Papendrecht, 11 July 2013
Royal Boskalis Westminster N.V. (Boskalis) today successfully completed the sale of its 40% stake in Archirodon Group N.V. The possible sale had already been announced in November 2012 after Boskalis was approached by the party in question from the Middle East. The equity interest was partly sold to this party and partly to the existing 60% co-shareholder.
Boskalis received a cash sum of USD 190 million for its 40% stake, resulting in a book gain of several tens of millions of euros. The Archirodon activities and results will be deconsolidated with effect from the third quarter 2013. The book result will be recognized in the results for the second half of the year.
Archirodon operates as a maritime contractor mainly in the Middle East and North Africa. The sale is in line with Boskalis' strategic focus following the company's recent expansion through SMIT and Dockwise.
This is an English translation of the Dutch press release. In the event of any disparity between the Dutch original and this translation, the Dutch text will prevail.
Royal Boskalis Westminster N.V. is a leading global services provider operating in the dredging, maritime infrastructure and maritime services sectors. The company provides creative and innovative all-round solutions to infrastructural challenges in the maritime, coastal and delta regions of the world with the construction and maintenance of ports and waterways, land reclamation, coastal defense and riverbank protection. In addition, Boskalis offers a wide variety of marine services and contracting for the offshore energy sector including subsea, heavy transport, lifting and installation (through Boskalis Offshore and Dockwise) and towage and salvage (through SMIT). It also has a strategic partnership in terminal services (Smit Lamnalco). With a versatile fleet of over 1,100 units Boskalis operates in around 75 countries across six continents. Including its share in partnerships, Boskalis has more than 11,000 employees.