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Boskalis and Archirodon to Join

Royal Boskalis Westminster nv intends to acquire a 30 percent stake in Archirodon Group nv, an international marine contractor with a strong position in the Middle East. The alliance is a major strengthening of the strategic position of Boskalis in the Middle East and peripheral areas, according to a company news release.

Archirodon’s main office is in Geneva, Switzerland, with operating offices in Limassol, Cyprus and Jeddah, Saudi Arabia. Dredging equipment includes high capacity cutterhead dredges, clamshell dredges, booster stations, tugs and auxiliary equipment. With an annual turnover of US$ 200million and a net profit exceeding US$20 million, Archirodon has a workforce of 5000 employees.

The alliance will enable Boskalis to acquire turnkey projects for dredging and civil marine construction, with a well-positioned competitive partner in the Middle East, the Mediterranean area, the Indian subcontinent and North and West Africa. Besides a stronger market position and wider product range, the alliance offers both parties synergy in marketing and operations.

Boskalis and Archirodon shareholders expect to reach full agreement by the end of April 2001. The parties recently signed a memorandum of understanding, and a due diligence process is being executed.

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