Dutch marine contractor Royal Boskalis has acquired all the shares of Rever Offshore’s subsea services business.
Rever, formally known as Bibby Offshore, provides solutions in the area of subsea construction, inspection, repair and maintenance.
The company has historically operated in the North Sea out of Aberdeen, UK.
Through this transaction, Boskalis will obtain two diving support vessels; fully-owned Rever Polaris and chartered Rever Topaz.
The group employs an onshore staff of around 130 in addition to approximately 220 offshore workers.
Rever also had a 2020 annual revenue of approximately 90 million, most of which is generated through numerous framework agreements.
Based on projected cost synergies, Boskalis believes that the acquisition should pay back in less than three years.
“Through this acquisition, Boskalis strengthens its current position in the subsea services market in Northwest Europe, Africa and the Middle East and its capabilities to serve both the traditional oil & gas market and the rapidly expanding offshore wind market,” the company said in a press statement.
Boskalis said it is now a solid top three player in the North Sea subsea market.