Smit already own a minority interest of 49.9% in URS and will as a consequence of this transaction acquire the entire share capital of URS, Belgium's largest towage and salvage operator. The company is the major provider of towage, salvage and transport services on the Scheldt river and in and around the Belgian waters.

The transaction represents the first step in the implementation of the strategic re-orientation during which all participants have been assessed on management control, strategic fit and synergies within the Smit Group. Through this transaction Smit will gain management control of an operation that fits well in the portfolio of the Group's core-activities.

Plans announced by URS late last year to improve its tug fleet with a massive investment of ? 135m is to go ahead ( Maritime Journal - December 2002).

Although the programme may change in detail it is understood that plans for a new salvage tug for the Schelde area and four 60 tonne bollard pull shiphandling tugs are well advanced. Other fleet replacements include further new vessels for use in the offshore market.