Dockwise ripe for Boskalis takeover

Heavyweight: Dockwise's Mighty Servant 1

Dockwise

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Steve Marshall

 13 February 2013 14:07 GMT

Royal Boskalis Westminster is set to acquire a 25-vessel fleet with a work backlog currently worth $722 million through its takeover of Dutch heavy-lift rival Dockwise.

The merger of the two companies is set to create a new heavy-lift transport and installation giant, with Boskalis’ mandatory offer of €18.50 per share, which values Dockwise at €733 million ($988 million), now only waiting on shareholder approval after gaining the backing of the latter’s board.

Dockwise reported increased net profit of $27 million in the fourth quarter, versus $12.1 million in the previous quarter and a loss of $4.5 million a year earlier, as it more than doubled revenue year-on-year to $187.3 million on the back of its…

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