Boskalis Sells Stake in Middle East Maritime Contractors

MarineLink.com
Thursday, July 11, 2013
Boskalis Logo

Royal Boskalis Westminster N.V. (Boskalis) has sold its 40% stake in Archirodon Group N.V.

Boskalis explain that the possible sale had already been announced in November 2012 after Boskalis was approached by the party in question from the Middle East. The equity interest was partly sold to this party and partly to the existing 60% co-shareholder.

Boskalis received a cash sum of USD 190 million for its 40% stake, resulting in a book gain of several tens of millions of euros. The Archirodon activities and results will be deconsolidated with effect from the third quarter 2013. The book result will be recognized in the results for the second half of the year.

Archirodon operates as a maritime contractor mainly in the Middle East and North Africa. The sale is in line with Boskalis' strategic focus following the company's recent expansion through SMIT and Dockwise.

Royal Boskalis Westminster N.V. is a leading global services provider operating in the dredging, maritime infrastructure and maritime services sectors.

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Gazprom Transgaz Ufa Organizes Arts Festival

Over 200 healthy children and children with disabilities from Bashkortostan as well as the Volga Region participated in the Breaking the Barriers second interregional children’s arts festival,

President Pryor Retires from ExxonMobil Chemicals

Stephen D. Pryor, president, ExxonMobil Chemical Company and vice president of Exxon Mobil Corporation, has elected to retire on January 1, 2015, after more than 44 years of service.

Steven Palazzo Visits HII, Newport

Huntington Ingalls Industries today hosted Rep. Steven Palazzo, R-Miss., for a tour of the company's Newport News Shipbuilding division. Palazzo represents the fourth district of Mississippi,

Finance

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Oil Deal Between Iraqi Kurdistan & Baghdad Welcomed

The United States welcomes an agreement between Iraq's central government in Baghdad and its northern Kurdistan region over the management of oil exports, U.

Nigeria to Cut Petrol Subsidy by Half

Nigeria plans to cut subsidies on petroleum products by half next year after sharp falls in global crude prices, spurred the government to revise its 2015 budget downwards,

Middle East

DGS Marine Advises Fixed Premium P&I Cover

DGS Marine, a leading global P&I management provider and exclusive manager for the British European and Overseas (BE&O) P&I facility, has highlighted the benefits

CMA CGM’s Seasonal Fruit Service Returns

The CMA CGM Group announced its Citrus Express seasonal service will start again in November. Spread over two rotations, this service enables to export citrus fruits

First LNG Fuelled Tug for Middle East by Wärtsilä

Drydocks World (DDW) based in Dubai, UAE, has contracted Wärtsilä to design and supply the propulsion and other equipment for a new harbour tug that will operate on liquefied natural gas (LNG).

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1727 sec (6 req/sec)