Boskalis strengthens position in growing offshore wind marketNews // March 7, 2016
Royal Boskalis Westminster has signed a Letter of Intent (LOI) to acquire the offshore activities of VolkerWessels. Under the transaction, Boskalis will acquire the maritime and offshore wind energy related activities of VolkerWessels, being VBMS, Stemat and Volker Stevin International (VSI).
Peter Berdowski, CEO Boskalis, 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.
"In the coming years, we expect demand for offshore wind energy to further increase both in Northwest Europe and beyond. We are therefore very enthusiastic that we can incorporate these activities into Boskalis for the full one hundred percent. 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."
Boskalis and VolkerWessels have been working together successfully for years in the offshore wind energy market. VBMS, a 50/50 Boskalis - VolkerWessels joint venture, is a market leader in the field of offshore cable installation with a strong market position and well-filled order book.
As a consequence of this transaction, Boskalis will acquire the remaining 50 per cent share in VBMS. Stemat has a global offering of specialized vessels including a cable laying vessel and multi-purpose vessels. VSI is specialized in the construction of offshore foundations and maritime constructions.
In late 2014 and mid-2015, Boskalis and VSI in a joint venture acquired two large offshore wind park projects, Wikinger and Veja Mate respectively. As a consequence of this transaction, Boskalis will execute these two projects on a 100 per cent basis.
The current annual revenue, excluding the two offshore windfarm projects, amounts to approximately Euros 200 million with an EBITDA of approximately Euros 30 million. The pro forma impact on the Boskalis order book as per year-end 2015 is more than Euros 600 million, of which more than Euros 200 million is attributable to the two offshore wind park projects that are currently being executed.
Boskalis said it is the company's intention to close the transaction in the second quarter of 2016.