News

2017 July 5 14:11

Boskalis initiates share buyback

Royal Boskalis Westminster N.V. (Boskalis) is starting a share buyback program to reduce the capital outstanding with the intention to neutralize the dilution resulting from the distribution of the 2016 stock dividend, the Company said Monday in a press release.

On 6 June Boskalis issued over 3.2 million new shares as stock dividend which at that time represented a value of over EUR 100 million. The intention is to complete the buyback program before the next General Meeting of Shareholders.

Boskalis has engaged a third party to carry out the repurchasing of shares during open and closed periods. Boskalis will provide weekly updates on the progress of the program and a press release every Monday for the duration of the buyback program, provided shares were repurchased in the preceding week.

Royal Boskalis Westminster N.V. is a leading global services provider operating in the dredging, maritime infrastructure and maritime services sectors in the maritime, coastal and delta regions. The services include the construction and maintenance of ports and waterways, land reclamation, coastal defense and riverbank protection. Boskalis offers a wide variety of marine services and contracting for the oil and gas sector and offshore wind industry as well as salvage solutions (SMIT Salvage). Furthermore, Boskalis has a number of strategic partnerships in harbour towage and terminal services (KOTUG SMIT Towage, Keppel Smit Towage, Saam Smit Towage and Smit Lamnalco). With a versatile fleet of 1,000 units Boskalis operates in around 75 countries across six continents. Boskalis has over 8,200 employees, excluding its share in partnerships.