Marine Link
Sunday, July 14, 2024

Boskalis to Acquire Remaining Shares in Smit Lamnalco

Maritime Activity Reports, Inc.

July 9, 2024

A Smit Lamnalco tug (File photo courtesy Robert Allan Ltd.)

A Smit Lamnalco tug (File photo courtesy Robert Allan Ltd.)

Royal Boskalis B.V. on Monday announced it has reached a deal to take full ownership of marine services and towage provider Smit Lamnalco, after another deal for the company to be acquired by Spain’s Boluda Group fell through.

Dutch dredging contractor and marine services firm Boskalis, which has held a 50% stake in Smit Lamnalco alongside joint owner Saudi Arabia's the Rezayat Group since 1964, said it signed an agreement to acquire all remaining shares in the company. The companies had previously announced plans to review their positions in 2021.

The transaction is subject to customary conditions including the approval of regulatory authorities, Boskalis said.

Smit Lamnalco operates a fleet of approximately 160 vessels and has more than 2,500 staff throughout the Middle East, Africa, Europe, Australia and Asia. It had an annual revenue of approximately $275 million and EBITDA of $100 million in 2023.

"Post acquisition, we do not intend to change the name or make any alterations on how the business is run," a Boskalis spokesperson told MarineLink.

In 2023, Spain’s Boluda Group announced it reached an agreement to acquire Smit Lamnalco, but the transaction was pulled after the satisfaction of necessity conditions proved too complicated, the Boskalis spokesperson said.