Boskalis takes larger Fugro stake

NETHERLANDS: Royal Boskalis Westminster has increased its stake in subsea specialist Fugro to 20.01%

Boskalis' Ndurance vessel at West of Duddon Sands
Boskalis' Ndurance vessel at West of Duddon Sands

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Boskalis acquired a 15% stake in the Fugro in November 2014. It said the two companies have a lot in common and Fugro's activities fit within Boskalis' offshore strategy.

The company stressed it was not positioning itself to launch a takeover bid for Fugro.

Fugro has built up a large amount of experience in the offshore sector. It has previously been contracted to lay cables at the 576MW Gwynt y Mor project in the Irish Sea.

In August 2014, it won the contract to carry out an ecological survey of the seabed at the 400MW Dudgeon offshore project.

Boskalis is also a 50% owner of cable installation firm VBMS (formerly VSMC).

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