Bokalis (Royal Boskalis Westminster N.V.) has signed a Letter of Intent to acquire offshore activities from VolkerWessels. Under the transaction, The Netherlands company will acquire the maritime and offshore wind energy activities of VolkerWessels, which comprises of VBMS, Stemat, and Volker Stevin International (VSI).
“For many years we have been working closely and constructively together with VolkerWessels both on- and offshore,” shared Peter Berdowski, CEO of Boskalis. “Over the last couple of years, we jointly increasingly targeted offshore wind opportunities and together acquired and completed projects successfully. For the coming years, we expect demand for offshore wind energy to further increase both in Northwest Europe and beyond.”
Boskalis and VolkerWessels have been working together successfully for years in the offshore wind energy market. VBMS, a 50/50 Boskalis and VolkerWessels joint venture, is a European market leader in the field of offshore cable installation. As a consequence of the recent transaction, Boskalis will acquire the remaining 50% share in VBMS.
Stemat has a global offering of specialized vessels including a cable laying vessel and multi-purpose vessels. VSI is specialized in the construction of offshore foundations and maritime constructions.
Late 2014 and mid-2015, Boskalis and VSI in joint venture acquired two large offshore wind park projects, Wikinger and Veja Mate respectively. As a consequence of this transaction, Boskalis will execute these two projects on a 100% basis. The current annual revenue, excluding the two offshore wind-farm projects, amounts to approximately EUR 200 million with an EBITDA of approximately EUR 30 million.
The pro forma impact on the Boskalis order book as per year-end 2015 is more than EUR 600 million, of which more than EUR 200 million is attributable to the two offshore wind-farm projects that are currently being executed. It is the intention to close this transaction in the second quarter of 2016.
Filed Under: News, Offshore wind, Projects