Royal Boskalis Westminster has reached an agreement with The Rezayat Group of Saudi Arabia (Rezayat) to sell Smits’s terminal and AHTS transport activities to Lamnalco.
Boskalis and Rezayat each own a 50 per cent stake in Lamnalco. Lamnalco will pay approximately 450 million dollars for these activities and Boskalis will receive a net cash sum equaling around 75 per cent of this consideration.
AHTS Vessels
Lamnalco will acquire all of SMIT’s terminal activities, with the exception of the terminal activities of Rebras (Brazil) and of the joint ventures in Egypt, and Singapore (Keppel-Smit). In addition Lamnalco will take over eight L-class AHTS vessels from Smit that are currently part of the Smit Transport activities. On balance the activities sold represented in 2010 an EBITDA of around 55 million dollars.
Smit Terminals and Lamnalco both hold a leading position in the global market for specialized services to oil and gas terminals. Currently operating over 50 terminal contracts, the combined entity employs more than 2,000 staff on over 150 vessels and is active in more than 30 countries across five continents.
The transaction is expected to be executed in the second half of 2011
