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Boskalis offloads remaining Fugro shares

By: Tom Russell 01/03/2017 4C Offshore

General Vessels Windfarms

Royal Boskalis Westminster (Boskalis) has announced that is has sold all of its remaining shares in Fugro N.V. (Fugro) for a value of €14.50 per share.

The announcement follows reports in December 2016 that Boskalis reduced its share in Fugro to 24.9% and entered into a 90 day lock-up with joint bookrunners, Kempen & co and Goldman Sachs. This meant it couldn't off-load its remaining shares during the lock-up period.

By the end of 2015 Boskalis had acquired 28.6% of Fugro’s shares, a move seen as a hostile takeover of Fugro. The two companies were locked in a dispute after Boskalis went to the courts claiming that Fugro shareholders should vote on one of the company's measures which protected it from such hostile takeovers. Fugro maintained that the measure was in place to protect its independent position within the market.

Boskalis' claim was thrown out by the District Court of The Hague in March 2015. The company appealed the decision but it was once again dismissed in May 2016 by the Court of Appeal in The Hague. The company then proceeded to dump its shares in December.

Boskalis owns VBMS, Stemat and Volker Stevin International and operates a fleet of around 1,000 units. The company carries out construction activities associated with the realisation of offshore wind farms. It was recently awarded a inner-array cable contract for the 500MW EnBW Hohe See offshore wind farm.

Furgo is an independent provider of geo-intelligence and asset integrity solutions for large constructions, infrastructure and offshore construction projects. The company supports clients in the offshore wind sector using its fleet of survey, subsea support and geotechnical vessels. The company recently wrapped up phase one of cable laying operations at the Rampion offshore wind farm.

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Boskalis offloads remaining Fugro shares

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