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Boskalis taking full ownership of Smit Lamnalco

Royal Boskalis has agreed to acquire the remaining 50% shares it doesn’t already own in terminal services company Smit Lamnalco.

Michele Labrut, Americas Correspondent

July 9, 2024

1 Min Read
boskalis head office papendrecht
Photo: Boskalis

Boskalis is buying out its joint venture partner the Rezayat Group, an investment company, to take full ownership of the operation after previously reporting its intent to divest of its harbour towage activities.

In 2023, Smit Lamnalco reported an annual revenue of approximately $275 million and an EBITDA of $100 million, said Boskalis. The acquisition is pending customary conditions, including regulatory approvals.

Boskalis said it was a strategic move aimed to enhance its position in the maritime services sector.

Smit Lamnalco offers marine services for oil and gas terminals, LNG terminals, SPM terminals, floating production units, harbor towage, and mining logistics. The company operates a fleet of over 225 vessels.

The Smit Lamnalco brand was established in 2012 through the merger of Lamnalco and SMIT Terminals. The merger followed Lamnalco’s acquisition of SMIT’s terminals and AHTS transport businesses from Boskalis in 2011, creating a major offshore marine services provider.

 

About the Author

Michele Labrut

Americas Correspondent

Michèle Labrut is a long-time Panama resident, a journalist and correspondent, and has continuously covered the maritime sector of Central & Latin America.

Michèle first came to Panama as a press attaché to the French Embassy and then returned to the isthmus as a foreign correspondent in the 1980s.

Author of Seatrade Maritime's annual Panama Maritime Review magazine and of several books, Michèle also wrote for Time magazine, The Miami Herald, NBC News and the Economist Intelligence Unit. She has also collaborated in making several documentaries for the BBC and European and U.S. television networks.

Michèle's profession necessitates a profound knowledge of the country, but her acumen is not from necessity alone, but a genuine passion for Panama.

In 2012 she was awarded the Order of Merit (Knight grade) by the French Government for her services to international journalism and in 2021 the upgrade to Chevalier grade.

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