Netherlands-based marine contracting and fabrication services provider Royal Boskalis Westminster has reached an agreement with France-based energy firm SPIE to acquire the latter’s offshore cable business unit.

Boskalis will be acquiring the assets of Germany-based Bohlen Doyen (BoDo), a subsidiary of Spie that specialises in offshore cable installation activities.

BoDo's offshore cable-laying business operations comprise grid-to-grid and offshore substation-to-shore connections, which include the installation of offshore cables and the connection of offshore wind farms to substations.

‘Through this acquisition, Boskalis strengthens its position in the offshore cable market, forming a welcome addition following a string of recent large contract wins by Boskalis," the Dutch company said in a statement.

Boskalis has recently won a place in Saudi Aramco’s coveted pool of offshore contractors, with which it has long-term agreements (LTAs), in a consortium wit UK/UAE-based Lamprell.

BoDo generates an annual turnover of $23m-$34m.

The agreed transaction does not include any goodwill and will be financed from Boskalis' own cash flow, it said in its statement.

BoDo and SPIE intend to complete the acquisition process in the first quarter of 2019, subject to regulatory approvals.