Boskalis Buys UAE's Horizon Group

Laxman Pai
Friday, February 22, 2019

Dutch marine contractor Royal Boskalis Westminster has acquired a 62.5% majority stake in the UAE's Horizon Group to expand its surveying capabilities.

According to press statement, the remaining 37.5% of the shares will be held by the incumbent management. Horizon's main activities include marine geophysical surveys and geotechnical services.

Peter Berdowski, CEO Boskalis said: "Through this transaction, we are adding an important strategic position to our existing marine survey and subsea geotechnical business. Horizon is a market leader in the Middle East and we are committed to continuing and expanding the high quality of services they deliver to their clients."

He added: "Furthermore, Horizon with its strong market position in the Middle East, makes this addition highly complementary to the position we hold through Gardline in Northwest Europe."

Horizon operates seven large survey/geotechnical vessels, of which three are on a long term charter, in addition to five smaller survey vessels, two jack-up platforms, three motion-compensated drill towers for geotechnical services and eight ROVs.

The revenue level in the financial year 2018/2019 is expected to exceed USD 100 million.

Horizon was established in 2004 and is located in Sharjah in the UAE. Its activities are largely based in the Arabian Gulf and the Red Sea with clients ranging from national oil companies as well as reputable international EPCI contractors to the oil and gas industry.

Categories: People & Company News Legal Mergers & Acquisitions Geoscience Geophysics

Related Stories

US Judge Proposes CITGO Auction Solution

EnerMech Lands Services Contract with North Sea Oil and Gas Operator

Beam’s AI-Driven AUV to Hit Offshore Wind Market in 2025

Current News

Danos Leaders Recognized in “40 Under 40” Lists

ExxonMobil to Drill for Gas Off Cyprus in January

Mocean Energy Raising Funds to Advance Wave Energy Tech

Seadrill’s Drillships Getting Ready to Start Work Off Brazil

Subscribe for OE Digital E‑News