Royal Boskalis Westminster has sold its equity stake in Saam Smit Towage to SAAM for USD200 million.
The towage joint venture between Boskalis and SAAM was formed in 2014 and at that time covered towage activities in Brazil, Panama, Mexico and Canada; it has since expanded its presence.
The intended outright sale of Boskalis’ share to SAAM was announced on February 11, 2019, with the goal of enabling the venture to respond more effectively to an increasingly competitive market environment.
The company will now operate under one brand name – SAAM Towage.
“This is the largest acquisition in our history and a strategic step in moving our business into the future, giving us a single entity providing coverage in the Americas and an attractive position to continue growing within the towage industry,” said SAAM’s ceo, Macario Valdés.
SAAM Towage stated that it now operates 152 tugs across nine countries, making it one of the largest operators in the Americas. In Canada, SAAM Towage provides harbour towage services and servicing for the oil and gas industry at the ports of Vancouver, Prince Rupert, New Westminster, Kitimat, Stewart, Squamish and Port Mellon, with a fleet of 23 vessels.
Internationally, SAAM Towage is active at more than 60 ports and provide harbour towage services, offshore vessels support, positioning and anchorage at oil and gas platforms, plus salvage support.
In August this year Boskalis and Kotug International sold Kotug Smit Towage to Boluda Group, as reported by HLPFI here.