Boskalis and VolkerWessels Establish Joint Venture (The Netherlands)
- Business & Finance
Royal Boskalis Westminster N.V. (Boskalis) and Royal Volker Wessels Stevin N.V. (VolkerWessels) have combined their forces in the field of offshore cable installation by establishing a 50/50 joint venture. The joint venture creates a strong party combining know-how and equipment allowing it to respond effectively to growth in the market for offshore cable installation projects, particularly in relation to offshore wind farms.
Boskalis and VolkerWessels each hold a 50% stake in the joint venture Visser & Smit Marine Contracting Holding B.V. (VSMC) through Boskalis Offshore Subsea Contracting B.V. and VWS Civil and Offshore Constructions B.V., respectively. VSMC will have two cable-laying vessels at its disposal, the Stemat Spirit and Ndurance. The Ndurance is expected to be delivered at the end of this year. Both vessels are fitted with DP class 2 equipment with a cable turntable capacity of around 5,000 tonnes.
Boskalis and VolkerWessels see great potential in the collaboration, given the market developments, VSMC’s strong market position and the resulting strength by combining knowledge and equipment. Boskalis and VolkerWessels have already been working successfully together for some years on a project basis, for example on the installation of power cables for sizeable offshore wind farms such as Nordsee Ost and Meerwind in Germany and Westermost Rough and Humber Gateway in the United Kingdom.
Boskalis, November 20, 2013