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ROV NEWS: Thales Group sells Thales GeoSolutions to Fugro NV

Posted on 23.12.2003 - 09:02 EST in ONSHORE NEWS by admin

Thales and Fugro have finalised an agreement concerning the sale of Thales GeoSolutions. Under the agreement, Fugro has acquired Thales Geosolutions for 147.5M€, payable in cash. This operation is fully in line with Thales? objective of refocusing its Information Technology and Services business area.

Thales GeoSolutions is a global provider of integrated survey services providing a full range of offshore solutions. Operating mainly in the oil and gas arena, Thales GeoSolutions provides these services directly to the major oil companies and state agencies as well as indirectly via specialist construction and drilling contractors.

"By divesting this business, Thales has completed...

a major step in the rationalisation of its IT&S business portfolio," stated John Hughes, Executive Vice President and Chief Operating Officer responsible for Aerospace and IT&S business areas. "In Fugro we have found a partner who has demonstrated its capacity to successfully integrate new businesses."

"The complementary nature of Fugro and Thales GeoSolutions' geographical spread and customer base is key to developing these businesses," said Gert-Jan Kramer, Chairman and CEO of Fugro. "Together we form a source of innovation and a long-term supplier to our survey, positioning and construction support markets."

Thales GeoSolutions is a UK headquartered company with operations throughout the Americas, Europe, Middle East, Africa and Asia Pacific. Formed from both organic growth and a number of acquisitions since 1983, Thales Geosolutions has approximately 2,000 employees and has forecast revenues for 2003 above €200 million.

About Thales Thales is a world leader in professional electronics in three key markets: Aerospace, Defence and Information Technology & Services. The Group employs 65,000 people in nearly 50 countries worldwide, and generated revenues of over €11 billion in 2002, 77% of which came from international markets.

About Fugro Fugro, with its headquarters in Amsterdam and listed on the Euronext Amsterdam stock exchange, is a global provider of geotechnical, survey and geoscience services, operating mainly in the oil and gas market. In 2002, Fugro had approximately 7,000 employees and generated revenues of €946m.

Source: Fugro TGS

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