Hal posted a rather good Q3-23, marked by a further 1% rise in its NAV qoq to €13.682m or €151.44 per share, bringing the discount to NAV to around c.27%. Once again this quarter, the acquisition of Boskalis appears to be a winning bet for the secretive Dutchman from an operational point of view. While the YTD performance is good, Hal’s liquidity war chest remains the key question, calling for a redeployment.