Royal Boskalis Westminster N.V. reported that it has successfully completed the sale of its 40 percent stake in Archirodon Group N.V. The possible sale had already been announced in November 2012 after Boskalis was approached by the party in question from the Middle East. The equity interest was partly sold to this party and partly to the existing 60 percent co-shareholder.
Boskalis received a cash sum of $190 million for its 40 percent stake, resulting in a book gain of several tens of millions of euros. The Archirodon activities and results will be deconsolidated with effect from the third quarter 2013. The book result will be recognized in the results for the second half of the year.
Archirodon operates as a maritime contractor mainly in the Middle East and North Africa. The sale is in line with Boskalis' strategic focus following the company's recent expansion through SMIT and Dockwise.
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