Boskalis wraps Horizon buy

Dutch marine contractor Boskalis has now fully acquired the UAE-based Horizon Group, a company specializing in the provision of marine geophysical surveys and geotechnical services.

Boskalis said Monday it had acquired the remaining 37,5% of the shares, following the initial acquisition of a 62,5 percent of the Horizon shares earlier in 2019.

Boskalis said that following the transaction it will be able to optimize its position in the marine geophysical and geotechnical survey market.

“Horizon will continue to focus on its traditionally strong market position in the Middle East and Northwest Europe with opportunities to expand into the emerging offshore wind market in the Far East making it highly complementary to the position already held by Boskalis through Gardline in Northwest Europe and on the East Coast of the United States,” Boskalis said.

“The 2019 revenue is expected to exceed USD 100 million and the activities will be consolidated as of 2020,” Boskalis said.

When the acquisition of Horizon 62,5% shares by Boskalis was announced earlier this year, Horizon operated seven survey/geotechnical vessels, of which three were 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.

Offshore Energy Today Staff

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