Boskalis has bought all the shares of Rever Offshore’s subsea services business. Rever, formally known as Bibby Offshore, offers a broad range of solutions in the area of subsea construction, inspection, repair and maintenance.
Rever has historically operated in the North Sea out of Aberdeen (United Kingdom). Through the transaction, Boskalis obtains two diving support vessels of which one is fully owned (Rever Polaris) and a second chartered (Rever Topaz).
The group employs an onshore staff of around 130 in addition to approximately 220 offshore workers. The 2020 annual revenue is approximately EUR 90 million, most of which is generated through numerous framework agreements. Based on projected cost synergies, the acquisition payback period is expected to be less than three years.
Top three in North Sea subsea market
Through this acquisition, Boskalis seeks to strengthen its position in the subsea services market in Northwest Europe, Africa and the Middle East and its capabilities to serve both the traditional oil and gas market and the rapidly expanding offshore wind market. According to Boskalis, the company is now a top three player on the important North Sea subsea market, and says the acquisition allows for operational efficiencies and synergies.
Picture by Rever Offshore.