Fugro Snags 60% of EMMET Shares
Fugro has reached an 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 electro-magnetic 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.