Dutch marine contractor Royal Boskalis Westminster has acquired a 62.5% majority stake in the United Arab Emirates (UAE) based Horizon Group.
Horizon Group provides marine geophysical surveys and geotechnical services.
The incumbent management will hold the remaining 37.5% of the stake in Horizon.
Horizon, which was established in 2004, has its activities primarily in the Arabian Gulf and the Red Sea. Clients include national oil companies as well as international EPCI contractors to the oil and gas industry.
Boskalis CEO Peter Berdowski said: “Through this transaction, we are adding an important strategic position to our existing marine survey and subsea geotechnical business.
“Horizon is a market leader in the Middle East and we are committed to continuing and expanding the high quality of services they deliver to their clients.
“Horizon, with its strong market position in the Middle East, makes this addition highly complementary to the position we hold through Gardline in Northwest Europe.”
Three of Horizon’s seven large survey / geotechnical vessels are on a long-term charter.
The company operates five small survey vessels, two jack-up platforms, three motion-compensated drill towers for geotechnical services and eight remotely operated underwater vehicles.
The companies have not disclosed the transaction value.
Boskalis recently signed an agreement to sell the equity stake held by the company in SAAM SMIT Towage to SAAM for $201m.
SAAM SMIT Towage’s enterprise valued as per the agreement is valued at $560m.
Boskalis has strategic partnerships in harbour towage and terminal services as well as a fleet of more than 900 vessels and floating equipment.