemergencyresponse rich history. Notableprojectsincludethesalvageofbulkcarrier Salvage hashadoneofthebusiestandmostsuccessfulyearsinits SALVAGE Peter Berdowski 2 reductionon 5 ANNUAL REPORT 2020 – BOSKALIS 6 BOSKALIS AT A GLANCE 7
8 COMPANY PROFILE
9 ACTIVITIES
10 STRATEGY
18 SHAREHOLDER INFORMATION ANNUAL REPORT 2020 – BOSKALIS Boskalis in vogelvlucht 8 for allitsstakeholders. creatingnewhorizons marine expert Boskalis isaleadingdredgingand sustainable growth forouractivities. maritime infrastructure andassuchconstitute thekeydriversof Boskalis. Collectivelythesemacro trendsdrivedemandfor for adaptive measuresincreasingly createbusinessopportunities therequired energytransitionandclimatechange Furthermore, growth inglobaltradeanddemand forrawmaterialsandenergy. drives rising prosperityoftheglobal population,whichinturn isdrivenbythestructuralgrowthand Demand forourservices design andrealizationofoursolutions. remote locationsaroundtheworld.We striveforasustainable execution ontime,safelyandwithinbudget,evenatvulnerable or for ourclientswithinthechainofdesign,projectmanagement and weareable torealizecomplexinfrastructuralworks As apartner emergency responseandsalvage-relatedservices. aswell weprovidetowageservices sectors. Furthermore, fortheoffshoreenergyandrenewables range ofmaritimeservices In additiontoourtraditionaldredgingactivitiesweofferabroad The megacutterKrios COMPANY PROFILE since 1971. Westminster N.V. shareshavebeen listed onEuronextAmsterdam office isbased intheDutchcityofPapendrecht. RoyalBoskalis floating equipment,including associatedcompanies.Ourhead clients. Ourversatilefleetconsists ofmorethan650vesselsand andby our (NINA), whichisheldinhigh regardintheindustry progressive globalsafetyprogram NoInjuriesAccidents those ofoursubcontractorsis paramount.Boskalisoperatesits including associatedcompanies.Thesafetyofouremployees and Royal BoskalisWestminster N.V. (Boskalis)has9,913employees, projectdevelopers. companies andinternational contractors andsubcontractors,shippingcompanies,insurance energy companies,miningcompaniesandrelatedEPC operators,oil,gasandwind andterminal port governments, balanced andsustainablegrowth.Ourmainclientsare wide rangeofprojects,aswellprovidinggoodprospects for both asolidfoundationandtheflexibilitytobeablesecure a that havethehighestgrowthexpectations.Thisspreadgivesus Boskalis operatesworldwidebutconcentratesonthoseregions maintenance, firefighting, and the coupling and uncoupling of maintenance, firefighting, andthe coupling anduncoupling suchaspilotage, subseainspectionand services support aswelladditional oftankersatoilandLNG terminals unberthing and includeassistancewiththeberthing Theseservices terminals. fortheoperationandmanagementof onshore andoffshore services intheAsia-Pacificregion.Smit Lamnalco offersafullrangeof ports Towage offersassistancetoincomingand outgoingvesselsinvarious ventures KeppelSmitTowage andSmitLamnalco. KeppelSmit areprovidedtooceangoingvesselsthroughthejoint services aroundtheworldtowageandterminal andterminals In ports TOWAGE installation. complemented withdredging,offshorepipeline,cableand rock lift andinstallationwork,aswelldivingROVservices in theareasofmarinesurvey, applies itsexpertise heavytransport, theseactivitiesBoskalis Inperforming and offshorewindfarms. pipelinesandcables facilities,offshoreplatforms, import/export construction, maintenanceanddecommissioningofoilLNG energy suchaswindpower. We areinvolved intheengineering, sectors, includingoilandgascompaniesprovidersofrenewable energyandrenewables theactivitiesofinternational supports Boskalis Through itsoffshorecontractingcapabilitiesandservices OFFSHORE ENERGY works suchassoilimprovementandremediation. specialist riverbank relatedprojects.Indoingso,wealsoperform bridges, aqueducts,viaductsandtunnelsinadditiontodike civil infraworks,suchastheconstructionofroadsandrailroads, This involvesthedesign,preparationandexecutionoflarge-scale infrastructureprojects. Boskalis alsooperatesasacontractorofdry IntheNetherlands, earthmoving. dredging techniquesanddry addition, Boskalisisactiveintheextractionofrawmaterialsusing andcoastaldefenseriverbankprotection.In waterways, and provide alsoincludetheconstructionandmaintenanceofports we example forcoastalprotectionorlandreclamation.Theservices the sea-orriverbedandreusingitelsewherewherepossible,for all activitiesrequiredtoremovesilt,sand,clayandotherlayersfrom Traditionally thecoreactivityofBoskalisisdredging.Thisinvolves