Reef Subsea divests from Bluestone OffshoreCompany News // April 6, 2011
Reef Subsea has announced that, following Board of Director approval, the company has decided to divest from Bluestone Offshore Pte Ltd in Singapore.
Bluestone is an integrated geotechnical site investigation company providing a complete solution for offshore projects requiring seabed data and sampling. As per a Share Purchase Agreement signed on 4 April, Fugro is to acquire 100 per cent of the company.
Mark Preece, Reef Subsea Chief Executive Officer, said: “Following the decision to concentrate our strategy around subsea services, we decided to divest from the geotechnical market."
"We think that Bluestone Offshore and Geolab Services management, employees and assets will derive a more robust future in a company which is a long-term player in the global geotechnical market."
"This divestment will provide Reef Subsea with additional resources to further pursue its developements in the global subsea market. Our presence in Asia-Pacific will be assured by our new Scanmudring office of Singapore.”