Dutch maritime lifting and slavage contractor Smit International saw its net profits more than double in 2003 to €27.0m, up from €13.4m in 2002.
Operating profits rose from €13.1m in 2002 to €29.3m in 2003.
The improved result follows implementation of a strategic review. Approximately half of the profits – €14.7m – came from Smit’s transport and heavy lift division. This follows a loss-making 2002 for the division. The turnaround was attributed primarily to major lift projects that had been postponed in 2002. Utilisation rate of heavy lift crane barges was described as “high”. Projects included the construction of a new bridge spanning the Gulf of Corinth and, in the UK, a large sheerlegs was deployed to install various modules for the FPSO (floating production storage & offloading vessel) ‘Bonga’.
