Royal Boskalis Westminster says it expects to report a non-cash impairment charge of EUR 840m ($891.66m) in its 2016 annual results.

The Dutch contractor blamed the “strongly deteriorated market conditions” in the offshore energy sector for the write-down.

“This charge is almost entirely related to the services part of Boskalis' offshore oil and gas activities, with more than EUR 365m related to an impairment of vessels, more than EUR 380m relating to goodwill and about EUR 90m to Smit Lamnalco,” the company said.

Bosklais