Boskalis Acquires Fairmount Marine to Expand Ocean Towing Services
Dutch marine services provider Royal Boskalis Westminster N.V. announced Monday that it has reached an agreement to acquire Fairmount Marine and its affiliate Fairmount Ocean Towage Company, a global provider of long distance ocean towing, from the French group Louis Dreyfus Armateurs.
Fairmount operates a total five 205 tonne bollard pull towing vessels with anchor handling capabilities.
Boskalis says that the addition of the AHTs allows the company to further expand its market position in both offshore energy and salvage. The use of the ocean going tugs for long distance wet towage will be complementary to Boskalis’ current dry heavy marine transport offerings, the company said in a statement.
The AHTs also have the potential of being deployed into offshore projects thereby expanding Boskalis’ current transport and installation offering and can be used in salvage projects.
The transaction values the company at an average multiple of approximately 6 times EBITDA, according to Boskalis.
A statement from Louis Dreyfus Armateurs said it is selling Fairmount to focus on its bulk transport and logistics activities and wants to give Fairmount Marine the opportunity to take on new challenges within the Boskalis organization. The company added that at present, there are no changes being made within Fairmount and business continues as usual.
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