Fugro has entered into an agreement to buy the business and assets of Submec Pty Ltd, a privately owned business engaged in subsea engineering and ROV tooling services, subject to completion of due diligence and contract.
Submec is a leading provider of subsea engineering and remote intervention tooling services to the offshore oil and gas industry throughout Australasia and has worked closely with Fugro on a number of projects.
Submec employees 10 people and is based in Perth, Australia. All management and staff will remain with the Company as Fugro plans to expand and integrate Submec services with its other subsea business line activities in the region.
Fugro expects the transaction to be completed around end September.