Boskalis, a Dutch dredging and heavy-lift company that provides services to the construction and maintenance of maritime infrastructure, has acquired all the shares of Rever Offshore’s subsea services business.
Rever, formally known as Bibby Offshore, offers a broad range of solutions in the area of subsea construction, inspection, repair and maintenance. Rever has historically operated in the North Sea out of Aberdeen, the U.K., and touts a strong track record in the region
Through this transaction, Boskalis will obtain two diving support vessels of which one is fully owned, Rever Polaris, and a second chartered, Rever Topaz. The group employs an onshore staff of around 130 in addition to approximately 220 offshore workers. The company’s 2020 annual revenue was approximately $110 million, most of which was generated through numerous framework agreements. Based on projected cost synergies, the acquisition payback period is expected to be less than three years.
Through this acquisition, Boskalis strengthens its current position in the subsea services market in Northwest Europe, Africa and the Middle East – and its capabilities to serve both the traditional oil and gas market and the rapidly expanding offshore wind market. On the important North Sea subsea market, Boskalis is opening up ample opportunities for operational efficiencies and synergies.