Royal Boskalis Westminster N.V. (Boskalis), a Dutch dredging and maritime infrastructure services provider, said it has acquired a 62.5 per cent majority stake in UAE-based Horizon Group, a leading marine geophysical surveys and geotechnical services company.
Headquartered in Sharjah, Horizon operates seven large survey/geotechnical vessels, of which three are on a long-term charter, in addition to five smaller survey vessels, two jack-up platforms, three motion-compensated drill towers for geotechnical services and eight ROVs.
Since its establishment in 2004, Horizon's activities are largely based in the Arabian Gulf and the Red Sea region with clients ranging from national oil companies as well as reputable international EPCI contractors to the oil and gas industry.
As per the deal, Boskalis said the remaining 37.5 per cent of the shares will be held by the incumbent management. The revenue level in the financial year 2018/2019 is expected to exceed $100 million, it stated.
On the strategic buy, Boskalis CEO Peter Berdowski said: "Through this transaction, we are adding an important strategic position to our existing marine survey and subsea geotechnical business."
A global marine salvage expert, Boskalis is active in the construction and development and maintenance of ports, waterways, access channels and civil infrastructure, contributing to improved trade flows and the socio-economic development of a region.
It provides creative and innovative all-round solutions to infrastructural challenges in the maritime, coastal and delta regions of the world.
"Horizon is a market leader in the Middle East and we are committed to continuing and expanding the high quality of services they deliver to their clients," noted Berdowski.
"Furthermore, Horizon with its strong market position in the Middle East, makes this addition highly complementary to the position we hold through Gardline in Northwest Europe," he added.-TradeArabia News Service
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