Boskalis and CSAV agreed on a valuation for the $990 million harbor tug joint venture the Dutch dredging and marine service group and the Chilean ocean container carrier plan to set up in Central and South America, Journal of Commerce reports. CSAV’s wholly-owned subsidiary Sudamericana Agencias Aereas y Maritimasis valued at $520 million and Boskalis’ SMIT unit at $470 million. CSAV, which lost $860 million in the first nine months of 2011, plans to spin off SAAM, the world’s fourth largest tug operator, as a separately listed company.
The joint venture, which is subject to approval from the companies’ boards, would generate annual revenues of more than $270 million, according to Boskalis. It would be the biggest tug operator in the Americas with a fleet of more than 170 vessels in 45 ports in nine countries.
The joint venture, which is subject to approval from the companies’ boards, would generate annual revenues of more than $270 million, according to Boskalis. It would be the biggest tug operator in the Americas with a fleet of more than 170 vessels in 45 ports in nine countries.