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Offshore News: Further australasian expansion for GEO ASA

Posted on 09.02.2006 - 05:00 EST in OFFSHORE NEWS by Rons_ROV_Links

GEO ASAGEO ASA has agreed to acquire Covus Corporation – to increase the ability of GEO to take advantage of the growing Australasian market.

Geo ASA has reached agreement with the shareholders of Covus Corporation Pty Ltd, an Australian based underwater services company to acquire a 100% interest in the Company.  Still subject to due diligence, the acquisition adds a well regarded engineering, diving and ROV capability to Geo.

The acquisition price, including debt, has been agreed at approximately $A 12.3 million (MNOK 61,5), based on the balance sheet as per 30 November 2005. 

Established in 1998 Covus is a leading supplier of Engineering, Diving and ROV services to a broad range of clients throughout the Australasian region.  Covus is headquartered in Perth, Australia, with a presence in Indonesia and the Philippines and employs a workforce of about 50. With ISO 9001 certified services and an outstanding safety record Covus sets the regional benchmark for service delivery and project execution.

The acquisition of Covus builds on the recent initiative of establishing Geo Subsea Pty Ltd in order to provide the Geo Group with a major presence in Australasia. Geo intends to merge the activities of Geo Subsea Pty Ltd and Covus to provide immediate critical mass and provide clients with a well resourced alternative to the traditional market players.

The company is budgeting to deliver approximately $A 30 million of sales in 2006, with an EBITDA margin of approx 15%.

The Covus transaction is conditional upon a final agreement which is expected to be approved and concluded within the next 3 weeks. Geo will finance the acquisition through the company’s cash reserves. 

For further information, please contact the CEO, Hans M. Gravdal, tel. + 47 55 53 87 02/+ 47 913 32 854, or the Chairman of the Board, Mons Aase, tel. + 47 91 66 10 12/+ 47 56 18 10 12, for additional information.

February 7, 2006


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