DREDGING &INLANDINFRA anywhere intheworld. complex projectsontime,safelyandwithinbudget, have proventimeandagainthatweareabletorealize experience inengineeringandprojectmanagementwe fleetandextensive approach, versatilestate-of-the-art multidisciplinary techniques. Withourgreatexpertise, specialist knowledgeofenvironmentallyfriendly Boskalis isrenownedforitsinnovativeapproachand ACTIVITIES platforms underchallenging circumstances. platforms and boastasuccessfultrackrecordinsalvagingvessels remove hazardoussubstancessuchasheavyfueloilfromwrecks hazard. We neededto havetheadvancedtechnologyandexpertise anobstructiontotrafficorpresentsenvironmental wreck forms almostalwaystakesplaceatlocationswherethe offshore platforms Rotterdam andSingapore.Theremovalofshipwrecksordamaged shippingroutes:Houston,CapeTown,along themaininternational by operatingoutoffourlocationswhicharestrategicallysituated action atanytimeandanywhereintheworld.We areabletodoso removal. We assistvesselsindistressandareabletospringinto relatingtomarinesalvageandwreck Boskalis providesservices SALVAGE the world. container ships,reefers,ro-rovesselsandmixedcargoshipsaround assistance isprovidedto,amongstothers,oilandchemicaltankers, connections.With terminal acombinedfleetofover200vessels 9 ANNUAL REPORT 2020 – BOSKALIS 10 ANNUAL REPORT 2020 – BOSKALIS boskalis at a glance energy transition. welfare andadvancethe We createandprotect STRATEGY Development Goals(SDGs). Together theseactivitiescontribute significantlytoachieving theUNSustainable through ouroffshore windbusiness,wehelp toadvancetheenergytransition. valuable vesselsandtheircargo. With ouroffshoreenergyactivities,inparticular Our marinesalvagebusiness helpstopreventenvironmentaldisastersandrecovers the consequencesofclimate change, risingseaslevelsandextremeweatherevents. and riverbankprotectionactivities protectsocietyandthenaturalenvironmentfrom activities weoffersolutionsto protectvaluableareasandassets.Ourcoastaldefense creating infrastructureaswellnewland.Throughour dredging andmarinesalvage activities contributetocreatingprosperity, forexamplebyfacilitatingworldtrade, welfare andadvancetheenergytransition”.Acrossbreadth ofthegroupour challenges. Thisisalsocapturedinourpurposestatement “We createandprotect Boskalis’ activitiescreateeconomicvaluewhileaddressing societalneedsand OUR CONTRIBUTION Business Planfortheperiod2022-2024inMarch2022. end-markets inthesecondhalfof2021withintentto publishanewCorporate impact lessambiguous.Boskaliswillthereforereviewitsrelevant its mid-tolong-term business planiscalledforoncetheCOVID-19pandemicbroughtundercontroland opposed tocancelledaltogether. Nonetheless,acomprehensivereviewofthecurrent made withmanyofthestrategicinitiatives.Anumberplanshavebeenrephasedas Business Plan.Notwithstandingthischangedenvironment,significantprogresswas obviously beendifferentfromtheassumptionsunderlying2020-2022Corporate COVID-19 ontheglobaleconomy. However, near-term marketdevelopmentshave impactof It iscurrentlystilltooearlytoreliablyassessthemid-long-term bytheCOVID-19pandemic. presented inMarch2020washoweverrapidlyovertaken pillars –Focus,SustainableGrowthandHumanExcellence.Thenewplanas early2020covering theperiod2020-2022thatbuildsonthreestrategic formulated review ofourmarketsandbusinesslines,anewCorporateBusinessPlanwas Our strategyiselaboratedinourthree-yearbusinessplan.Followingathorough relevant marketdevelopments,isakeyfactorinBoskalis’success. model. Systematicexecutionofthestrategy, whichisreviewedregularlyinlight of oftheBoskalisbusiness equipment withvalue-addingpotentialarethecornerstone ofspecialistactivities.Itsversatilevesselsandmaritime comprehensive portfolio markets thankstoitsabilitydeliverinnovativeall-roundsolutionscombinedwitha Thecompanyisafrontrunnerinmanyofits offshore energyandmaritimeservices. Boskalis operatesaroundtheworldandisaleadingplayerinfieldsofdredging, 2020 BOSKALIS 2022 E K L S U AN E ELLEN E A I I SUSTAINABLE RO T O O US UN SustainableDevelopmentGoals(SDGs). element tohelpaccelerateprogresstowardsachievingthe building oftrade-relatedinfrastructureisrecognizedasakey financial, socialandenvironmentalobjectives.Inparticular, the requiredtomeeteconomic and essentialservices support arethebackboneofdevelopment–they Infrastructure services and climatechange. the otherdriversofourbusiness:worldtrade,energyconsumption and moreaffluentpopulationlivingincoastalregionsunderpins