Boskalis to acquire VolkerWessels

Royal Boskalis has signed a letter of intent to acquire the offshore activities of VolkerWessels, including VBMS, Stemat and Volker Stevin International.

The intended transaction covers the maritime and offshore wind energy businesses, where current combined annual revenue is around €200m with an EBITDA of €30m.

“The pro forma impact on the Boskalis order book as per year-end 2015 is more than €600 million, of which more than €200 million is attributable to two offshore wind park projects that are currently being executed,” said Boskalis.

The deal will build on expected increased demand for offshore wind “both in northwest Europe and beyond”. It is due to close in the second quarter of 2016 subject to the satisfaction of customary conditions.

Boskalis chief executive Peter Berdowski said: “For many years we have been working closely and constructively together with VolkerWessels both on- and offshore. Over the last couple of years, we jointly increasingly targeted offshore wind opportunities and together acquired and completed projects successfully.”

He added: “This is a logical and desirable step for Boskalis in its strategy aimed at strengthening its offshore service proposition.”

VBMS is a 50:50 Boskalis and VolkerWessels joint venture while Stemat has a global offering of specialized vessels including a cable laying vessel and multi-purpose vessels. 

Boskalis said VSI is specialized in the construction of offshore foundations and maritime constructions. Boskalis and VSI in joint venture acquired contracts on two large offshore wind park projects – Iberdrola’s 350MW Wikinger and the Veja Mate’s 402MW self-titled project.

“As a consequence of this transaction, Boskalis will execute these two projects on a 100% basis,” it said.

Image: VBMS projects include Borkum West 2 in the North Sea (VBMS)