Boskalis acquires Gardline

The main activities of UK based Gardline include marine geophysical surveys, offshore geotechnical services and environmental surveys. With this acquisition Boskalis fulfils its strategic ambition to build a position in the offshore survey market and to become a specialist provider of subsea geotechnical surveys in particular with an exposure to the renewables market and the early stages of the oil and gas markets.

Gardline operates one of the largest fleets of survey related vessels with 15 dedicated vessels in this category. In addition, its fleet comprises 25 smaller vessels which include crew transfer vessels and survey catamarans.

Boskalis reports that it paid approximately £40 million for Gardline and this includes the assumed debt amounts. The current annual revenue level for Gardline is approximately £60-70 million and based on the challenging near-term outlook Boskalis does not expect the transaction to be earnings before interest and taxes (EBIT) beneficial within the next few years. However, Boskalis anticipates that this transaction will position the company well for when end-markets recover.

Gardline was established in 1969 and is a second-generation family-owned business. The company’s principal offices are located in Great Yarmouth in the UK with further activities in the USA, Brazil and Singapore. Gardline currently employs approximately 750 employees including a pool of 100 surveyors.

By Dag Pike