Boskalis jaarverslagen 2011

Other developments

MNO Vervat

At the end of December Boskalis completed the previously announced acquisition of MNO Vervat. MNO Vervat holds a leading position in the Dutch civil infrastructure market and is specialized in road construction, concrete and other civil construction work. On the international front MNO Vervat is mainly active in Suriname. The combination of Boskalis Nederland and MNO Vervat creates a player with the ability to perform a leading role at the top of the Dutch market. In addition, MNO Vervat gives Boskalis the knowledge and expertise in the field of concrete and other civil construction work that it needs for its international projects. This will enable it to respond to the growing demand for all-round solutions for complex port and offshore projects. Comparable expertise is already very successfully applied within the group on a regional scale in the Middle East through our partner company Archirodon.

Smit Lamnalco

On 30 June 2011 Boskalis reached an agreement with the Rezayat Group of Saudi Arabia, its co-shareholder in Lamnalco, regarding the sale of SMIT’s terminal and AHTS transport activities to Lamnalco. The transaction was completed in early October. Lamnalco acquired an important part of the activities for a consideration of USD 434 million, half of which was funded through a capital injection by both shareholders; the remainder through a loan extended by Boskalis. This loan will be redeemed in 2012 following the refinancing of Lamnalco. Lamnalco acquired all of SMIT’s terminal activities, with the exception of the terminal activities of Rebras (Brazil) and those of the joint ventures in Egypt and Singapore (Keppel-SMIT). The combined activities will continue under the name of Smit Lamnalco and the organizational integration will take place in 2012.

SAAM

In early November Boskalis and Sudamericana Agencias Aereas y Maritimas S.A. (SAAM) announced that they were exploring the possibilities and opportunities for a joint towage operation in North and South America. The proposed cooperation would be between SMIT’s harbour towage services in North and South America and those of SAAM, part of Compañía Sud Americana de Vapores (CSAV). The combination of SMIT and SAAM will create a leading provider of towage services in Central and South America. The combined towage operations would serve 45 ports in nine countries with a fleet of more than 150 vessels. Besides producing operational synergies, the joint operation would also significantly strengthen the market position of the combined entity.

Added to My report add to My report Source: Annual review 2011, Report of the Board of Management, page 41