Boskalis Intends to Buy Dockwise

Press Release
Monday, November 26, 2012

The addition of Dockwise's activities to the Boskalis group will provide an extensive package of services for clients in the oil and gas sector.

Boskalis has invited the Dockwise Board of Directors to discuss the intended offered acqusition which features:
    •    Intended all-cash offer of EUR 17.20 per share for all issued and outstanding shares of Dockwise for a total consideration of EUR 682 million
    •    The combination broadens Boskalis' maritime services offering for the offshore energy market
    •    Combination of Boskalis and Dockwise provides new strategic opportunities for accelerated growth of the offshore services
    •    Acquisition results in strong EBITDA increase and will be earnings per share accretive

The new combination will be in a better position to serve clients with the optimal deployment of people and equipment under increasingly complex circumstances worldwide. Combining the vessels of Dockwise with the project management expertise and engineering know-how of Boskalis will also enable a fast track implementation of the strategic ambition to execute Transport & Installation (T&I) projects.

The two companies are currently jointly tendering for a large T&I project in Australia. Furthermore, Boskalis sees potential for a broader deployment of the vessels of Dockwise within the group for the benefit of dredging-, offshore- and salvage projects. The acquisition will lead to a strong increase of the EBITDA and will be earnings per share accretive.

Peter Berdowski, CEO Boskalis comments:
"Combining Boskalis and Dockwise offers advantages and new opportunities for both companies. The combination creates a world class maritime player, well positioned for the offshore energy market. This step fits in our growth strategy aimed at broadening our service offering for clients in the oil and gas sector. We are convinced that the addition of Dockwise to our group will structurally create value, as we have also demonstrated with SMIT. Furthermore, the addition will result in a strong increase of our EBITDA."

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