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Fugro N.V. — M&A Activity 2007
Apr 19, 2007
3845_iss_2007-04-18_1b30649a-d8dd-478f-a36c-4ca4cac4aa3e.pdf
M&A Activity
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PRESS RELEASE
Leidschendam, the Netherlands, 18 April 2007
Fugro acquires Improv Ltd. in UK and Improv Inc. in USA
Fugro N.V. has reached agreement with Improv Ltd. (Aberdeen, UK) to acquire the company and its subsidiary Improv Inc. (Houston, USA) for a total amount of approximately GBP 5.8 million (EUR 8.6 million). The acquisition is effective immediately and is expected to be earning enhancing to Fugro from second quarter 2007 onwards. Improv's current annual revenue is approximately EUR 10 million. The company has thirty employees.
Improv is a leading independent provider of specialised integrated tooling packages and tooling services to the subsea oil and gas industry. The tooling packages are designed to be operated by ROVs (Remotely Operated Vehicle) to enable remote diver-less intervention on subsea assets throughout all phases of the oil and gas field life cycle where the operating regime excludes manned intervention. Improv's capability will provide synergistic benefits to Fugro's growing global ROV fleet of over hundred systems and will also provide additional subsea engineering design and build capabilities that can enhance the Group's offshore geotechnical capabilities.
Improv currently operates mainly in North Sea, Mediterranean, and West Africa with a growing business in Gulf of Mexico. Fugro's global network of companies and resources will be used to expand the company into all the major oil and gas provinces and to enhance the product and service capabilities the company offers its customers.
Improv will be renamed Fugro Improv Limited and will form part of the survey Division of Fugro as an independent operating company under its existing management.
For further information: Fugro N.V. K.S. Wester, President and CEO Telephone + 31 70 311 11 12
Fugro N.V. P.O. Box 41 2260 AA Leidschendam The Netherlands Tel:+31703111422 Fax:+31703202703 [email protected] www.fugro.com
Fugro collects, processes and interprets data related to the earth's surface and soil composition and provides advice based on the results. As an extension to these activities, Fugro provides services such as precise positioning, construction materials testing, reservoir engineering and data management. Fugro's operations have been organized into three divisions: Geotechnical, Survey and Geoscience.
Fugro is listed on Euronext N.V. in Amsterdam and is included in the Amsterdam Midkap Index. Fugro has over 275 offices, approximately 10,000 staff and a permanent presence in over 50 countries.