Fugro Strengthens Market Presence with TSmarine Acquisition
Fugro N.V. has acquired TSmarine Group Holdings Pty Ltd (TSM) and its subsidiaries.
It is primarily focused in the Asia-Pacific region, where it will enhance Fugro's existing presence, but has also recently established an office in UK to develop services in Europe-Africa.
TSM will be renamed Fugro-TSM and will be part of Fugro's Subsea Services Business Line.
The sale comes just 15 months after the management of TSmarine's Perth and Singapore entities acquired the Asia Pacific interests of Aberdeen-based TSmarine Contracting Ltd.
TSM chief executive officer John Edwards said the sale to Fugro was an endorsement of the company's strength and growth in the region.
"Our strategy since September 2009 has been to provide high quality and cost effective subsea services to the oil and gas industry in the region," Mr Edwards said.
"We have consistently delivered for our clients, and have expanded our fleet to accommodate future growth in the rapidly expanding subsea sector.
"The company has 70 permanent office-based professional staff and has up to 100 contract staff at any one time.
"Management and staff will continue to work in Fugro-TSM, which is an excellent outcome for our world-class team.
"They will have the opportunity to broaden their careers in a global organization, and we are all very excited about these prospects," he said.
TSM's revenues amount at present are around US $120 million per annum and show strong growth, as fleet capacity was recently extended to four vessels, all on charter.
Some of TSM's key clients include Apache Energy, Woodside, BHP Billiton, ConocoPhillips, Shell and ExxonMobil.
The combination of Fugro and TSmarine is expected to lead to substantial synergies.
TSmarine's strong market presence in the Asia-Pacific region and niche services will complement Fugro's existing capabilities and global network of clients and vessels.
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