ROYAL BOSKALIS B.V. has completed the acquisition of Smit Lamnalco, buying the 50% of shares not already owned for an undisclosed price.
On 8 July this year Boskalis announced it had signed an agreement to acquire all remaining shares (50%) in SL, which hitherto has been a joint venture with Saudi Arabia’s Rezayat Group. In Europe overnight [21 October] the Dutch company advised the deal is now complete, noting it had been a 50% shareholder in SL since 1963.
SL had annual revenue of approximately USD 275 million and EBITDA of USD 100 million in 2023. It operates harbour and terminal tugs in Australia and PNG, and in early July took over AMSA’s ETV contract for the Great Barrier Reef and Torres Strait with the AHTS Reef Keeper.
SL operates harbour and terminal tugs in Australia and PNG, and in early July took over AMSA’s ETV contract for the Great Barrier Reef and Torres Strait with the AHTS Reef Keeper.
On 10 February 2023 Boluda Corporación Marítima announced the purchase of the world’s fifth-largest towage operator, SL, from Boskalis and Rezayat for an undisclosed price. Boluda said the acquisition would add around 111 vessels to Boluda’s towage division and enable the company to strengthen its foothold in strategic markets such as Australia, the Middle East and West Africa.
At the time Boluda said the deal, which was subject to regulatory approval in several countries, would make its towage business a world leader, with a fleet of 600 tugboats and high growth potential, as well as the capacity to further consolidate the sector.
However, the transaction was never completed, amidst overseas reports of complications caused by Smit assets effectively ‘trapped’ in Russia following the invasion of Ukraine and resulting sanctions. More recently there was speculation that with the Boluda deal stalemated Boskalis would instead buy out Rezayat, and that has now come to pass.
Boskalis has never commented on the failure of the Boluda takeover.
The finalisation of the SL takeover may clear the way for a number of towage licences/tenders currently awaiting decision, including for the ports of Townsville, Cairns, Mourilyan and Lucinda.
