Boskalis expands in subsea market through acquisition Rever Offshore

Rever Polaris © Rever Offshore

Boskalis acquires all the shares of British Rever Offshore’s subsea services business (Rever). With the acquisition Boskalis obtains two diving support vessels.

Rever, formally known as Bibby Offshore, offers a broad range of solutions in the area of subsea construction, inspection, repair and maintenance. The company has historically operated in the North Sea out of Aberdeen. The group employs an onshore staff of around 130 in addition to approximately 220 offshore workers.

The 2020 annual revenue is approximately EUR 90 million, most of which is generated through numerous framework agreements. Based on projected cost synergies, Boskalis expects the acquisition payback period to be less than three years.

Two diving support vessels
Through this transaction, Boskalis will add two diving support vessels to its fleet of over 700 vessels and floating equipment: the Rever Polaris and the Rever Topaz. Rever Polaris is fully owned while Rever Topaz is chartered.

Strengthening market position in subsea services
Through this acquisition, Boskalis strengthens its current position in the subsea services market in Northwest Europe, Africa and the Middle East and its capabilities to serve both the traditional oil & gas market and the rapidly expanding offshore wind market, the company said. The company sees ample opportunities for operational efficiencies and synergies.

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