Boskalis acquires all the shares of Rever Offshore
Boskalis says it has acquired all the shares of Rever Offshore’s subsea services business (‘Rever’). Rever, formally known as Bibby Offshore, offers a broad range of solutions in the area of subsea construction, inspection, repair and maintenance.
Rever has historically operated in the North Sea out of Aberdeen (United Kingdom) and holds a strong track record. Through this transaction, Boskalis will obtain two diving support vessels of which one is fully owned (Rever Polaris) and a second chartered (Rever Topaz). The group employs an onshore staff of around 130 in addition to approximately 220 offshore workers. The 2020 annual revenue is approximately EUR 90 million, most of which is generated through numerous framework agreements. Based on projected cost synergies, the acquisition payback period is expected to be less than three years.
Through this acquisition, Boskalis strengthens its current position in the subsea services market in Northwest Europe, Africa and the Middle East and its capabilities to serve both the traditional oil & gas market and the rapidly expanding offshore wind market. On the important North Sea subsea market, Boskalis is now a solid top three player opening up ample opportunities for operational efficiencies and synergies.
Royal Boskalis Westminster N.V. is a leading global services provider operating in the dredging, maritime infrastructure and maritime services sectors in the maritime, coastal and delta regions. The services include the construction and maintenance of ports and waterways, land reclamation, coastal defense and riverbank protection. Boskalis offers a wide variety of marine services and contracting for the oil and gas sector and offshore wind industry as well as salvage solutions (SMIT Salvage). Furthermore, Boskalis has a number of strategic partnerships in harbour towage and terminal services (KOTUG SMIT Towage, Keppel Smit Towage, Saam Smit Towage and Smit Lamnalco). With a versatile fleet of more than 700 vessels and floating equipment Boskalis operates in around 75 countries across six continents. Boskalis has over 9,600 employees, excluding its share in partnerships.
