Boskalis and Keppel to sell KST and Maju to Rimorchiatori Mediterranei
November 15 2021 - 1:30AM
Boskalis and Keppel to sell KST and Maju to Rimorchiatori
Mediterranei
Papendrecht, 15 November 2021
Boskalis and its co-shareholder KS
Investments Pte. Ltd. (Keppel) have signed an agreement relating to
the sale of their harbor towage activities in Singapore and
Malaysia to Rimorchiatori Mediterranei S.p.A. The sale transaction
relates to Keppel Smit Towage Private Limited (KST) and Maju
Maritime Pte Ltd (Maju). Under the terms of the agreement, Boskalis
expects to receive approximately EUR 80 million in cash
for its 49% equity stake. The contribution of KST/Maju to the net
profit of Boskalis over the last two years was EUR 4 million per
annum.
Keppel Smit Towage (KST) was established in 1991
as a joint venture between Keppel and SMIT, a wholly-owned
subsidiary of Boskalis. Over the past thirty years, KST has
developed into one of the largest and leading harbor tug service
providers in Southeast Asia. KST operates a combined fleet of 58
tug boats in Singapore and through its joint venture in
Malaysia.
The sale of KST follows the strategic decision
taken by Boskalis in 2019 to divest its harbor towage activities.
Boskalis divested its stakes in Saam Smit Towage and Kotug Smit
Towage in 2019.
Rimorchiatori Mediterranei S.p.A. is a subsidiary
of Rimorchiatori Riuniti Group, a leading maritime service provider
headquartered in Genoa, Italy established in 1922. Rimorchiatori
Mediterranei operates a fleet of more than 100 modern vessels in
more than 20 major ports employing approximately 900 people.
The agreement is subject to approval from the
regulatory agencies in Singapore and the transaction is expected to
close in the first half of 2022.
FOR FURTHER INFORMATION
Investor relations:
Martijn L.D. Schuttevâer
ir@boskalis.com
Press:
Arno Schikker
press@boskalis.com
T +31 786969310
This is a Boskalis press release on the
grounds of article 17 paragraph 1 of the European Market Abuse
Regulation (596/2014).
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 core activities such as coastal defense,
riverbank protection and land reclamation Boskalis is able to
provide adaptive and mitigating solutions to combat the effects of
climate change, such as extreme weather conditions and rising sea
levels, as well as delivering solutions for the increasing need for
space in coastal and delta regions across the world. The company
facilitates the development of offshore energy infrastructure,
including renewable wind energy. Boskalis is furthermore active in
the construction and maintenance of ports, waterways, access
channels and civil infrastructure, thus helping to facilitate trade
flows and regional socio-economic development. In addition,
Boskalis is a global marine salvage expert and has a number of
strategic partnerships in harbor towage and terminal services
(Keppel Smit Towage and Smit Lamnalco). With a versatile fleet of
more than 700 vessels and floating equipment and 9,600 employees,
including associates, Boskalis is creating new horizons around the
world.
This press release can also be found on our
website www.boskalis.com.
- KST vessels
- Boskalis and Keppel to sell KST 15112021
Royl.Boskalis (LSE:BOKA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Royl.Boskalis (LSE:BOKA)
Historical Stock Chart
From Jul 2023 to Jul 2024