Boskalis expands with subsea survey company buy
Dutch energy and dredging services provider Royal Boskalis Westminster N.V. has acquired all shares of Gardline Group, a UK-based multidisciplinary marine survey company.
Boskalis said on Tuesday that the company became the owner of Gardline shares on the same day.
The consideration paid, including assumed debt, amounts to approximately £40 million ($51.8 million). The current annual revenue level is approximately £60-70 million ($77.7-90.7 M).
Based on the challenging near-term outlook, Boskalis said it does not expect the transaction to be EBIT accretive within the next few years. The company said that this transaction, however, positions Boskalis well for when end-markets recover.
According to Boskalis, the acquisition fulfills the company’s ambition to build a position in the offshore survey market and, in turn, become a specialist provider of subsea geotechnical surveys with exposure to the renewables market and the early cyclical oil and gas market.
Gardline’s main activities include marine geophysical surveys, offshore geotechnical services, and environmental surveys. Boskalis added that Gardline operates 15 survey related vessels in addition to 25 smaller vessels including crew transfer vessels and survey catamarans.
Gardline is based in Great Yarmouth, UK, with activities in the USA, Brazil, and Singapore. The company employs approximately 750 employees including a pool of 100 surveyors. With the acquisition, Boskalis strengthens its position as a marine services provider in Northwest Europe.