Boskalis

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Royal Boskalis Westminster N.V.
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Quick Facts
TypePublic
sectorDredging & other maritime services
Headquarters (Benelux Organization)Papendrecht, Netherlands
Year of Origin1910
Emissions (Scope 1&2)1.078 Megatons of CO2 (2021)
Total RevenueEUR 2.957 million (2021)
Stock ExchangeAmsterdam (Euronext)
Key PeoplePeter Berdowski (CEO), Carlo van Noort (CFO)
Number of employees10,250 (2021)
Subsidiaries
  • Boskalis Dragamex
  • Cofra
  • Boskalis Australia
  • Boskalis Nederland
  • Boskalis Environmental
  • SMIT Salvage
  • Boskalis Hirdes
  • Boskalis Russia
  • Boskalis Rockfall
  • Boskalis Terramare
  • Boskalis Westminster
  • Nigerian Westminster Dredging
  • Irish Dredging
  • Llanelli Sand
  • Boskalis Brazil

Royal Boskalis Westminster N.V., stylized as Boskalis, is one of the biggest dredging companies of the world. Traditionally, Boskalis' core activity is dredging, but today they also offer services such as the construction and maintenance of inland and offshore infrastructure, maritime services and contracting to the offshore energy sector, towage services, emergency response, and salvage services. Boskalis was established in 1910 by a group of families in Sliedrecht, the Netherlands. Its headquarters are located in Papendrecht, the Netherlands.

Company Structure

Boskalis was established in 1910 by a group of families in Sliedrecht, the Netherlands.[1] Back then, the dredging company did not go by the name Boskalis. In 1930, the name was changed into a more similar name to the current one: NV Baggermaatschappij Bos & Kalis.[2] In 1971 the company went to the stock market and lost its family character.

Rijkswaterstaat was and still is an important commissioning party for Boskalis. Rijkswaterstaat is part of the Dutch Ministry of Infrastructure and Water Management and in charge of the design, construction, management and maintenance of the main infrastructure facilities in the Netherlands.[3]

Boskalis has a long history of becoming less dependent from Rijkswaterstaat. In doing so, it entered the foreign market with varying success. Boskalis initially focused on neighboring countries (particularly Great Britain) and subsequently, via the Dutch East Indies, on Thailand, China and Japan. From 1950 onwards the Middle East and the expanding oil industry offered many new opportunities. In recent decades the tourist industry has become more important. This went hand in hand with financial risks.

After 1960 Boskalis also followed a strategy of growth through diversification by providing different services.[4] These strategies did not turn out to be a success. At the beginning of the 80s, the company was almost bankrupt. By focusing again on dredging and selling all the services that did not have anything to do with that, the company could survive.

Since 2000, Boskalis is again looking for ways to grow, although it focuses on maritime services. Present day, Boskalis has over 130 group companies in around 40 countries over the world.[5] Furthermore, Boskalis has over 25 joint operations.


Board of Management

The board of management consists of four members and is chaired by Peter Berdowski. They are responsible for the day-to-day management of the company.

Board of Management[6]
Name Function Remuneration x1000 EUR[7]
Peter Berdowski Chairman 2,486 EUR
Theo Baartmans Member 1,715 EUR
Bart Heijermans Member 1,291 EUR
Carlo van Noort Chief Financial Officer 1,244 EUR

Supervisory Board

Supervisory Board[8]
Name Function Remuneration x1000 EUR[9]
Jeroen van der Veer Chairman >60 EUR
Jack de Kreij Deputy Chairman >45 EUR
Daan Sperling Member >45 EUR
Jacqueline Tammenoms Bakker Member >45 EUR
Jaap van Wiechen Member >45 EUR
Renée Jones-Bos Member >45 EUR

Accountant

From the 2022 financial year on, KPMG is Boskalis’ auditor.[10] Before, the external auditor was Ernst & Young Accountants LLP (EY), but the maximum term of appointment has expired.

