Dutch dredging, maritime infrastructure and services giant Boskalis has issued a brief statement saying it has bought all shares in towage operator Smit Lamnalco.
The statement, in full, reads: “Royal Boskalis B.V. (Boskalis) has signed an agreement to acquire all remaining shares (50%) in Smit Lamnalco. Smit Lamnalco offers terminal services and had an annual revenue of approximately US$275 million and EBITDA of US$100 million in 2023. This transaction is subject to customary conditions including the approval of regulatory authorities.”
The deal has taken a while to be finalised, with Boskalis already owning 50% of the shares in a joint venture with Rezayat Group, which owned the rest.
The agreement has also been reached in spite of an intention by Boluda to buy Smit, announced in February 2023.
Concluding the purchase brings Boskalis full ownership of Smit’s diverse range of harbour and terminal tugs and offshore support vessels, on top of its 600-strong fleet of vessels and equipment, including 54 dredgers, 87 offshore vessels, two pontoons and barges and one cable-layer.
At the end of 2023, Boskalis said both revenue and earnings had reached a record level, ‘with all parts of the business contributing to these impressive figures’: revenue increased by 20% from €3.58 billion to €4.28 billion; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) by 68% to €1 billion; and net profit increased by almost 150% to €601 million.
