Boskalis acquires subsea survey specialist Gardline
15 August 2017 - 11:01PM
Papendrecht, 15 August 2017
Royal Boskalis Westminster N.V. announces that it
has acquired all shares of the Gardline Group (Gardline) as of
today. The UK based company's main activities include marine
geophysical surveys, offshore geotechnical services and
environmental surveys. With the acquisition Boskalis fulfils its
strategic ambition to build a position in the offshore survey
market and becomes a specialist provider of subsea geotechnical
surveys with an exposure to the renewables market and the early
cyclical oil and gas market. Gardline operates 15 survey related
vessels in addition to 25 smaller vessels including crew transfer
vessels and survey catamarans.
The consideration paid including assumed debt
amounts to approximately GBP 40 million. The current annual revenue
level is approximately GBP 60-70 million. Based on the challenging
near-term outlook Boskalis does not expect the transaction to be
EBIT accretive within the next few years. This transaction however
positions Boskalis well for when end-markets recover.
Gardline was established in 1969 and was a
second-generation family-owned business. The company's principal
offices are located in Great Yarmouth, UK with further activities
in the USA, Brazil and Singapore. Gardline currently employs
approximately 750 employees including a pool of 100 surveyors. The
core geographical market is Northwest Europe, where Gardline is the
main competitor of Fugro in marine surveys. With the acquisition
Boskalis strengthens its position as marine services provider in
Northwest Europe.
For further information
Investor relations:
Martijn L.D. Schuttevâer
ir@boskalis.com
Press:
Arno Schikker
press@boskalis.com
T +31 78 6969310
Royal Boskalis
Westminster N.V. is a leading global services provider operating in
the dredging, maritime infrastructure and maritime services
sectors. The company provides creative and innovative all-round
solutions to infrastructural challenges in the maritime, coastal
and delta regions of the world with services including the
construction and maintenance of ports and waterways, land
reclamation, coastal defense and riverbank protection. In addition,
Boskalis offers a wide variety of marine services and contracting
for the oil and gas sector and offshore wind industry as well as
salvage solutions (SMIT Salvage). Furthermore, Boskalis has a
number of strategic partnerships in harbour towage and terminal
services (Kotug Smit Towage, Keppel Smit Towage, Saam Smit Towage
and Smit Lamnalco). With a versatile fleet of more than 900 vessels
and floating equipment and 11,700 employees, including associated
companies, Boskalis operates in over 90 countries across six
continents.
This press release can also be found on our
website www.boskalis.com.
pdf version press release
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This
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The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Koninklijke Boskalis Westminster N.V. via
Globenewswire
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