Boskalis Sells Stake in Saam Smit Towage
Royal Boskalis Westminster has completed the sale of its equity stake in Saam Smit Towage (SAAM).
Boskalis received $194 million in cash from SAAM, resulting in a pre tax book gain of slightly more than $44.6 million.
The towage joint venture between Boskalis and SAAM was formed in 2014 and the sale involves their joint operations in Brazil, Panama, Mexico and Canada. The companies agreed the move as a response to the more competitive market environment.
“This is the largest acquisition in our history and a strategic step in moving our business into the future, giving us a single entity providing coverage in the Americas and an attractive position to continue growing within the towage industry,” said SAAM CEO Macario Valdés.
The transaction positions SAAM Towage as the largest tug operator in the Americas and one of the leading operators in the world. SAAM operates 152 vessels in nine countries in the Americas under a common model and the SAAM Towage brand. SAAM Towage’s fleet performs more than 100,000 maneuvers each year at over 60 ports. It offers harbor towage services, services for off-shore vessels and positioning and anchorage to oil and gas platforms, as well as salvage support.
In Canada, SAAM Towage is the largest ship assist tug operator on the West Coast, providing harbor towage services and servicing the oil and gas industry at the ports of Vancouver, Prince Rupert, New Westminster, Kitimat, Stewart, Squamish and Port Mellon, with a fleet of 23 vessels.