Cable joint venture
Royal Boskalis Westminster N.V. and Royal Volker Wessels Stevin N.V. (VolkerWessels) have signed a Letter of Intent to set up a joint venture combining their forces in the field of cable installation.
Boskalis and VolkerWessels will each hold a 50% stake in Visser & Smit Marine Contracting Holding B.V. (currently a 100% subsidiary of VolkerWessels), which will continue its activities under the name VSMC.
The two companies see opportunities for strengthening their proposition in the market for offshore cable installation works, with the joint venture primarily focusing on the installation of offshore power cables, for example for wind farms (both infield and export cables). Boskalis and VSMC already work together on a project basis. Through this cooperation VSMC will have access to two cable-laying vessels, the Stemat Spirit and the Ndurance. The Ndurance will be delivered in the course of this year. These vessels are fitted with DP 2 equipment with a cable turntable capacity of around 5,000 tonnes and are wholly owned by the two parent companies.
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