Boskalis and SAAM sign MoU for joint towage operations

Papendrecht, 11 April 2013

Royal Boskalis Westminster N.V. (Boskalis) announces that it has signed a Memorandum of Understanding (MoU) with Sudamericana Agencias Aereas y Maritimas S.A. (SAAM) for a joint harbour towage operation within the American Continent. The partnership would involve two joint ventures and is between SMIT, a wholly owned subsidiary of Boskalis, and SAAM.

The geographic scope of the first joint venture covers the Brazilian towage market. Both companies are currently active in Brazil and Boskalis with SMIT will have a 51% majority share in this joint venture. The combination with a total of 41 tug boats will form an important player in the growing market of Brazil.

The second joint venture in which SAAM will hold a 51% majority stake relates to the towage activities in Panama and Canada (SMIT) and Mexico (SAAM). The combination will operate a total number of 55 tug boats.

The joint operation between SMIT and SAAM will create a leading provider of towage services in Central and South America. Besides operational synergies, the joint operations will also strengthen the market position of the combined companies.

The total value of the SMIT and SAAM assets respectively that will be contributed to the combined joint ventures is comparable. The implementation of the MoU is subject to certain customary conditions including a due diligence process and approval from regulatory agencies in the respective countries involved.

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 strategic partnerships in the Middle East (Archirodon) and 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 approximately 15,600 employees.

Royal Boskalis Westminster NV, press release