Fugro has reached agreement with Riise Underwater Engineering AS 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 (Remotely Operated Vehicle) and diving services offshore and inshore to the oil and gas industry. Specialised in IRM (inspection, repair and maintenance) and subsea construction support, RUE currently operates 2 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 EUR 30 million per annum. The company has 25 permanent professional staff and has up to 100 contract staff at any one time. The combination of Fugro’s existing strength in IRM and its global network with RUE’s business will lead to substantial synergies and will enable Fugro to strengthen its subsea services business in support of the offshore oil and gas industry.
RUE will be renamed Fugro-RUE AS and will be part of Fugro’s Subsea Services Business Line. RUE management will continue to work in Fugro-RUE.
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Source: Fugro, December 5, 2010; Image: RUE