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Monday, May 4, 2020 

A maritime industry consortium, including HAL Investments, Ackermans & van Haaren, MerweOord and Huisman, is to work alongside the Dutch banks to agree the acquisition and refinancing of Dutch dredging specialist Royal IHC.

This gives Royal IHC, as an important Dutch maritime player with a strong balance sheet, a new perspective for the future, under which the consortium aims to retain for the Netherlands both Royal IHC’s leading technology and its position as an important hub in the maritime cluster. The agreement has been made possible by a short-term bridging loan and guarantee facility from the Dutch Ministry of Economic Affairs and Climate Policy, and an export credit insurance contribution from the Ministry of Finance. A new Board of Directors has been formed, with Gerben Eggink as interim CEO.

Jaap Huijskes, Chairman Royal IHC, said: “I am very pleased to announce today the Heads of Agreement with an industry consortium of major players in the maritime sector to acquire and refinance Royal IHC. It demonstrates the confidence of many stakeholders in - and their commitment to - Royal IHC's high-quality shipbuilding. This is  an important step for the continuity of shipbuilding in the Netherlands, including employment opportunities and the sector’s global export position. We are convinced that, with this agreement, we will strengthen Royal IHC’s innovative power and the leading position it has held in the maritime sector for more than 350 years.”

With the proposed acquisition and refinancing Royal IHC will receive a significant financial injection and regain a strong balance sheet, necessary for the continued development of high-quality vessels and equipment.

Eggink said: “It is great news that, with this Heads of Agreement, Royal IHC is retained as an innovative player for its customers and for the Netherlands. I am looking forward to working hard with colleagues to restore the profitability of the business, while maintaining our high quality and the satisfaction of our customers for the solutions Royal IHC delivers. That will require a major effort from everyone, especially in these difficult times worldwide. But Royal IHC is more than worth it."

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