PAPENDRECHT, the Netherlands – Royal Boskalis Westminster has acquired more than 22% of the shares in offshore/marine transportation group Dockwise (OSLO:DOCK), and plans a full takeover.
The all-cash offer values Dockwise at €682 million ($884 million). One of Dockwise’s major shareholders has already committed to tender its stake, representing around 32% of the outstanding ordinary shares.
Boskalis, a dredging/rockdumping specialist, claims a merger would create a new group offering a wider range of services to the offshore sector, with prospects of accelerated growth.
The new combination, it adds, would be in a better position to serve clients via optimal deployment of people and equipment, and allow faster-track implementation of transport and installation (T&I) projects.
Both companies are currently jointly tendering for a large T&I project in Australia. In addition, Boskalis sees potential for broader deployment of Dockwise vessels to assist dredging, offshore, and salvage projects.
Dockwise’s board responded that it would assess the merits and risks of the approach.
CEO André Goedée said: “This unsolicited approach for our company has arrived not only during a phase of successful strategic development, but also during a period of intense tendering in the upstream arena.
“With the strategic acceleration in logistic management and the addition of new vessels, such as the Dockwise Vanguard and the Dockwise White Marlin, the company is well positioned in the oil and gas upstream and downstream environment. From this position the company is well suited to manage its next steps on a standalone basis.”