Smit Acquires URS

June 24, 2003

Smit Internationale has completed the acquisition of Unie van Redding- en Sleepdienst (URS) from Bofort N.V., Antwerp. The agreement is subject to the customary due diligence investigations. SMIT acquired Bofort's 50.1 percent share in Unie van Redding- en Sleepdienst (URS), Antwerp. SMIT already has a minority interest of 49.9 percent in URS and will as a consequence of this transaction acquire the entire share capital of URS. URS is a supplier of towage, salvage and transport services on the Scheldt river and in and around the Belgian waters. The transaction is the first step of the implementation of the strategic re-orientation during which all participations have been assessed on management control, strategic fit and synergies within the SMIT group. Through this transaction SMIT will gain management control of an operation that fits well in the portfolio of SMIT's core-activities.

Smit Acquires URS

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