Fugro to acquire RovtechNews // August 21, 2006
Fugro NV in The Netherlands has entered into exclusive discussions with Rovtech Ltd to acquire the company.
Rovtech Ltd, with its headquarters in Aberdeen, UK, is a provider of ROV services to the oil and gas industry, and specialises in the IRM and rig support sector.
Rovtech currently operates in the North Sea, the Caspian Sea and in South East Asia, and has annual revenues of approximately Euros 30 million. The company has 120 employees.
Fugro said its proposed acquisition of Rovtech will strengthen its global ROV capabilities and will generate synergies with its own network of offices around the world to provide more efficient services to its clients. The acquisition will be financed in cash.
However, Fugro and Rovtech have not yet reached definite agreement on a possible transaction.