Netherlands

Netherlands

Boskalis plans takeover of VolkerWessels' offshore business

NETHERLANDS: Offshore servicing company Royal Boskalis Westminster has signed a letter of intent (LoI) to acquire the offshore activities of compatriot VolkerWessels.

Boskalis plans to buy VolkerWessels' offshore business, including the remainig 50% stake in VBMS
Boskalis plans to buy VolkerWessels' offshore business, including the remainig 50% stake in VBMS

In the deal, Boskalis would acquire VolkerWessels subsidiaries: cable installation firm VBMS, vessels provider Stemate and offshore foundations specialist Volker Stevin International (VSI).

The transaction is expected to close in Q2 2016 but with an effective date of 1 January 2016.

"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," said Boskalis CEO Peter Berdowski.

VolkerWessels and Boskalis are currently 50-50 joint partners in VBMS. Boskalis would acquire VolkwerWessels' 50% share as part of the deal.

In 2014 and 2015, VSI and Boskalis, through its Offshore Windforce joint venture, won contracts for the Wikinger and Veja Mate offshore wind projects, according to Boskalis. The firm said it would complete the projects on a 100% basis following the transaction.

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