Royal Boskalis Westminster will strengthen its position in subsea services by acquiring all the shares of Rever Offshore’s business in that sector
Rever, formally known as Bibby Offshore, delivers a broad range of solutions in subsea construction, inspection, repair and maintenance.
Boskalis, which announced the acquisition on 5 January 2021, said it will become a solid top-three player in the important North Sea subsea market through this corporate deal.
This acquisition includes two diving support vessels (DSVs) - fully owned, 1999-built Rever Polaris and chartered in 2007-delivered Rever Topaz.
Rever operates from Aberdeen, Scotland with around 130 onshore staff and 220 offshore workers. Its 2020 annual revenue is approximately €90M (US$109M), most of which is generated through framework agreements with offshore facility operators.
Based on projected cost synergies, Boskalis expects the acquisition payback period to be less than three years.
With this deal, Boskalis raises its position in the subsea services market in northwest Europe, Africa and the Middle East and its capabilities to serve the rapidly expanding offshore wind market. It already facilitates the development of offshore energy infrastructure, including renewable wind energy in these regions and others.
Boskalis is also a global marine salvage service provider and has strategic partnerships in harbour towage and terminal services with Keppel Smit Towage and Smit Lamnalco, and also provides marine civil engineering and construction services.
Boskalis operates a versatile fleet of more than 700 vessels and floating equipment and has 9,600 employees, including associates.
Rever Offshore was formed through a rebranding campaign in January 2019. It has DSV Rever Topaz on charter from Volstad Maritime until December 2022, with options to extend this charter to the end of 2025.
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