Boskalis in VolkerWessels deal

Dutch dredging and marine infrastructure firm Royal Boskalis Westminster is set to acquire the offshore activities of VolkerWessels, also based in the Netherlands.

Under the intended transaction, Boskalis will acquire the maritime and offshore wind energy-related activities of VolkerWessels – VBMS, Stemat and VSI (Volker Stevin International).

Peter Berdowski, CEO of Boskalis, said that the two companies had been working closely together, both on- and offshore.

“Over the last couple of years, we jointly increasingly targeted offshore wind opportunities and together acquired and completed projects successfully. For the coming years, we expect demand for offshore wind energy to increase further, both in Northwest Europe and beyond.”

He said that the company was therefore very enthusiastic that it could incorporate these activities 100% into Boskalis.

“Combining these with our other maritime activities will create new opportunities for market and cost synergies. This is a logical and desirable step for Boskalis in its strategy aimed at strengthening its offshore service proposition.”

VBMS, a 50:50 Boskalis-VolkerWessels joint venture, claims to be the European market leader in the field of offshore cable installation, with a strong market position and well-filled order book.

As a result of this transaction, Boskalis will acquire the remaining 50% share in VBMS.

Stemat has a global offering of specialised vessels including a cable-laying vessel and multi-purpose vessels. It specialises in the construction of offshore foundations and maritime constructions.

In late 2014 and mid-2015, a joint venture of Boskalis and VSI acquired two large offshore wind park projects – Wikinger and Veja Mate. If the takeover were to go through, Boskalis would now execute these two projects on a 100% basis.

The current annual revenue, excluding the two offshore wind park projects, amounts to approximately €200 million, with an EBITDA (earnings before interest, taxes, depreciation and amortization) of approximately €30 million.

Boskalis said the intention was to close this transaction in the second quarter of 2016, subject to customary conditions, and with an effective date of 1 January, 2016.