Boskalis acquires Gardline

15 August 2017

Royal Boskalis Westminster NV, the Dutch services provider operating in the dredging, maritime infrastructure and maritime services sectors, has acquired all shares of the Gardline Group (Gardline).

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.

A spokesman for Bosklis stated: "The consideration paid including assumed debt amounts to approximately £40m. The current annual revenue level is approximately £60-70m. 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. 

Boskalis Westminster Ltd
Westminster House
Crompton Way
Fareham
Hants PO15 5SS
UK
T: +44 1489 885933
F: +44 1489 578588

Gardline Geosurvey Ltd
Endeavour House
Admiralty Road
Great Yarmouth
Norfolk NR30 3NG
UK
T: +44 1493 845600
F: +44 1493 852106

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