Royal Boskalis Westminster N.V. (Boskalis) has successfully completed the sale of its Australian harbor towage business to its strategic partner Smit Lamnalco. The sale is part of a strategic realignment of the company's towage activities. Boskalis received US$ 55-million in cash for all the outstanding shares in Smit Marine Australia Pty Ltd, the legal entity holding the exclusive harbor towage license in the port of Gladstone, Australia with 6 tug boats included. The transaction was at book value and will not have a material impact on Boskalis earnings. Shipping activity out of the Port of Gladstone is primarily commodity related with various LNG terminals currently under construction. The nature of these activities fits well within the Oil and Gas industry focus of Smit Lamnalco.