Royal Boskalis Westminster has acquired all of the shares in Gardline Group, the UK-based company that specialises in marine geophysical surveys, offshore geotechnical services and environmental surveys.
With the acquisition, Boskalis has fulfilled its ambition to build a position in the offshore survey market and become a specialist provider of geotechnical surveys for the offshore oil and gas and renewables markets.
Gardline operates 15 survey vessels and 25 smaller units, including crew transfer vessels and survey catamarans.
The consideration paid, including assumed debt, amounts to approximately £40M (US$52M). Gardline’s current annual revenue level is approximately £60-70M.
Boskalis says that, given the currently challenging near-term outlook, it does not expect the transaction to be EBIT accretive in the next few years, but positions Boskalis well for when the market recovers.
Gardline was established in 1969 and was a second-generation family-owned business. The company's principal offices are located in Great Yarmouth, UK with activity in the US, Brazil and Singapore. It employs approximately 750 people including a pool of 100 surveyors. Its core geographical market is northwest Europe, where Gardline is the main competitor of Fugro, a company that Boskalis built a position in last year and was said to be interested in acquiring.