Boskalis completes study into head office costs
May 15 2017 - 5:37AM
Papendrecht, 15 May 2017
Royal Boskalis Westminster N.V.
(Boskalis) has completed the previously announced study into the
costs of its head office organization. The deteriorated market
circumstances and the expected long spell of low energy prices were
the reason for the study. Based on the study Boskalis will target
total cost savings of EUR 30-35 million, resulting in the
loss of around 230 jobs. This restructuring is part of the
Corporate Business Plan 2017-2019 which Boskalis presented at the
start of the year and will be implemented in the next 18
months.
The reason for the study is that Boskalis is
impacted by the negative market developments, mainly as a result of
the low oil price. Initial steps to respond to this were taken last
year with the announcement of a fleet rationalization and cost
reduction program. A significant part of the fleet rationalization
program was already implemented in 2016 and an impairment charge
was taken on the offshore fleet and goodwill.
As a result of this measure around 230 employees
will be made redundant at the head office in Papendrecht. The
reduction will be absorbed through attrition and redeployment where
possible, but compulsory redundancies cannot be ruled out. Boskalis
has requested the formal opinion of the Works Council with regard
to this intended decision.
This is an
English translation of the Dutch press release. In the event of any
disparity between the Dutch original and this translation, the
Dutch text will prevail.
Royal Boskalis
Westminster N.V. is a leading global services provider operating in
the dredging, maritime infrastructure and maritime services
sectors. The company provides creative and innovative all-round
solutions to infrastructural challenges in the maritime, coastal
and delta regions of the world with services including the
construction and maintenance of ports and waterways, land
reclamation, coastal defense and riverbank protection. In addition,
Boskalis offers a wide variety of marine services and contracting
for the oil and gas sector and offshore wind industry as well as
salvage solutions (SMIT Salvage). Furthermore, Boskalis has a
number of strategic partnerships in harbour towage and terminal
services (KOTUG SMIT Towage, Keppel Smit Towage, Saam Smit Towage
and Smit Lamnalco). With a versatile fleet of more than 900 vessels
and floating equipment and 11,700 employees, including associated
companies, Boskalis operates in over 90 countries across six
continents.
This press release can also be found on our
website www.boskalis.com.
pdf version press release
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Koninklijke Boskalis Westminster N.V. via
Globenewswire
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