Fugro N.V. has entered into exclusive discussions with Rovtech Ltd. on the acquisition of the Company.
Rovtech Ltd., with its headquarters in Aberdeen, UK, is a provider of ROV (Remotely Operated Vehicle) services to the oil and gas industry, specialised in the IRM (inspection, repair and maintenance) and rig support sector. Rovtech currently operates in the North Sea, the Caspian Sea and in South East Asia. Rovtech’s annual revenue is approximately EUR 30 million. The company has 120 employees.
Fugro indicates that the proposed acquisition of Rovtech will strengthen its global ROV capabilities and will generate synergies with its own network of offices around the world to provide more efficient services to its clients.
The acquisition will be financed in cash. Fugro and Rovtech have not yet reached definite agreement on a possible transaction. As soon as circumstances arise which require further announcements, Fugro will make such announcement.
August 18, 2006