JBR M&A transaction

Keppel and Boskalis

JBR acted as M&A advisor to Keppel and Boskalis.

JBR Corporate Finance's deal team consists of:
Kees van Biert, Rick ter Maat and Alexander Beyleveldt.

Author: Kees van Biert

Founding and Associate Partner
LinkedIn

Rimorchiatori Mediterranei acquires Keppel Smit Towage and Maju Maritime

Boskalis and fellow shareholder KS Investments Pte. Ltd. (Keppel) have completed the sale of both their equity interests in their port towage operations in Singapore and Malaysia (Keppel Smit Towage Pte Ltd and Maju Maritime Pte Ltd) to Rimorchiatori Mediterranei S.p.A. The proposed sale was announced on Nov. 15, 2021.

Facts and figures

Keppel Smit Towage

Keppel Smit Towage is one of the largest port tug service providers in the Singapore and Asia-Pacific region.

Keppel Smit Towage, founded in 1991 as a joint venture, is the largest and leading service provider of harbor tugs in Singapore and the Asia-Pacific region with a fleet of 73 vessels
Keppel Shipyard is the global industry's trusted partner for repairing, converting and upgrading a wide range of ships
SMIT is a subsidiary of Boskalis and is a leading global maritime services provider in the dredging, inland infra and offshore energy sectors

Rimorchiatori Mediterranei

Rimorchiatori Mediterranei S.p.A. is a leading port towage company serving customers worldwide.

Rimorchiatori Mediterranei, part of the Rimorchiatori Riuniti Group, operates through more than 100 modern ships in more than 20 international ports
The company also offers anchor handling, maintenance and crew management services
Rimorchiatori Mediterranei Group, founded in 1922, is the Mediterranean leader in port towage services and has developed activities in international shipping in dry cargo and offshore sectors

June 30, 2022

Press Release

Boskalis received EUR 92 million in cash for its 49% interest in the joint ventures, resulting in a pre-tax book gain of approximately EUR 50 million. The transaction will be reflected in the results for the first half of 2022. The operations and results of KST and Maju have been classified as assets held for sale as of January 1, 2022 and no longer contribute to group results.

Keppel Smit Towage (KST) was founded in 1991 as a joint venture between Keppel and SMIT, a subsidiary of Boskalis. Over the past thirty years, KST/Maju has developed into one of the largest and leading providers of port towage services in Southeast Asia. KST/Maju manages an extensive fleet of tugs operating in Singapore and through its joint venture in Malaysia.

The sale of KST/Maju follows Boskalis' strategic decision in 2019 to divest its harbor towage business. Boskalis divested its interests in Saam Smit Towage and Kotug Smit Towage in 2019.

Rimorchiatori Mediterranei S.p.A. is a subsidiary of the Rimorchiatori Riuniti Group, a leading maritime service provider headquartered in Genoa, Italy, founded in 1922. Rimorchiatori Mediterranei manages a fleet of more than 100 modern tugs in more than 20 ports and employs about 900 people.