Main Activity

The company is divided into three segments: Dredging & Inland Infra, Offshore Energy, and Towage & Salvage.[11] Dredging and inland infra account for the biggest part of the revenue, with more than 50%. Close second is the offshore energy segment with around 43%. Last comes towage and salvage with around 5%.

Dredging is traditionally the core activity of Boskalis. Dredging is the activity of removing material from a water environment. This material can be reused elsewhere. According to Boskalis, projects that fall under this segment can consist for example of the construction, maintenance and deepening of ports and waterways; of land reclamation; of coastal defense and riverbank protection; of the extraction of minerals; and of soil improvement. In the Netherlands, Boskalis is also involved in dry infrastructure projects such as the construction of roads and bridges.

The Offshore Energy segment consists of projects involved in oil, gas, and renewable energy companies. Boskalis is for example involved in the engineering, construction, maintenance and decommissioning of oil and gas (LNG) facilities, offshore platforms, pipelines, cables and offshore wind farms.

Towage is the service of pulling a boat along by another boat. The joint ventures Keppel Smit Towage and Smit Lamnalco are the key players in this. They have over 200 vessels to provide assistance to oil and chemical tankers, LNG carriers, container ships and more. Salvage is the service of providing assistance to vessels in distress and of removing shipwrecks and hazardous substances.

Government

Rijkswaterstaat was and still is an important commissioning party for Boskalis.[12] Rijkswaterstaat is part of the Dutch Ministry of Infrastructure and Water Management and in charge of the design, construction, management and maintenance of the main infrastructure facilities in the Netherlands.[13] Boskalis has a long history of becoming less dependent on Rijkswaterstaat. In doing so, it entered the foreign market with varying success.

In 1978, Boskalis received the designation ‘Royal’.[14] This designation is awarded by the king or queen and symbolizes the respect, appreciation and trust towards the recipient.[15] The most important obligation following the designation is that the recipient will refrain from anything that will damage their reputation.[16]

Paris Agreement untill Today

What has company done or refused to do since the Climate Accord of Paris? Per company, where applicable refer to research on the benefits of fossil companies in the form of subisidies etc.

Financial Results since 2015

This table is meant to indicate that the companies have plenty of money to make their company more sustainable. Clearly distinguish between Dutch data and international data.

Financial situation
Year Revenue Profit Dividend
2015 XXX Billion EUR XXX EUR XXX EUR
2016 XXX Billion EUR XXX EUR XXX EUR
2017 XXX Billion EUR XXX EUR XXX EUR
2018 XXX Billion EUR XXX EUR XXX EUR
2019 XXX Billion EUR XXX EUR XXX EUR
2020 XXX Billion EUR XXX EUR XXX EUR
2021 XXX Billion EUR XXX EUR XXX EUR

Scandals and controversies

Any dirt on the companies can be added here.

Current Emissions

In their annual sustainability report, Boskalis does not mention anything about the greenhouse gas emissions of scope 3.[17] Furthermore, they do not show separate numbers for scope 1 and 2. According to Boskalis, their total scope 1 and 2 CO2 emissions amounted to 1.08 million tonnes in 2021. The largest part of the CO2 footprint is linked to the vessels. Emissions from the fleet amounted to 1.06 million tonnes. The reported emissions are from the Offshore Energy division, the Dredging and Inland Infra division and from Offices. They do not include the emissions from the Towage and Salvage division, because the Towage business is incorporated in joint ventures and the Salvage operations rely on vessels from the other divisions or third parties.

Total emissions since 2018[18][19][20][21]
Year Scope 1 & 2
2021 1.078 Megatonnes CO2
2020 .984 Megatonnes CO2
2019 1.111 Megatonnes CO2
2018 1.180 Megatonnes CO2


Climate Policy and Plans

Description of the climate plans and policy of the company, with special focus on the goals for 2030 and 2050. Make sure to include the baseyear for their targets. Do the goals take the entire company and all scopes into account?

