Boskalis trims holding in Fugro

Boskalis trims holding in Fugro

Dutch offshore services firm Boskalis has reduced its ownership in compatriot Fugro.

In an update on Monday afternoon, the offshore construction and installation contractor said it had cut its holding in Fugro, an offshore surveying company, to 24.9 percent. Boskalis did not say anything on the rationale behind the divestment.

Boskalis had been gradually increasing its ownership in Fugro over the past two years, much to the objection of Fugro’s board who last year described Boskalis’ advances as a takeover attempt in the making.

Boskalis, however, has maintained that the increased holding was not a step towards making an offer for Fugro.

The two companies even went to court last year, with Boskalis trying to force a shareholders’ vote at Fugro’s annual shareholders meeting in 2015 over one of Fugro’s measures protecting it from a hostile takeover.

The court then ruled in favor of Fugro, dismissing Boskalis’ claims.

Throughout the dispute, Fugro has maintained its stance it values its position as an independent provider of geotechnical and survey data, services and advice, and is not keen on being taken over.

Boskalis stated in its 2015 annual report that the company held 28.6% of Fugro’s shares per December 31, 2015.

Offshore Energy Today Staff

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