Koninklijke Boskalis Westminster N.V.: Boskalis and SAAM begin joint towage
operations in Americas
Papendrecht, 2 July 2014
Royal Boskalis Westminster N.V. (Boskalis) and SAAM S.A. (SAAM) have announced
that they have successfully created a joint harbor towage operation within the
American Continent in Brazil, Mexico, Canada and Panama. The intended
partnership, which is between SMIT, a wholly owned subsidiary of Boskalis, and
SAAM, a wholly owned subsidiary of Sociedad Matriz SAAM S.A. (SM SAAM), was
previously announced in September 2013 and all conditions to form the joint
venture have now been fulfilled.
The combined companies will operate under the name SAAM SMIT Towage (SST). The
partnership consists of two underlying joint ventures, with a fleet of 100
tugboats, operating in more than 30 port terminals in Brazil, Mexico, Canada
and Panama. The total combined 2013 EBITDA of SST was USD 100 million.
The merger will generate synergies estimated at approximately USD10million
per year, to be fully captured in the next 24 months. Those synergies will
mainly come from an increased fleet efficiency and cost savings, among others.
As the operations are further integrated, sharing of best practices and market
synergies are expected to generate additional value.
The geographic scope of the first joint venture covers the Brazilian towage
market, where SMIT and SAAM already had operations. Boskalis and SAAM each
hold a 50% share in this new joint venture. With a total of 42 tugboats, the
combination is an important player in the growing market of Brazil, operating
in major ports such as Rio Grande, Itajai, Santos and Salvador.
The second joint venture, in which SAAM holds a 51% majority stake, relates to
the towage activities in Panama and Canada (SMIT) and Mexico (SAAM). The
combination will operate a total number of 58 tugboats. This joint venture
will have presence in main ports of Canada (Prince Rupert and Vancouver),
Panama (Manzanillo, Balboa, Colon Container Terminal) and Mexico (Veracruz,
Lazaro Cardenas, Altamira, Tuxpan).
The total value of the SMIT and SAAM assets that have been contributed to SST
is comparable, and the joint venture has been formed without an equity
contribution by either party.
For further information
Martijn L.D. Schuttevâer
T +31 78 6969310
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, heavy transport, lifting and installation
(through Boskalis Offshore and Dockwise) and towage and salvage (through
SMIT). It also has a strategic partnership 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 more than 11,000 employees.
SM SAAM, through its subsidiary SAAM, is a leading provider of integrated
services for shipping companies, importers and exporters throughout the
cargo-moving process. Through its three divisions, the company has presence
across America. Port Terminals division participates in the operation of 10
ports located in Chile (6), Florida (United States), Guayaquil (Ecuador),
Mazatlan (Mexico) and Cartagena (Colombia); Logistics offers partial and fully
integrated services through all the logistic chain in six countries of the
region; and Tugboats, with a fleet of 130 ships, serves tug maneuvers, salvage
and assistance in offshore operations in the main terminals of Chile, Peru,
Ecuador, Mexico, Uruguay, Argentina, Brazil, Colombia, Honduras, Guatemala and
Costa Rica. Product of this alliance with SMIT, SAAM's Tugboats division
consolidates as the fourth global largest operator of this kind of vessels,
reaching 186 units, operating among 79 terminals in 14 countries in America.
This press release can also be found on our website www.boskalis.com.
pdf version press release
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein.
Source: Koninklijke Boskalis Westminster N.V. via Globenewswire
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