OCTOBER 16, 2013 — Royal Boskalis Westminster N.V. (Boskalis) has completed the sale of its Australian harbor towage business — Smit Marine Australia Pty Ltd, which holds the exclusive harbor towage license in the port of Gladstone — to its strategic , Lamnalco.
Smit Lamnalco is a strategic partnership in which Boskalis is a 50% shareholder with the remaining 50% share held by the Rezayat Group of Saudi Arabia.
The sale had already been announced in August 2013 as part of a strategic realignment of the towage activities.
Shipping activity out of the Port of Gladstone is primarily commodity related with various LNG terminals currently under construction. The nature of these activities fits into the Oil & Gas industry focus of Smit Lamnalco and will complement Smit Lamnalco's forthcoming LNG terminal activities in Papua, New Guinea.
Boskalis received $55 million in cash for all the outstanding shares in Smit Marine Australia Pty Ltd with six tug boats included. The transaction was at book value and will not have a material impact on Boskalis earnings.