Smit Internationale Nv News

Royal Boskalis Westminster N.V. (Boskalis) and Smit Internationale N.V. (Smit) announced that they have signed a merger protocol for a full merger of the two companies. The transaction will be effectuated through an all cash public offer of $84.5 ex dividend (instead of cum dividend as previously anticipated) by Boskalis for all outstanding shares in Smit. The business combination will create a world class maritime service provider offering a strong platform for further growth. The strategic rationale of the transaction was already supported by the Board of Management and Supervisory Board of both Boskalis and Smit. As previously indicated two large shareholders of Smit…

•    Operating result for Harbour Towage increases, partly because of the extended interest in URS. •    Commencement of new contracts leads to growth Terminals. •    Result Salvage exceeds historical average. •    Considerable increase result Transport. •    Strongly improved result Heavy Lift in second half of the year. •    Net profit increases from EUR 105.6 million to EUR 107.8 million. •    Operating result increases 19% from EUR 94.7 million to EUR 112.5 million. •    EBITDA (including associated companies) rises 26% from EUR 159.4 million to EUR 201.0 million. •    Net profit per share decreases 9% from EUR 6.68 to EUR 6.11, owing to the issuing of shares. •    Proposed dividend per share remains EUR 3.00.

Smit Internationale N.V. announced that it has completed the acquisition of the remaining 50 percent interest from Fairplay Towage in URS. All conditions as mentioned in the press release of December 31, 2007 have been fulfilled. With the URS operation SMIT further strengthens its leading position in the Belgium towage market. Further information will follow with the 2007 year results, which will be published on March 6.

Smit Internationale N.V. agreed with Fairplay Towage to acquire Fairplay Towage’s 50 percent interest in URS. Through this acquisition SMIT will become 100 percent shareholder of URS, the leading towage provider in Belgium. The total consideration for this transaction amounts to EUR 182.5 million. The transaction will be paid partly in shares and partly in cash. The calculation is based on SMIT’s share price at closing of Euronext Amsterdam of December 28 of EUR 68.34. SMIT will increase its outstanding shares by issuing new shares to an amount of 9.99% of its outstanding shares, as per today which represents an amount of EUR 108 million. The cash consideration amounts to EUR 74.5 million.

SMIT Transport & Heavy Lift BV (a division of SMIT Internationale NV) has ordered two new ships to be built at the Keppel Singmarine shipyard in Singapore. This order concerns the construction of a Diving Support Vessel – Anchor Handling Tug and an Anchor Handling Tug Supply Vessel. Both vessels have a bollard pull capacity of 70 tons and will be delivered in the second half of 2005. In addition to the contract for the two new vessels, SMIT has also taken an option on two other vessels with a bollard pull of 120 tons. These are the first vessels in a new standardisation process of SMIT.

Smit Internationale NV reportedly agreed to buy South Africa's Pentow Marine (Pty) Ltd.

Dutch shipping group Smit Internationale NV will continue cost-cutting in 2001 and put more focus on growth markets. "Our company should become more transparent and the risk profile of our market groups and activities should be clear," Chief Executive Nico Buis said. He declined to elaborate until decisions on the company's "sharpened strategy" are made by this summer, but added the number of business units would be cut. Earlier on Friday, Smit posted total 2000 net profits of 14.2 million euros ($12.5 million), down from 25.5 million in 1999. Last year, Smit had already predicted a substantial profit fall as the maritime contracting markets had slumped. In December it said it would reorganize various units.

Smit Internationale N.V. expects that the net profit for 2004 will exceed the EUR 21 million as indicated by the company earlier this year. The net profit of 2004 will be in line with the result of 2003 being EUR 27 million. This higher result is mainly due to lower tax pressure and lower interest charges.

Smit Internationale NV today agreed with Adsteam to acquire Adsteam’s port of Liverpool towage operations. This agreement is a result from the requirement of the English Competition Commission as set out in its decision on the acquisition of Adsteam Marine Ltd by SvitzerWijsmuller. Consequently the agreement between SMIT and Adsteam is subject to approval of the Competition Commission and to the finalization of the acquisition of Adsteam by SvitzerWijsmuller.

During the Annual General Meeting of Shareholders, Smit Internationale N.V. announced that it plans to proceed with the splitting of its ordinary shares. The split will involve exchanging one old share for two new ordinary shares, which will mean that the nominal value of each share will decrease by half from $5.85 to $2.92. The share split will necessitate an amendment to the Articles of Association, in connection with which an Extraordinary Meeting of Shareholders will be organised in the autumn of 2006.

Russia signed a deal with Dutch salvage and heavy transport firm Mammoet to raise the wrecked nuclear submarine Kursk, which plunged to the bottom of the Barents Sea last year killing all 118 sailors on board. Deputy Prime Minister Ilya Klebanov said the Russian navy, the St Petersburg-based Rubin bureau which designed the submarine and Mammoet had signed a contract to lift the Kursk this summer. He did not give the value of the deal, but has said that the salvage would cost about $70 million. "The preparatory work will begin today and the operation will be in two stages," Klebanov said. "The first will begin in mid-July and be completed about September 8-10.