Dutch marine contractor Boskalis on Monday acquired all the shares of Rever Offshore’s subsea services business.
Rever, formerly known as Bibby Offshore, provides solutions in the area of subsea construction, inspection, repair, and maintenance. The company has operated in the North Sea out of Aberdeen, United Kingdom.
Through this transaction, Boskalis will acquire 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 2020 annual revenue was approximately EUR 90 million, most of which is generated through numerous framework agreements.
Based on projected cost synergies, the acquisition payback period is expected to be less than three years, Boskalis said.
"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 & gas market and the rapidly expanding offshore wind market. On the important North Sea subsea market, Boskalis is now a solid top three player opening up ample opportunities for operational efficiencies and synergies," Boskalis added.