Royal Boskalis Westminster has acquired a 62.5% majority stake in the marine geophysical surveys and geotechnical firm Horizon.
Horizon, from the United Arab Emirates (UAE), operates seven large survey and geotechnical vessels, of which three are on a long term charter, in addition to five smaller survey vessels, two jack-up platforms, three motion-compensated drill towers for geotechnical services and eight ROVs.
Horzion’s revenue for the financial year 2018/2019 is expected to exceed $100M (£76.7M).
Boskalis CEO Peter Berdowski said: “Through this transaction, we are adding an important strategic position to our existing marine survey and subsea geotechnical business.
“Horizon is a market leader in the Middle East and we are committed to continuing and expanding the high quality of services they deliver to their clients.
“Furthermore, Horizon with its strong market position in the Middle East, makes this addition highly complementary to the position we hold through Gardline in north west Europe.”
The remaining 37.5% of the Horizon shares are held by the incumbent management.
Horizon was established in 2004 and is located in Sharjah in the UAE. Its activities are largely based in the Arabian Gulf and the Red Sea with clients ranging from national oil companies as well as reputable international EPCI contractors to the oil and gas industry.