Boskalis finalises acquisition of Smit Lamnalco

Boskalis completed the agreement it made with Rezayat Group in July, acquiring all the remaining shares in Smit Lamnalco, representing 50% of the joint venture, and taking a 100% ownership of the business.

The July announcement from Boskalis came after a protracted series of moves the business made in an attempt to divest from Smit Lamnalco and its fleet of some 160 vessels. 

"Boskalis has been 50% shareholder in Smit Lamnalco since 1963 and through this transaction acquires all remaining shares. Smit Lamnalco offers terminal services and had an annual revenue of approximately US$275M and EBITDA of US$100M in 2023," the company said.

As early as 2019, Boskalis announced its desire to divest from its global harbour towage activity, selling its stakes in SAAM Smit, Kotug Smit Towage and Keppel Smit Towage in the Americas, Europe and Singapore, respectively.

In December 2021, Boskalis publicly announced that both it and partner Rezayat Group were undertaking "a review" of their respective stakes in the joint venture that has been operating since the early 1960s. 

At the time, Boskalis said it would provide "an update of this review... as soon as there is reason to do so".

With no significant update forthcoming for the next 15 months, in February 2023, Boluda said it had reached an agreement with Boskalis and the Rezayat Group to acquire Smit Lamnalco. 

As publicised, the deal was supposed to have seen Boluda take on some 111 vessels from Smit Lamnalco, which Boluda called "the world’s fifth-largest tug owner".

In the nearly 18 months since Boluda announced the deal, reports began to surface of complications around vessels that had earlier been seized by Russia following its invasion and war against neighbour Ukraine and the numerous Western sanctions that came in response.

In announcing its intent to acquire full ownership and control of the Smit Lamnalco JV, Boskalis said Smit Lamnalco had an annual revenue of approximately US$275M and earnings before taxes and write-offs of US$100M in 2023.

Smit Lamnalco’s fleet list shows 160 vessels, including tug and harbour vessels providing services to the LNG, tanker and bulk carrier sectors. The company operates in 25 countries and owns offshore support vessels, crew and pilot vessels in addition to its fleet of tugboats.