Ben Vree News

In 1842, 65-year-old Fop Smit began using a 140hp paddle steamer to guide vessels safely into the Port of Rotterdam, and thus L. Smit & Co. was born. The company went through various stages of expansion, notably adding salvage services to its operations in the mid 1900s, and gradually grew into an internationally-operating outfit offering a wide range of maritime services. Today known as SMIT, a member of Royal Boskalis Westminster N.V. since 2010, the company has been providing maritime services, including towage, salvage, transport and heavy lift for nearly 170 years.

SMIT net profit in the first quarter of 2009 amounts to $38m. The result includes a net contribution of $13.5m from the financial settlement of the Thunderhorse project. Without this exceptional income item, net profit from normal operating activities showed a limited decrease compared to the first quarter of last year. This is mainly due to a lower profit at the Harbour Towage Division and a reduced supply of work at the Salvage Division. EBITDA rose considerably (including the Thunderhorse contribution and the results of associated companies) as compared to the same period in 2008. SMIT’s CEO, Ben Vree, said, “It is obvious that the present recession affects our industry as well.

•    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, the biggest marine-salvage company, may be heading for a takeover two months after rejecting a $300m bid for its oil-tanker towing unit. The shares, already lifted by record crude prices, have jumped 25 percent since Chief Executive Officer Ben Vree rebuffed the offer for Smit Terminals from Royal Boskalis Westminster NV, the world's largest dredging company, and a Saudi partner. The unit tows vessels to offshore oil and gas terminals. A complete takeover would add 399 vessels and allow the rejected suitor to overtake Svitzer, part of A.P. Moeller-Maersk A/S, as the owner of the world's largest tugboat fleet. Rotterdam-based Smit is ready to hold talks, the report said.

Smit International announced that its mid-year results saw profits soar 60% from EUR 29.7 million to EUR 47.5 million, driven by an extremely busy six months and good results in its salvage division, and strong pricing and utilization in its Transport & Heavy Lift Division. "The exceptionally high results in the second half of 2006 were continued in the first half of 2007, with our net profit rising 60% relative to the first half of 2006,” said CEO Ben Vree. “Particularly the more volatile Salvage and Transport & Heavy Lift Divisions put in a good performance. The contribution of the Terminals Division decreased slightly in the first half of this year due to the transfer of our subsea activities to the Transport & Heavy Lift Division.