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Boskalis and Keppel sell tug fleets
Rimorchiatori Mediterranei is acquiring two leading tug operators in Singapore and Malaysia to increase its international footprint
The subsidiary of Italy-headquartered Rimorchiatori Riuniti Group is purchasing Keppel Smit Towage (KST) and Maju Maritime in a deal thought to be worth more than €160M (US$183M).
The two tug owners provide harbour towage in Singapore and Malaysia and are leading technology innovators.
Boskalis and its co-shareholder KS Investments (Keppel) signed the agreement to sell the companies to Rimorchiatori Mediterranei to exit harbour towage in the region.
Under the terms of the agreement, Boskalis expects to receive approximately €80M (US$91.5M) in cash for its 49% equity stake. It said net profit from its share in KST and Maju over the last two years was €4M (US$4.6M) per annum.
KST was established in 1991 as a joint venture between Keppel and Boskalis subsidiary Smit. It operates a combined fleet of 58 tugboats in Singapore and through its joint venture in Malaysia.
Boskalis said the sale of KST follows its strategic decision, taken by in 2019, to divest its harbour towage activities. Boskalis divested its stakes in SAAM Smit Towage and Kotug Smit Towage in 2019.
Rimorchiatori Mediterranei operates a fleet of more than 100 modern vessels in more than 20 major ports employing over 900 people.
Its agreement to purchase KST and Maju is subject to approval from regulatory agencies in Singapore. It expects this transaction to close in H1 2022.
KST’s technological advancements in remotely monitoring and controlling tugboats was recognised during Riviera Maritime Media’s TUGTECHNOLOGY 2021 conference in October.
Its partners in trials of remote control and autonomous tug operations were shortlisted for the ITS Innovation of the Year Award.
Keppel Offshore & Marine and ABB, along with KST and ABS, were nominated as the first to successfully control a tugboat remotely in southern Asia in 2020.
They successfully controlled tug Maju 510 remotely from Singapore MPA’s Maritime Innovation Lab in Q2 2021. In the second phase of this project, scheduled for Q4 2021, they will monitor the 2011-built, 32-m, Singapore-flag tug as it performs autonomous collision avoidance tasks while under remote supervision.
Advanced technologies and industry consolidation will be discussed during Riviera Maritime Media’s Annual Offshore Support Journal Conference, exhibition and awards in London - 17-18 November 2021
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