Royal Boskalis Westminster (Boskalis) saw net profit fall 10% last year to $440.7m and sees stormy times ahead.

“From an operational perspective the result for 2015 was even better than the 2014 record result, which included a large number of exceptional items on balance before taxation,” the company said.

Its dredging & inland infrastructure division achieved a high fleet utilisation rate and good results on projects in progress. The large Suez Canal project, which was completed successfully in 2015, made a significant contribution to both revenue and earnings.

Offshore energy also had a good year and despite the deteriorated market conditions earnings increased slightly, partly helped by the strong US dollar. The good result was driven by good utilisation of the equipment and good project results.

Towage & salvage saw a decline in the result on balance compared to the previous year, mainly as a result of deconsolidation effects at towage. From an operational perspective salvage can look back on a very busy and successful year.

"We look back on a very successful year in which we achieved excellent results across the entire business. While the storm was gathering strength outside, we had an exceptionally busy year with many impressive projects,” said Peter Berdowski, ceo of Boskalis.

“The stormy conditions outside are also increasingly being felt within our company. Falling prices for oil, gas and commodities are also taking their toll in various market segments we operate in. Volumes and prices are under pressure, which is also translates into our orderbook.”

The company’s orderbook fell to $2.74bn.