- Intended all-cash offer of EUR 17.20 per share for all issued and outstanding shares of Dockwise for a total consideration of EUR 682 million
- The combination broadens Boskalis' maritime services offering for the offshore energy market
- Combination of Boskalis and Dockwise provides new strategic opportunities for accelerated growth of the offshore services
- Acquisition results in strong EBITDA increase and will be earnings per share accretive
- Boskalis has invited the Dockwise Board of Directors to discuss the intended offer
Peter Berdowski, CEO Boskalis
"Combining Boskalis and Dockwise offers advantages and new opportunities for both companies. The combination creates a world class maritime player, well positioned for the offshore energy market. This step fits in our growth strategy aimed at broadening our service offering for clients in the oil and gas sector. We are convinced that the addition of Dockwise to our group will structurally create value, as we have also demonstrated with SMIT. Furthermore, the addition will result in a strong increase of our EBITDA."
As a result of the complementary nature of the activities, the cultural fit and the development of the markets in which both companies operate, the transaction is expected to result in no or only limited negative consequences for employment. Bringing the activities together will in fact create a stronger company for the future with improved growth prospects, presenting extended career and development opportunities to employees of both companies. The offer price of EUR 17.20 per share (cum dividend) represents:
- a premium of approximately 61% relative to the closing price of EUR 10.66 per share of Dockwise as per 23 November 2012;
- a premium of approximately 35% relative to the average closing price of an ordinary share of Dockwise during the last 3 months and
- a premium of approximately 30% relative to the average closing price of an ordinary share of Dockwise during the last 12 months.
Martijn L.D. Schuttevâer
email@example.com T +31 78 6969310
F +31 78 6969020 Background information:
Dockwise Ltd., a Bermuda incorporated Company, has a workforce of more than 1,300 people both offshore and onshore. The Company is the leading marine contractor providing total transport services to the offshore, onshore and yachting industries as well as installation services of extremely heavy offshore platforms. The Group is headquartered in Breda, the Netherlands. The Group's main commercial offices are located in the Netherlands, the United States and China with sales offices in Korea, Australia, Brazil, Russia, Singapore, Malaysia, Mexico and Nigeria. The Dockwise Yacht Transport business unit is headquartered in Fort Lauderdale and has an office in Italy. The Dockwise Shipping network is supported by agents in Norway, Argentina and Italy. To support all of its services to customers, the group also has three additional engineering centers in Houston, Breda and Shanghai and operates a fleet of 25 purpose built semisubmersible vessels (including Dockwise Vanguard, Finesse and White Marlin). Dockwise shares are listed on the Oslo Stock Exchange and on NYSE Euronext Amsterdam.
For further information: www.Dockwise.com Royal Boskalis Westminster N.V. is a leading global services provider operating in the dredging, maritime infrastructure and maritime services sectors. The company provides creative and innovative all-round solutions to infrastructural challenges in the maritime, coastal and delta regions of the world with the construction and maintenance of ports and waterways, land reclamation, coastal defense and riverbank protection. In addition, Boskalis offers a wide variety of marine services and contracting for the offshore energy sector including subsea, transport and heavy lift (though Boskalis Offshore) and towage and salvage (through SMIT). It also has strategic partnerships in the Middle East (Archirodon) and in terminal services (Smit Lamnalco). With a versatile fleet of over 1,100 units Boskalis operates in around 75 countries across six continents. Including its share in partnerships, Boskalis has approximately 14,000 employees.This press release can also be found on our website www.boskalis.com This press release is issued by Royal Boskalis Westminster N.V. pursuant to the provisions of Article 5-12 of the Norwegian Securities Trading Act (Verdipapirhandelloven), Article 5:25i paragraph 2 of the Dutch Act on Financial Supervision (Wet op het Financieel Toezicht) and, to the extent applicable, Article 5 paragraph 2 of the Dutch Decree on Public Takeover Bids (Besluit openbare biedingen Wft). This announcement does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities. This announcement is not for release, publication or distribution, in whole or in part, in or into directly or indirectly the United States of America, Canada or Japan.
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