Bloomberg News

Boskalis Falls as Deme Wins Wheatstone Contract: Amsterdam Mover

February 14, 2012

Feb. 13 (Bloomberg) -- Royal Boskalis Westminster NV fell the most in almost six months in Amsterdam trading after the world’s biggest dredging company was beaten by a Belgian contractor for an order in Western Australia.

Boskalis dropped 1.89 euros, or 6.2 percent, to 28.38 euros, the biggest decline since Aug. 18.

“We got indications that we won’t get the job and we also see on certain websites that it has been granted to a competitor,” Martijn Schuttevaer, a spokesman for Papendrecht, Netherlands-based Boskalis, said by telephone today.

Chevron Corp., the second-largest U.S. oil producer, won government approval last year for its A$29 billion ($31 billion) Wheatstone liquefied natural gas project in Western Australia. Dredging Environmental & Marine Engineering NV, a company known as Deme that’s owned by Ackermans & van Haaren NV and Cie. d’Entreprises CFE SA, was granted a marine-dredging order, according to a filing on a Chamber of Commerce and Industry of Western Australia website.

“A project with the size of Wheatstone at a couple of hundreds of millions is certainly sizable on an order book of a small 2 billion euros ($2.6 billion),” and a failure to win the contract would be “disappointing,” Andre Mulder, an analyst at Kepler Capital Markets in Amsterdam, said in a report. Mulder has a “buy” recommendation on Boskalis shares.

CFEB gained 5.8 percent to 46.01 euros in Brussels, while Ackermans added 1.5 percent to 61.45 euros.

Ann Wittemans, a spokeswoman for Zwijndrecht, Belgium-based Deme, wasn’t immediately able to comment.

--With assistance from Gaurav Panchal and Alexis Xydias in London. Editors: Tom Lavell, Robert Valpuesta.

To contact the reporters on this story: Martijn van der Starre in Amsterdam at vanderstarre@bloomberg.net; Maud van Gaal in Amsterdam at mvangaal@bloomberg.net

To contact the editors responsible for this story: Mariajose Vera at mvera1@bloomberg.net; Frank Connelly at fconnelly@bloomberg.net


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