FUGRO AGREES TO BUY DCN GLOBAL FOR UNDISCLOSED SUM
(The following press release from Fugro NV was received by e-mail. The statement was also published on www.fugro.com.)
Leidschendam, The Netherlands, 11 September 2013
Fugro strengthens its position in Middle East offshore oil services market
Fugro has reached agreement to acquire DCN Global LLC ('DCN Global'), a company specialising in the provision of subsea engineering and diving services to the offshore civil and oil & gas industry, primarily in the Middle East.
Over the last four decades Fugro has firmly established itself as the leading player in the offshore survey and geotechnical markets in the Middle East. In addition, Fugro provides underwater support to oil and gas companies with a modern fleet of ROVs (remotely operated vehicles). To an increasing extent, our clients in this region combine their ROV and diving inspection needs into a single contract. With the acquisition of DCN Global, Fugro significantly strengthens its ability to offer an integrated offshore service package of survey, geotechnical and IRM (inspection, repair and maintenance) services.
DCN Global, headquartered in Abu Dhabi, began in 2010 and has an excellent track record based on its engineering capabilities and the quality of its staff. The company employs 39 people onshore and has up to 170 contract staff offshore at any one time. Fugro has already cooperated with the company on joint projects for the past two years. DCN Global has enjoyed rapid recent growth of its business and is expected to generate revenues of approximately USD 30 million in 2013. The company has worked for oil & gas, dredging and construction companies throughout the Middle East region including Abu Dhabi, Qatar and Saudi Arabia.
DCN Global will move its activities to Fugro's offices before the end of this year. The current management team will stay on to continue to work for Fugro.
Completion of the sale agreement requires standard regulatory approval which should be completed shortly.