Smit en Boskalis merger

Boskalis and Smit announce merger

Papendrecht, Rotterdam, 12 November 2009

• Merger creates world class maritime service provider
• Continuity of Smit strategy and its four divisions secured
• Intended cash offer of EUR 60 per Smit share

Royal Boskalis Westminster N.V. (Boskalis)and Smit Internationale N.V. (Smit) have in principle reached agreement on a full merger of the two companies, whereby all the activities of Smit will be continued in the combined company (the Group). Boskalis and Smit aim to reach a transaction through a public offer of EUR 60 in cash by Boskalis for all outstanding shares in Smit (the Offer).

The business combination will create a world class maritime service provider offering an excellent platform for further growth. Boskalis and Smit have agreed that the existing business plans will serve as the basis for the further expansion of the Group and that further growth and development of all current activities will be supported.

In view of the strong reputational and brand value, the activities of Smit will be continued under the Smit name operating out of the current head office in Rotterdam.