Boskalis to acquire survey specialist Gardline Group

Dutch outfit Royal Boskalis Westminster has acquired UK-based geotechnical marine survey specialist Gardline Group for £40m, including debt, deepening its exposure to Europe’s offshore wind industry.

The deal will see Royal Boskalis take ownership of Gardline’s 15 survey-related vessels, plus 25 smaller boats, including crew transfer vessels and survey catamarans.

Royal Boskalis said the acquisition meets its strategic ambition to build a position in the offshore survey market with exposure to renewables, as well as more-depressed oil and gas markets.

It warned that “the challenging near-term outlook” meant the deal isn’t expected to be earnings accretive within the next few years.

“This transaction, however, positions Boskalis well for when end-markets recover,” the company said.