Boskalis, SAAM Explore Opportunities for Joint Towage Operation in America

Royal Boskalis Westminster N.V. (Boskalis) announces that discussions are underway with Sudamericana Agencias Aereas y Maritimas S.A. (SAAM) to explore the possibilities and opportunities for a joint towage operation within the American Continent. The intended joint towage operation within the Americas is between SMIT, a wholly owned subsidiary of Boskalis, and SAAM, a wholly owned subsidiary of Compañía Sud Americana de Vapores (CSAV).

The joint operation between SMIT and SAAM would create a leading provider of towage services in Central and South America. The combined towage operations would serve 45 ports in 9 countries with a fleet of more than 170 vessels. The total annual turnover would exceed USD 270 million and besides operational synergies, the joint operation would also strengthen the market position of the combined companies.

Discussions are currently ongoing and the two companies endeavor to reach a formal agreement in the coming months, subject to certain customary conditions.

Royal Boskalis Westminster N.V. is a leading global services provider operating in the dredging, maritime infrastructure and maritime services sectors. The company provides creative and innovative all-round solutions to infrastructural challenges in the maritime, coastal and delta regions of the world including the construction and maintenance of ports and waterways, land reclamation, coastal defense and riverbank protection. Boskalis offers a wide variety of marine services through SMIT and also has strategic partnerships in the Middle East (Archirodon) and in offshore services (Smit Lamnalco). The company holds important home market positions in and outside of Europe. Boskalis has a versatile fleet of over 1,100 units and operates in around 65 countries across six continents. Including its share in partnerships, Boskalis has approximately 14,000 employees.

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Source: Boskalis, November 10, 2011