Jan 08 | 2021
(Europe) Strengthens North Sea Position
Engineering firm Boskalis said it has acquired the subsea services division of integrated construction and management group Rever Offshore.
The all-share deal will see Boskalis acquire the unit, formally known as Bibby Offshore, in order to strengthen its position in the subsea services market in Northwest Europe, Africa and the Middle East.
“On the important North Sea subsea market, Boskalis is now a solid top three player opening up ample opportunities for operational efficiencies and synergies,” said Arno Schikker of Boskalis.
North Sea Presence
The deal will cover Rever Offshore’s services business in the areas of subsea construction, inspection, repair and maintenance and includes two diving support vessels. Boskalis will add the fully owned vessel Rever Polaris to its fleet as well as a second chartered vessel, Rever Topaz.
Rever's business and both vessels have historically operated out of Aberdeen in the east of Scotland, and hold a strong track record from a range of North Sea projects.
“Through this acquisition, Boskalis strengthens its … capabilities to serve both the traditional oil and gas market and the rapidly expanding offshore wind market,” said Martijn L.D. Schuttevâer of Boskalis.
Rever group employs an onshore staff of about 130 in addition to about 220 offshore workers. The group generated €90 million in revenue in 2020, with most of this generated through numerous framework agreements.
“Based on projected cost synergies, the acquisition payback period is expected to be less than three years,” Schuttevâer added.
The acquisition comes alongside the announcement that a consortium – consisting of Boskalis, Mobilis, CIT Blaton, Artes Group and Stadsbader – has secured a major subproject of the Oosterweel link near Antwerp, Belgium.
The Rinkoniên consortium was awarded the major subsea project by Flemish public entity Beheersmaatschappij Antwerpen Mobiel, known as Lantis, which is responsible for the development of the complex project to connect the Expressweg via a toll tunnel underneath the Scheldt, leading to a dual-layered tunnel under the Albert Canal.
“The subproject awarded to Rinkoniên consist of two parts, namely the construction of the Oosterweel junction and the replacement of the Royers lock. The total contract value is in excess of €500 million, with Boskalis’ share being approximately 20 percent,” a spokesperson for Lantis said.
The complex project will involve submerging the eight-lane junction over a distance of 1,700 meters, with construction taking place at a depth of 15 to 30 meters, and more than 3 million cubic meters of earthwork required.
Registered in Papendrecht, Netherlands, Royal Boskalis Westminster provides a range of heavy-lift and project cargo capabilities as well as operating one of the largest dredging fleets in the world and employing almost 12,000 staff worldwide.
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