AI assistant
Fugro N.V. — M&A Activity 2008
Mar 4, 2008
3845_iss_2008-03-04_a41e9893-2f7d-440f-a416-d725c2d59617.pdf
M&A Activity
Open in viewerOpens in your device viewer
PRESS RELEASE
Leidschendam, the Netherlands, 4 March 2008
Fugro acquires 60% of EMMET, Russian Federation
Fugro has reached agreement with Electro Magnetic Marine Exploration Technologies (EMMET), Russian Federation, to acquire 60% of EMMET's shares, for an amount of EUR 10 million. Fugro will also have the exclusive option to purchase the remaining shares.
EMMET has offices in St. Petersburg and Moscow in the Russian Federation and is a technology developer and provider of marine electromagnetic services for hydrocarbon exploration. Electrical and electromagnetic methods have been used for natural resource exploration in the Russian Federation for decades and EMMET has benefited from this pedigree in creating a group of technical specialists with a background in marine applications. Fugro will augment EMMET's expertise with its marine operational and navigation capabilities in providing marine electromagnetic services.
With this acquisition Fugro further strengthens its general geophysics business of non-seismic geophysical methods. This includes marine electromagnetic, gravity and magnetic methodologies as well as the existing suite of airborne and land-based methods presently operating within the Airborne Survey business line.
The recently announced acquisition of the Falcon® airborne gravity gradiometry technology will also form part of this group.
For further information: Fugro N.V. K.S. Wester, President and CEO Telephone + 31 70 311 11 12
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 Amsterdam and is included in the Amsterdam Midkap Index (AMX). Fugro has about 12,000 employees in more than fifty countries.