Fugro Acquires Svitzer Ltd.
Fugro N.V. has entered into an agreement with A/S Em. Z. Svitzer, Copenhagen, Denmark to acquire Svitzer Ltd. (Great Yarmouth, UK) and Svitzer Surveys (Esbjerg, Denmark).
Svitzer Ltd. is a leading provider of geophysical survey services. The company currently operates three dedicated survey vessels. This versatile fleet is engaged in geophysical site and route surveys, environmental surveys, pipeline inspection and geotechnical projects for the oil and gas exploration and telecommunication industries.
Svitzer Ltd., including Svitzer Surveys, employs 110 staff and had a turnover of € 19.5 million in 2002. The acquisition meets Fugro's expanding need for dedicated survey vessels. Next to that, it will help to rationalize the fleet of vessels used for survey activities.
Svitzer Ltd. will strengthen Fugro's existing businesses in Aberdeen and Norwich and continue the provision of geophysical survey and associated services throughout Europe, Africa, Mediterranean and the Middle East.
The activities of Svitzer will be merged with the existing two operating companies in Aberdeen, Fugro Survey Ltd. and Fugro-UDI Ltd., into a single operating company which will operate under the name Fugro Survey Ltd.
Acquisition price will not be disclosed at present and will be financed from cash flow. The acquired company will be consolidated as of July 1, 2003.