Boskalis’ Rever acquisition cements subsea offering
Caption: The Rever Polaris has become a Boskalis asset as a result of the Rever acquisition.
Boskalis has acquired Rever Offshore’s Aberdeen-based subsea services business (formally known as Bibby Offshore) in order to bolster the company’s subsea and offshore wind offerings. “We have always said that we like to have a top three position in the markets that we are active in,” Martijn Schuttevaer, director of investor relations and corporate communications at Boskalis told CEDA Industry News. “We had been number four in the North Sea market and had been looking at Bibby Offshore for a while from a distance but had thought it too expensive an acquisition.
“However, as a company, our position is to be prudent with our finances and have a strong balance sheet, so this means that we are in a good position to acquire quality companies if a M&A opportunity comes by. With this acquisition, we are now in the top three for the North Sea market and in a good position to increase our share of the subsea and offshore wind markets as well as the traditional oil and gas market.”
Rever, which employs an onshore staff of around 130 in addition to approximately 220 offshore workers, offers a broad range of solutions in the area of subsea construction, inspection, repair and maintenance and operates two diving support vessels: the Rever Polaris (fully owned) and Rever Topaz (chartered). The group is expected to see an annual revenue of approximately EUR 90 million, most of which is generated through numerous framework agreements.
“Rever has a lot of framework agreements for long term servicing where it serves the needs of operators on the north sea including Statoil,” Schuttevaer explained, adding that the agreements are renewed annually.
Boskalis anticipates that implementing cost synergies will lead to an acquisition payback period of less than three years. “Our company was also already active in Aberdeen and in fact even the office locations are close by. Because the two companies are so similar in scope, size operations and geographical spread, we can get a lot of benefits by pooling maintenance, crew, planning resources and more,” the director stated.