Fugro Expands Geoscience Division

Fugro acquires Foundation and Exploration Services Group (UK) and Petcom Inc. (USA). These acquisitions strengthen Fugro's geotechnical position in the United Kingdom and expand the Fugro Geoscience division product portfolio.

Fugro Holdings Limited in the UK has reached agreement with the shareholders of the FES Group on the acquisition of the company. The purchase will be finalized in February 2003, following completion of due diligence and subject to final Supervisory Board approval. The purchase price is circa GBP 4.1 million.

The FES Group, which is the largest independent, geotechnical site investigation company in the UK, employs over 100 staff from its operating bases in Basingstoke, Consett and Dublin. The company generates an annual turnover of £6.5 million from onshore and overwater geotechnical investigations and drilling operations on a wide variety of projects, predominantly within the UK domestic market.

The addition of FES will allow Fugro to extend its services portfolio to provide in-house ground investigation and drilling services for land and marine site investigations in the UK to complement the specialist Cone Penetration Test (CPT) and geophysical services that have been offered by the group in the UK for already 30 years.

Jason Geosystems, part of Fugro's Geoscience division, has reached agreement on the acquisition of Petcom Inc. (Petcom) in the USA, subject to due diligence. The purchase price is USD 3 million.

Petcom is based in Dallas, Texas, employs a staff of 8, and had a Net Revenue of US$1.6 million in 2001. The current owners and original founders have agreed to continue their commitment as Petcom's management team. The company was founded in 1992.

Petcom provides best-in-class Petrophysics software and services to the Oil & Gas industry. Petcom customers are multi-national oil companies, large independents, service companies, consulting firms and individual consultants. The combination of Petcom's Petrophysics software coupled with Jason's Rock Physics and 3DiQ Reservoir Characterization software will prove to be a very powerful combination.