CSAV, Boskalis Set $990 Million Value for Tug Venture

Boskalis and CSAV agreed on a valuation for the $990 million harbor tug joint venture the Dutch dredging and marine service group and the Chilean ocean container carrier plan to set up in Central and South America.

CSAV’s wholly-owned subsidiary Sudamericana Agencias Aereas y Maritimasis valued at $520 million and Boskalis’ SMIT unit at $470 million. CSAV, which lost $860 million in the first nine months of 2011, plans to spin off SAAM, the world’s fourth largest tug operator, as a separately listed company.

The joint venture, which is subject to approval from the companies’ boards, would generate annual revenues of more than $270 million, according to Boskalis. It would be the biggest tug operator in the Americas with a fleet of more than 170 vessels in 45 ports in nine countries.

-- Contact Bruce Barnard at brucebarnard47@hotmail.com.