ROVworld Subsea Information

Fugro NV acquires Rovtech Ltd.
Date: Friday, September 01, 2006 @ 08:44:55 EDT

Fugro NV acquires Rovtech Ltd.Fugro N.V. has reached agreement with Rovtech Ltd. to acquire the company for a total amount of GBP 34.5 million (approximately EUR 51 million). The earlier announced acquisition is effective immediately and is expected to be earning enhancing to Fugro in the remainder of the current year.

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 with 34 ROVs in the North Sea, the Caspian Sea and in South East Asia. Rovtech’s revenues show strong growth and amount at present to approximately EUR 35 million per annum. The company has 120 employees.

The combination of Fugro’s global network with Rovtech’s rig support and IRM business will lead to substantial synergies and will enable Fugro to strengthen its ROV business in support of offshore construction, drilling and underwater engineering in combination with its survey business. Combined with Rovtech, Fugro will operate some 100 ROVs in Europe, Middle East, Asia and South America.

Rovtech will be renamed Fugro-Rovtech Limited and will be integrated in Fugro’s Survey Division within a short period of time. Rovtech management will continue to work in Fugro-Rovtech and there are no redundancies expected. The acquisition will be financed in cash.

September 1, 2006

Fugro N.V.

This article comes from ROVworld Subsea Information

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