Dutch offshore services and dredging provider Boskalis has completed the sale of its stake in Smit Amandla Marine (SAM).
Boskalis sold its stake in SAM, a provider of offshore support and ocean towage solutions in South Africa, for 50 million euros ($53.1 million), to South African consortium AMSOL.
AMSOL consists of Smit Amandla Marine management and employees, the Mineworkers Investment Company, Pan-African Capital Holdings, and RMB Ventures.
The sale now returns the SAM business to 100 percent South African ownership.
AMSOL Managing Director Paul Maclons, who joined Smit Amandla Marine in 2004, said that the business opportunity for a management buyout was the catalyst for this transaction.
Maclons said: “We are excited to build a great South African company and to remain relevant to our clients in the energy, mining, ports and maritime sectors into the future.”
Mary Bomela, the CEO of the Mineworkers Investment Company, said: “AMSOL is now in a unique position to support the continued growth and transformation of the sector in the region – with the transaction including Smit Amandla Marine’s business in Namibia and Mozambique. We look forward to all the possibilities and how this will create a difference.”
Furthermore, as a result of the transaction, permanent employees through a broad-based employee trust will now own 12 percent of the company.
Andrew Aitken of RMB Ventures, said: “We are proud to be a part of restoring the ownership of this business into South African hands.”
The sale doesn’t mean Boskalis will leave the region as it stays there represented by activities of its subsidiary Smit Salvage.
Offshore Energy Today Staff