Netherlands-originated dredging and offshore contractor Boskalis is to acquire all the remaining shares (50%) in Smit Lamnalco.

In an announcement Royal Boskalis B.V. said it had sealed an agreement to buy the rest of the shares of terminal services provider Smit Lamnalco.

With a versatile fleet of more than 500 vessels and floating equipment, Boskalis has a strategic partnership in terminal services Smit Lamnalco.

Smit Lamnalco has currently two shareholders, Boskalis and the Rezayat Group, each owning 50% of the company.

Boskalis and Rezayat have a long history of cooperation over more than 50 years, including the Smit Lamnalco joint venture, which commenced operations in 1963.

Smit Lamnalco had an annual revenue of around $275m and Ebitda of $100m in 2023, said Boskalis.

The deal is subject to customary conditions, including the approval of regulatory authorities.

In 2021, Boskalis revealed in a press release that it had a 50% stake in Smit Lamnalco since 1964 with the remaining shares held by the Rezayat Group. Rezayat Group focuses on trading, construction, support services, manufacturing, financial services and investment.

At that time, it said that it is reviewing its position as a shareholder in the strategic joint venture Smit Lamnalco.

Boskalis is a services provider operating in the dredging, maritime infrastructure and maritime services sectors.

The company is also active in the construction and maintenance of ports, waterways, access channels and civil infrastructure.