Boskalis Buys VolkerWessels Out Of Offshore Wind

The Netherlands-based Royal Boskalis Westminster N.V. has signed a Letter of Intent to acquire offshore activities from compatriot VolkerWessels.

Under the intended transaction, Boskalis will acquire maritime and offshore wind energy related activities of VolkerWessels, which include VBMS, Stemat and Volker Stevin International (VSI).

VBMS, a 50/50 Boskalis – VolkerWessels joint venture, is an offshore cable installation company. As a consequence of this transaction, Boskalis will acquire the remaining 50% share in VBMS.

Stemat operates a fleet 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 jointly acquired two large offshore wind farm projects, Wikinger and Veja Mate respectively. As a consequence of this transaction, Boskalis will execute these two projects on a 100% basis.

Bokalis plans to close this transaction in the second quarter of 2016 subject to the satisfaction of customary conditions and with an effective date of 1 January 2016.

“For many years we have been working closely and constructively together with VolkerWessels both on- and offshore,” Peter Berdowski, Boskalis CEO, said.

”Over the last couple of years, we jointly increasingly targeted offshore wind opportunities and together acquired and completed projects successfully. For 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.”