Gulf Oil and Gas accountACCOUNT

Boskalis Acquires Subsea Survey Specialist Gardline

Source: www.gulfoilandgas.com 8/15/2017, Location: Europe

Share |
Royal Boskalis Westminster N.V. has acquired all shares of the Gardline Group (Gardline) as of today. The UK based company's main activities include marine geophysical surveys, offshore geotechnical services and environmental surveys. With the acquisition Boskalis fulfils its strategic ambition to build a position in the offshore survey market and becomes a specialist provider of subsea geotechnical surveys with an exposure to the renewables market and the early cyclical oil and gas market. Gardline operates 15 survey related vessels in addition to 25 smaller vessels including crew transfer vessels and survey catamarans.

The consideration paid including assumed debt amounts to approximately GBP 40 million. The current annual revenue level is approximately GBP 60-70 million. Based on the challenging near-term outlook Boskalis does not expect the transaction to be EBIT accretive within the next few years. This transaction however positions Boskalis well for when end-markets recover.

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 further activities in the USA, Brazil and Singapore. Gardline currently employs approximately 750 employees including a pool of 100 surveyors. The core geographical market is Northwest Europe, where Gardline is the main competitor of Fugro in marine surveys. With the acquisition Boskalis strengthens its position as marine services provider in Northwest Europe.

Geophysical Contractors News in United Kingdom >>

Austria >>  9/18/2017 - Based on the current global oil supply/demand balance, OPEC crude in 2017 was revised up by 0.2 mb/d from the previous report driven mainly by the upw...
Austria >>  8/28/2017 - The ORB recovered on bullish market fundamentals in July after two consecutive months of sharp declines. It was up almost 4% m-o-m but y-t-d was sligh...

Austria >>  8/24/2017 - Demand for OPEC crude for 2018 was revised up by 0.2 mb/d from the previous month. Within the quarters, the first quarter remained unchanged, while t...
Austria >>  8/22/2017 - After two months of average declines there was a recovery in oil prices in the second half of the month on improving signs of market rebalancing suppo...

Denmark >>  8/21/2017 - The Boards of Total and A.P. Moller Maersk have both approved the acquisition of 100% of the equity of the E&P company Maersk Oil & Gas A/S (Maersk ...

Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

Related Articles: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 


United Kingdom Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 |

More News

 

Oil & Gas Companies in United Kingdom >>


Related Links

Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Privacy Policy.