Royal Boskalis Westminster has completed the sale of its equity stake in Saam Smit Towage joint venture to Saam.
The company received approximately US$200 million in cash for its equity stake in the joint venture, the activities of which were deconsolidated as per January 1, 2019 following the signing of a letter of intent.
The towage joint venture between Boskalis and Saam was formed in 2014 which at the time covered the respective towage activities in Brazil, Panama, Mexico, and Canada.