KOTUG and Boskalis sign LOI to sell Kotug Smit Towage to Boluda

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KOTUG and Boskalis sign LOI to sell Kotug Smit Towage to Boluda

KOTUG International BV and Royal Boskalis Westminster N.V., 50/50 shareholders of Kotug Smit
Towage, intend to sell their shares to Boluda Group (Boluda).

By partnering with Boskalis’ subsidiary SMIT in 2016, KOTUG strengthened its presence in 11 ports in 4
European countries. The integration of businesses led to further growth, synergy and smarter towage

Shipping alliances are expected to continue to impact the European harbour towage industry. KOTUG
believes that further consolidation of businesses will enable Kotug Smit Towage to adequately respond
to this development.

Boluda offers a geographically strong and highly complementary European portfolio. Vicente Boluda
Marí started towage operations in Valencia in 1920. The family business conquered the Spanish and
French market and continued to expand internationally. As a family-owned company, KOTUG feels
Boluda is best positioned to add value to the existing European towage business.

“KOTUG CEO Ard-Jan Kooren: KOTUG will continue to expand its maritime and towage related activities
worldwide. I am confident that this development will unlock new opportunities to further strengthen our
growth and allow us to offer operational excellence and innovation to our customers.”

KOTUG is a leading global towage operator specialized in terminal and harbour towage, offshore and
salvage operations, as well as chartering. Headquartered in Rotterdam, the company has a strong
presence in Europe, Russia, Asia, Australia, Africa and the Caribbean.

The final agreement is subject to satisfactory due diligence and regulatory approvals from the respective
national authorities involved. Closing is scheduled for the second half of 2019.