Boskalis Acquires Horizon
Royal Boskalis Westminster N.V. (Boskalis) has acquired a 62.5% majority stake in the Horizon Group (Horizon) from the United Arab Emirates. Horizon's main activities include marine geophysical surveys and geotechnical services.
"Through this transaction, we are adding an important strategic position to our existing marine survey and subsea geotechnical business," said Peter Berdowski, CEO Boskalis. "Horizon is a market leader in the Middle East and we are committed to continuing and expanding the high quality of services they deliver to their clients. Furthermore, Horizon with its strong market position in the Middle East, makes this addition highly complementary to the position we hold through Gardline in Northwest Europe."
Horizon operates seven large survey/geotechnical vessels, of which three are on a long term charter, in addition to five smaller survey vessels, two jack-up platforms, three motion-compensated drill towers for geotechnical services and eight ROVs.
The remaining 37.5% of the shares are held by the incumbent management. The revenue level in the financial year 2018/2019 is expected to exceed $100 million.
Horizon was established in 2004 and is located in Sharjah in the UAE. Its activities are largely based in the Arabian Gulf and the Red Sea with clients ranging from national oil companies as well as reputable international EPCI contractors to the oil and gas industry.