Royal Boskalis Westminster says it has reduced its holding in offshore firm Fugro to 24.9%.
Boskalis held a 25.14% state previously according to Fugro, although claimed to have a 28.6% stake in its last annual report. It remains Furgro’s largest shareholder, and at one point looked likely to move to takeover the seismic specialist.
Fugro and Boskalis have been locked in a legal battle which Boskalis trying to force a shareholder vote in regard to one of Fugro’s three protective measures, the Foundation Continuity Fugro. Both the District Court of The Hague, and later the Court of Appeal in The Hague, ruled in favour of Fugro.
The latest decision by the Court of Appeal, in May, safeguards the independent position of Fugro and likely sparked the decision by Boskalis to sell.
About Royal Boskalis Westminster N.V.
Royal Boskalis Westminster N.V. is a leading global services provider operating in the dredging, maritime infrastructure and maritime services sectors. The company provides creative and innovative all-round solutions to infrastructural challenges in the maritime, coastal and delta regions of the world with services including the construction and maintenance of ports and waterways, land reclamation, coastal defense and riverbank protection. In addition, Boskalis offers a wide variety of marine services and contracting for the oil and gas sector and offshore wind industry as well as salvage solutions (SMIT Salvage). Furthermore, Boskalis has a number of strategic partnerships in harbour towage and terminal services (KOTUG SMIT Towage, Keppel Smit Towage, Saam Smit Towage and Smit Lamnalco). With a versatile fleet of 1,000 units Boskalis operates in around 75 countries across six continents. Boskalis has over 8,200 employees, excluding its share in partnerships.
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