Fugro gains subsea services strength with acquisitions

Oil and gas services provider Fugro has reached agreements with two companies recently, Riise Underwater Engineering AS, and TSmarine Group Holdings Pty Ltd. as part of a ramp-up in its subsea services sector. 

Fugro is adding to its inspection, repair and maintenance (IRM) business by acquiring Haugesund, Norway-based Riise Underwater Engineering AS (RUE). The company provides subsea engineering, Remotely Operated Vehicle (ROV) and diving services offshore and onshore to the oil and gas industry. Specialized in IRM and subsea construction support, 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 are currently near EUR 30 million per year. The company will be renamed Fugro-RUE AS when the transaction closes near the end of the year. 

On March 2, Fugro NV announced it will acquire TSmarine Group Holdings Pty Ltd. (TSM) and its subsidiaries. TSM, with its headquarters in Perth Australia and subsidiaries in Singapore, Labuan (Malaysia) and Aberdeen (UK), is a specialist provider of subsea construction, IRM and light well intervention. The company operates ROV (Remotely Operated Vehicle) and diving services and has four high specification chartered vessels in its fleet. It is primarily focused in the Asia-Pacific region, where it will enhance Fugro’s existing presence, but has also recently established an office in UK to develop services in Europe-Africa. 

TSM’s current revenues sit at roughly US$120 million per year. Fleet capacity was recently extended to four vessels, all on charter. 

Simmons & Co. International Ltd. served as exclusive corporate finance advisor to Fugro N.V. in the acquisition of TSmarine Group Holdings Pty Ltd and its subsidiaries.

Both acquisitions will become part of Fugro’s Subsea Services Business Line and management from both companies will continue to work in Fugro.



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