Fugro to Acquire Geotechnical Company in the UK
Fugro has signed a letter of intent with Seacore Ltd. to acquire its shares. The transaction is subject to due diligence and expected to be completed early April 2006.
Seacore Ltd. is based in Gweek, Cornwall, and active in the international oil, gas, mineral and renewable energy market. The company is providing geotechnical investigation and scientific coring services in offshore and coastal areas utilizing their own equipment, like jack-up barges, which are designed in-house. These jack up barges are also used to provide large diameter drilling services for marine projects, like wind farms and bridges.
Fugro and Seacore have successfully completed several projects in the past through a joint venture. Seacore has an annual turnover of approximately EUR 35 million and employs about 160 people.