Fugro buys TSMarine Australia, TSMarine

Release Date: 2011-03-03

Dutch company Fugro has acquired Australia’s TSMarine in a move set to boost its subsea services arm.

The deal will see the Perth-based company renamed Fugro-TSM, with its existing management joining the larger company.

With bases in Singapore, Labuan and Aberdeen, TSMarine chief executive John Edwards said his company’s four high specification chartered vessels will take the combined company fleet to nine.

Edwards told Upstream the time was right for an acquisition following the company’s recent expansion into Europe after developing a strong presence in the Asia-Pacific.

“Their focus has primarily been in the North Sea, West Africa and Brazil,” he said.

“We have some capabilities the group didn’t have, but they have a larger footprint, and we can take advantage of that.”

“We’re all pretty happy,” Edwards said.

It was a sentiment echoed by Fugro, which said in an announcement that the deal would enable it to strengthen its subsea business in support of the offshore oil and gas industry.

The deal comes less than two years after company management, backed by private equity group Champ Ventures, struck a buyout deal with its UK-based parent company.

Fugro said TSMarine revenues amounted to over $ 120 million per year and were showing strong growth. The company has 70 permanent office-based professional staff and has up to 100 contract staff at any one time.

Type:	NORMAL
Company:	TSMarine
Country:	United Kingdom
Url:	http://www.upstreamonline.com/incoming/article246816.ece