expected tohaveincreasedby50percent2040.Thisgrowing average globalGrossDomesticProduct(GDP)percapitais markets willoutgrowtheadvancedeconomiesandthat economicprojectionsshowthatemerging long-term Furthermore, proximity towaterandsomeofthislandwillbereclaimed. live on0.5percentoftheworld’s landarea,muchofitinclose the peopletogetherwithassociatedassetsandinfrastructurewill to approximately9billionby2040.Bythenalmost70percentof global population,projectedtorisebymorethan1billionpersons A keydriverofourbusinessmodelisthecontinuedgrowth business model. megatrendsthatunderpintheBoskalis clear eyeonthelong-term In monitoringanddevelopingourcorporatestrategywekeepa BUSINESS DRIVERS mix andabsolutefossilfuelvolumesarepredictedtogrowinthe expected toremainsignificantcomponentsoftheglobalenergy for theforeseeablefuture.Oil,naturalgasandevencoalare traditional fossilenergysourceswillcontinuetobeindispensable Whilst theenergytransitionisdrivinggrowthinrenewables, energy services. to deliveraffordable,sustainableandreliableaccessmodern expenditure ofUSD45billionisrequiredtoaddressUNSDG7 supply infrastructureintheperiodupto2040.Whileanannual Agency (IEA)estimatesUSD44trillionisrequiredinnewenergy Energy presents achallengeonmultiplefronts.TheInternational demand. Theenergyinfrastructurerequiredtomeetthisneed significant newinvestmentsarerequiredtomeetthisrising fromexistingsources,however ofthis demandcanbeserved Part economic developments,energydemandcontinuestoincrease. As aconsequenceoftheabove-mentioneddemographicand dredging. intheareaof basins,creatingprimarilyopportunities turning and require deeperaccesschannelsandlargerberths thesevessels towards largervesselswithdeeperdrafts.Inports increase.Boskaliscontinuestobenefitfromthetrend to further inAsia,interregionalshippingisanticipated growth. Particularly Global tradeisexpectedtoroughlykeeppacewitheconomic to the Kincardine offshore floating wind farm inScotland to theKincardineoffshore floatingwindfarm The anchorhandling tugMantatowingafloatingwind turbine 11 ANNUAL REPORT 2020 – BOSKALIS 12 ANNUAL REPORT 2020 – BOSKALIS boskalis at a glance increase overthenext decades.Adequately addressing these emissions, the damaging effectsofclimate change willnonetheless are alreadylocked inasaresultofcurrent andnear-term renewable energysources.Given theunavoidablechangesthat investments intheenergytransition awayfromfossilfuelstowards stimulates globaltrade.Climate changenecessitatesmassive coastal areasdrivesdemand forrawmaterialsandenergy rising prosperityoftheglobal populationthatincreasinglylivesin relevant toBoskalisareallpositive.Thestructuralgrowth and In summary, developmentofmacrotrends themid-tolong-term of theseannualinvestmentneeds. safety levelstoDutchstandardswouldresultinatenfoldincrease are requiredtokeepfloodrisksattheircurrentlevels.Raisingthe century. ItisestimatedthatannualinvestmentsofUSD77billion projected toincrease1001,000timesbytheendofthis Without additionalinvestmentsannualcoastalflooddamagesare live inflood-proneareasatthreatfrombothriversandseas. 1.1billionpeople from theeffectsofclimatechange.Furthermore, worldwide arelocatedonthecoast,manyofwhichatrisk 60 kilometersofthecoastand75percentmajorcities 3.5 billionpeople,halftheglobalpopulation,livewithin climate changecannotbefullyprevented.Approximately statesthattheeffectsof Climate Change(IPCC)incontrovertibly Panelon fromtheIntergovernmental The 2018specialreport businesses tostepupthechallengeisbiggerthanever. for Theopportunity global goalstolimitwarming. The UNrecognizestherisinggapbetweencurrentprogressand adaptation. Boskalis canplayavaluableroleinthenecessary Climate changecontinuestoriseuptheglobalagendaand and consumers. renewable electricityavailableandattractivetoclients foundations. Throughtheseprojectswearehelpingtomake strong positionintheinstallationofcablesandturbine one oftheleadingplayersinoffshorewindmarketwitha roletoplayinadvancingtheenergytransition.Weimportant are Boskalis. Throughourprojectsandbusinessactivitieswehavean renewables andgas–thetwomostrelevantenergymarketsfor would stronglydeclineandbeoffsetbyanevensharpergrowthin energy transition,theshareofcoalandoilinmix forBoskalis.Withinsubstantial newopportunities suchafaster consistent withmeetingtheParisclimategoals–wouldalsocreate Amorerapidenergytransition– and mediumterm. short Figure 1:Boskalisbusinessdriversandrelatedactivities Figure 1:Boskalisbusinessdriversandrelatedactivities P E