Boskalis confirm sale of Australian towage business

  • SMIT Gladstone towage operation sold to strategic partner Smit Lamnalco

Royal Boskalis Westminster NV has confirmed that the sale of its Australian harbor towage business to Smit Lamnalco has been completed.

The sale, announced in August this year, is part of a strategic realignment of the company’s towage activities.

Boskalis received a cash sum of US$55 million for the remaining shares in Smit Marine Australia Pty Ltd, who hold the exclusive harbour towage licence for the six tugboats operating at Gladstone Port, Australia.

In a statement, Boskalis said that the transaction was at book value and will not have a material impact on the firm’s earnings.

Smit Lamnalco is a strategic partnership in which Boskalis is a 50 percent shareholder. The remaining half of the partnership is held by Saudi Arabia’s Rezayat Group.

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