Fugro acquires Riise Underwater EngineeringNews // December 7, 2010
Fugro has reached agreement with Riise Underwater Engineering AS in Norway to acquire the company. The acquisition is expected to take effect from the end of this year on completion of some outstanding formalities.
Riise Underwater Engineering AS (RUE), with its headquarters in Haugesund, Norway, is a provider of subsea engineering, ROV and diving services offshore and inshore to the oil and gas industry.
RUE currently operates two specially designed vessels in West Africa and one inshore vessel in Norway with both work class and observation class ROVs and a number of modular diving systems.
RUE’s revenues show strong growth and amount at present to approximately Euros 30 million per annum. The company has 25 permanent professional staff and has up to 100 contract staff at any one time.
RUE will be renamed Fugro-RUE and will be part of Fugro’s Subsea Services Business Line. RUE's management will continue to work for Fugro-RUE.