New Corporate Business Plan
In early 2014 Boskalis formulated the Corporate Business Plan for 2014-2016. The updated strategy (Focus, Expand & Strengthen) follows on logically from the completed 2011-2013 planning period and the successful acquisition of Dockwise and the ongoing integration process. Further details of the 2014-2016 Corporate Plan can be found in the 2013 Annual Report.
At the end of November Boskalis and Royal Volker Wessels Stevin N.V. combined their forces in the field of offshore cable installation by establishing a 50/50 joint venture named VSMC. VSMC will have two cable-laying vessels at its disposal, VolkerWessels’ Stemat Spirit and Boskalis’ Ndurance.
Gladstone Harbour Towage
In mid-October Boskalis sold its Australian harbour towage activities to its strategic partner Smit Lamnalco for a cash consideration of USD 55 million. Shipping activity in the port of Gladstone is primarily related to commodity exports and several LNG terminals are also currently under construction here. The nature of these activities means they are a good fit with Smit Lamnalco’s focus on the oil and gas sector. In addition these activities complement the existing LNG terminal activities of Smit Lamnalco in Papua New Guinea.
Dockwise Yacht Transport
In mid-October Boskalis sold the activities of Dockwise Yacht Transport B.V. (DYT) to Sevenstar Yacht Transport B.V. DYT’s core business is the transatlantic migration of luxury yachts between Florida, the Caribbean and the Mediterranean. These activities have no strategic value for Boskalis and are not consistent with the group’s existing core business. Boskalis sold the DYT activities, mainly consisting of two dedicated semi-submersible yacht transport vessels (the Super Servant 4 and the Yacht Express), for a sum of USD 40 million.
On 11 September 2013 Boskalis signed an agreement with Sudamericana Agencias Aéreas y Marítimas S.A. (SAAM) to merge the harbour towage operations of SMIT and SAAM in Canada/Central America and Brazil. It is expected that the combined entity will be established in mid-2014 by means of two separate joint ventures once the required approval from parties including regulators and local financiers has been obtained. In view of the proposed cooperation with SAAM, the assets and liabilities to be transferred, including EUR 59.2 million in interest-bearing debt and EUR 29.7 million in cash reserves, have been classified as ‘Assets held for sale’ in the balance sheet as at year-end.
After the balance sheet date, on 3 March 2014, Boskalis reached an agreement to acquire Fairmount, a leading global provider of ocean towage services that operates a fleet of five 205 tonne bollard pull Anchor Handling Tugs (AHTs). The addition of these ships represents a further strengthening of Boskalis’ market position in both offshore energy and salvage. The use of ocean-going tugs for long-distance wet towage is complementary to Boskalis’ current dry heavy transport offering. The AHTs can also be deployed on offshore projects, thus expanding Boskalis’ current transport and installation offering, and are also suitable for deployment on salvage projects.
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