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    Thales Group sells Thales Geosolutions to Fugro NV

    News // November 21, 2003
    Thales and Fugro have finalised an agreement concerning the sale of Thales Geosolutions.

    Under the agreement, Fugro has acquired Thales Geosolutions for 147.5 million , payable in cash.

    Thales GeoSolutions is a global provider of integrated survey services providing a full range of offshore solutions.

    Operating mainly in the oil and gas arena, Thales Geosolutions provides these services directly to the major oil companies and state agencies as well as indirectly via specialist construction and drilling contractors.

    "By divesting this business, Thales has completed a major step in the rationalisation of its IT&S business portfolio," stated John Hughes, Executive Vice President and Chief Operating Officer responsible for Aerospace and IT&S business areas. "In Fugro we have found a partner who has demonstrated its capacity to successfully integrate new businesses."

    "The complementary nature of Fugro and Thales Geosolutions' geographical spread and customer base is key to developing these businesses," said Gert-Jan Kramer, Chairman and CEO of Fugro.

    "Together we form a source of innovation and a long-term supplier to our survey, positioning and construction support markets."

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