Press release
January 10, 2008
Royal Lankhorst Euronete group bv acquire 100% of
Quintas & Quintas Offshore, Sistemas de Amarração, S.A.
Póvoa do Varzim (near Porto) - Portugal
The Royal Lankhorst Euronete Group, through their Portuguese holding company Grupo Euronete, decided to purchase the remaining shareholding of the Quintas family in the company referred to above. Therefore as of January 1, 2008, Quintas & Quintas Offshore, Sistemas de Amarração is 100% controlled by the Group.
José Luis Gramaxo, President of the Royal Lankhorst Euronete Group:
“Increasing oil prices lead to oil and gas exploration at even greater depths in the oceans which results in a growing demand of deep water mooring ropes. At depths of more than 2,000 metres, standard wire ropes can no longer be used; synthetic mooring ropes of large diameters have to be used instead. In order to cope with this growing demand we decided to increase our production capacity of deep water mooring ropes.
This acquisition was the conclusion of the first phase of a large expansion plan that we have scheduled till the end of 2010.
We thank the Quintas family for the excellent cooperation during the period of our joint venture.”
The Royal Lankhorst Euronete group employs approximately 1,300 people worldwide and achieved a turnover in 2007 of about € 160 million.