ROV NEWS: Merger of Van Oord ACZ and Ballast Ham Dredging
Posted on 20.12.2003 - 07:59 EST in GENERAL NEWS by Rons_ROV_Links
Bunnik/Gorinchem, 19 December 2003 – The merger between Ballast Ham Dredging (BHD)
and Van Oord ACZ (announced on 3 October 2003) was formally concluded today.
The existing shareholders of Van Oord ACZ,
MerweOord and NPM Capital acquire interests of 47.6% and 30.9%, respectively, in the new company. Royal BAM Group nv
(which held the entire share capital of BHD) acquires an interest of 21.5% of the ordinary share capital of the new
dredging company Van Oord BV together with cumulative financing preference shares to a value of €70 million. The various
parties aim to achieve a shareholder structure in the short term under which MerweOord will hold at least 51% of the
ordinary shares. Via an agreement on voting rights with NPM, MerweOord will, however, be able to cast 51% of the votes
with immediate effect.
By disposing of BHD, Royal BAM Group has succeeded in strengthening the Group"s balance sheet. The Royal BAM Group
capital base as at year-end 2003 – in line with previous statements – will amount to 18-19% of the balance sheet total.
The cash payment (€260 million) receivable as part of the transaction will be used to repay the bridging loans. The amount
then outstanding on the bridging loans (€40 million) is also expected to have been repaid before the end of this year.
Van Oord BV will occupy a prominent position in the international marine construction market. This is assured by the size
and composition of the combined dredging fleet together with the position in the market for offshore activities and
coastal marine works plus a worldwide presence. BHD and Van Oord ACZ have worked together in the past on many occasions,
including the huge land reclamation projects in Singapore, Hong Kong and Dubai. The combined company"s projected turnover
(pro forma) in 2003 will be approximately €850 million. The total number of employees is approximately 3,000.
On its first day in existence, the new company has immediately scored a notable success with the signing of a contract
worth around €100 million with the Norwegian oil and gas company Norsk Hydro for the protection of a pipeline in the North
Royal BAM Group nv:
Press: A.C. Pronk, +31 (0)30 659 86 21, email@example.com
Analysts: P. Verbraeken, +31 (0)30 659 88 56, firstname.lastname@example.org
Van Oord BV:
Press: A.G.M. Groothuizen, +31 (0)183 642 200, email@example.com
Source: Ballast Ham Dredging