Due Diligence

Keep the broader context in mind. Is the company integer when it comes to deforestation, palm oil, biodiversity, human rights etc etc? Be critical in the sources used here.

Conclusion

Recap of the position and influence of the company. Are the climate plans of the company enough to be in line with goals of the Paris Agreement? Is the company doing enough? Are the company's targets realistic?

References

  1. ↑ Boskalis (n.d.). History. Retrieved on 11 April, 2022 from https://boskalis.com/about-us/history.html
  2. ↑ Goey, F. de. (2011). B. Bouwens, K. Sluyterman, Verdiept verleden. Een eeuw Koninklijke Boskalis Westminster en de Nederlandse baggerindustrie. BMGN - Low Countries Historical Review, 126(3), 132–133. https://doi.org/10.18352/bmgn-lchr.7414
  3. ↑ Rijkswaterstaat. (n.d.) About us. Retrieved on 11 April, 2022 from https://www.rijkswaterstaat.nl/en/about-us
  4. ↑ Goey, F. de. (2011). B. Bouwens, K. Sluyterman, Verdiept verleden. Een eeuw Koninklijke Boskalis Westminster en de Nederlandse baggerindustrie. BMGN - Low Countries Historical Review, 126(3), 132–133. https://doi.org/10.18352/bmgn-lchr.7414
  5. ↑ Boskalis. (2021). Boskalis annual report 2021. Retrieved from https://boskalis.com/
  6. ↑ Boskalis Annual report 2021, retrieved on april 6, 2022 on https://boskalis.com/ir/financial-publications.html
  7. ↑ Boskalis Remuneration report 2021, retrieved on april 6, 2022 on https://boskalis.com/ir/financial-publications.html
  8. ↑ Boskalis Annual report 2021, retrieved on april 6, 2022 on https://boskalis.com/ir/financial-publications.html
  9. ↑ Boskalis Remuneration report 2021, retrieved on april 6, 2022 on https://boskalis.com/ir/financial-publications.html
  10. ↑ Boskalis. (2021, March 31). AGM 12 May 2021 agenda. Retrieved from https://boskalis.com/ir/corporate-governance/general-meeting-of-shareholders.html
  11. ↑ Boskalis. (2021). Boskalis annual report 2021. Retrieved from https://boskalis.com/
  12. ↑ Goey, F. de. (2011). B. Bouwens, K. Sluyterman, Verdiept verleden. Een eeuw Koninklijke Boskalis Westminster en de Nederlandse baggerindustrie. BMGN - Low Countries Historical Review, 126(3), 132–133. https://doi.org/10.18352/bmgn-lchr.7414
  13. ↑ Rijkswaterstaat. (n.d.) About us. Retrieved on 11 April, 2022 from https://www.rijkswaterstaat.nl/en/about-us
  14. ↑ Boskalis (n.d.). History. Retrieved on 11 April, 2022 from https://boskalis.com/about-us/history.html
  15. ↑ Het Koninklijk Huis. (n.d.) Predicaat Koninklijk. Retrieved on April 19, 2022 from https://www.koninklijkhuis.nl/onderwerpen/onderscheidingen/predicaat-koninklijk
  16. ↑ Het Koninklijk Huis. (n.d.) Predicaat Koninklijk aanvragen. Retrieved on April 19, 2022 from https://www.koninklijkhuis.nl/onderwerpen/onderscheidingen/predicaat-koninklijk/aanvragen
  17. ↑ Boskalis. (2021). Boskalis sustainability report 2021. Retrieved from https://boskalis.com/.
  18. ↑ Boskalis. (2021). Boskalis sustainability report 2021. Retrieved from https://boskalis.com/.
  19. ↑ Boskalis. (2020). Boskalis sustainability report 2020. Retrieved from https://boskalis.com/.
  20. ↑ Boskalis. (2019). Boskalis sustainability report 2019. Retrieved from https://boskalis.com/.
  21. ↑ Boskalis. (2018). Boskalis sustainability report 2018. Retrieved from https://boskalis.com/.
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