Boskalis buys majority stake in UAE-based provider of marine surveys
- Business & Finance
Royal Boskalis Westminster has acquired a 62.5% majority stake in the Horizon Group from the United Arab Emirates.
Announcing the deal on Thursday, Boskalis said that Horizon’s main activities include marine geophysical surveys and geotechnical services.
The remaining 37.5% of the shares are held by the incumbent management. The revenue level in the financial year 2018/2019 is expected to exceed $100 million.
Peter Berdowski, CEO Boskalis, “Through this transaction, we are adding an important strategic position to our existing marine survey and subsea geotechnical business. 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. 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.”
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.
Horizon was established in 2004 and is located in Sharjah in the UAE. Its activities are largely based in the Arabian Gulf and the Red Sea with clients ranging from national oil companies as well as international EPCI contractors to the oil and gas industry.