Sharjah oil and gas company acquired by Dutch firm Boskalis
Horizon's majority stake goes to Royal Boskalis Westminster, with remaining share to be held by incumbent management
Dutch marine contractor Royal Boskalis Westminster has acquired a 62.5% majority stake in the UAE's Horizon Group to expand its surveying capabilities.
According to press statement, the remaining 37.5% of the shares will be held by the incumbent management.
Horizon’s main activities include marine geophysical surveys and geotechnical services. It operates seven surveying and geotechnical vessels, three of which are on a long term charter, in addition to five smaller survey vessels, two jack-up platforms, and three motion-compensated drill towers for geotechnical services.
Speaking on the deal, Peter Berdowski, chief executive officer at Boskalis, said: “Horizon, with its strong market position in the Middle East, makes this addition highly complementary to the position we hold through Gardline in Northwest Europe.”
Boskalis is steadily expanding its regional footprint, and in January 2019 announced the receipt of a three-year subsea services deal worth $40m in the region.
The unnamed Middle East project's win came after Saudi Aramco picked Boskalis in late-2018 to work under its long-term agreement programme.