The company's main activities include marine geophysical surveys, offshore geotechnical services and environmental surveys, Boskalis said in a statement.
With the acquisition Boskalis fulfils its strategy of building a position in the offshore survey market and becoming a specialist provider of subsea geotechnical surveys with an exposure to the renewables market and the early cyclical oil and gas market, Boskalis said. Gardline operates 15 survey related vessels in addition to 25 smaller vessels including crew transfer vessels and survey catamarans.
The consideration paid including assumed debt amounts to approximately $52m. The current annual revenue level is approximately $78m - $91m. Based on the challenging near-term outlook Boskalis does not expect the transaction to be EBIT accretive within the next few years. This transaction however positions Boskalis well for when end-markets recover.
Gardline was established in 1969 and was a second-generation family-owned business. The company's principal offices are located in Great Yarmouth, UK with further activities in the USA, Brazil and Singapore. Gardline currently employs approximately 750 employees including a pool of 100 surveyors.
The core geographical market is Northwest Europe, where Gardline is the main competitor of Fugro in marine surveys. With the acquisition Boskalis strengthens its position as marine services provider in Northwest Europe.
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