Ocean Towage Services News

Royal Boskalis Westminster N.V. (Boskalis) announces that it has reached an agreement to acquire Fairmount Marine B.V. and Fairmount Ocean Towage Company B.V. (Fairmount) from the French group Louis Dreyfus Armateurs. The transaction values the company at an average multiple of approximately six times EBITDA. Fairmount is a global provider of long distance ocean towage services operating five 205 metric tons bollard pull towing vessels with anchor handling capabilities. The addition…

SembCorp Logistics said on Monday it agreed to sell its marine business to PSA Marine, a unit of Singapore port operator PSA Corp, for S$207.5 million ($117 million). The company said in a statement the sale would be satisfied fully in cash and represented about 1.35 times the proforma net tangible assets of the marine services business as at December 31, 2000. The sale of the marine services business (a 62 percent subsidiary of SembCorp Industries) is part of the company's long-term strategy to exit non-core businesses to focus on logistics, it said. The sell-off the company, which comprises harbor and ocean towage services, salvage operations and marine transportation, had long been expected.