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JBR assists Boskalis acquisition in the Middle East

March 8, 2019

March 05, 2019 Consultancy.com

Boskalis has taken a majority stake in Horizon. This United Arab Emirates-based company focuses on geophysical surveys and geotechnical services, among other things. The deal was accompanied by JBR, which has since become the company's trusted M&A dealmaker.

"With this transaction, we are adding an important strategic position to our existing ocean research and subsea geotechnical activities," stated Boskalis CEO Peter Berdowski in explanation of the acquisition of the 62.5% stake in Horizon. Founded in 2004, the company operates from seven large survey/geotechnical vessels and five smaller survey vessels, two jack-up platforms, three motion-compensated drilling rigs for geotechnical services and eight remotely operated vehicles (ROVs). Horizon operates primarily in the Arabian Gulf and Red Sea, where it primarily serves parties within the oil and gas sector. Revenue for fiscal year 2018/2019 is expected to exceed $100 million.

"Horizon is a market leader in the Middle East and we want to continue and expand the high quality services it provides to its customers. In addition, Horizon with its strong market position in the Middle East and very good complement to the position we occupy in Northwest Europe thanks to Gardline," indicates Berdowski. The British company Gardline focuses on similar services as Horizon and was acquired about eighteen months ago by the Dutch company Boskalis, which is itself primarily known as one of the world's largest dredging companies and also focuses on land reclamation, the construction and maintenance of ports and waterways and the protection of coasts and banks. In doing so, the company has a fleet of more than 900 vessels and floating equipment.

JBR assists Boskalis acquisition in the Middle East

House Advisor

The team ofJBR that advised Boskalis during the acquisition of the majority stake - the remaining 37.5% is held by Horizon's management - included Kees van Biert, Rick ter Maat and Mirthe van Schrojenstein Lantman. In addition, Boskalis was also assisted by Freshfields Bruckhaus Deringer. A team consisting of Jan Willem van der Staay, Saloua Ouchan, Bob van Kasteren, Lodewijk Vonken, Ingrid van den Bosch and Anne Beenders provided legal support on behalf of the international law firm.

Dutch corporate finance specialist JBR has become Boskalis' in-house advisor on mergers and acquisitions in recent years. In 2014, the firm supported the establishment of two joint ventures between Boskalis and Sudamericana Agencias Aereas y Maritimas (SAAM) in the field of harbor towage. Two years later JBR initiated a similar joint venture between Boskalis and KOTUG. That same year, the firm supported the sale of Boskalis' stake in SMIT Amandla Marine, having also advised on the sale of Aannemingsbedrijf De Jong en Zoon Beheer in 2015.

 

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