Fugro increases its presence in oil and gas sectors in India, Brazil

Fugro increases its presence in oil and gas sectors in India, Brazil

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Dutch company Fugro has signed letters of intent to acquire Elcome Surveys Pvt. Ltd in India. The earlier announced joint venture with Oceansatpeg in Brazil will be operational as from 1 October 2005. Elcome Surveys Pvt. Ltd is located in Mumbai, India. The company is a supplier of survey, geotechnical and oceanographic services offshore India and in the Arabian Gulf. The acquisition will strengthen Fugro’s resources base in this growing region. The company has 69 employees. The joint venture with Oceansatpeg in Brazil (as announced on 12 August) is expected to commence operations as from 1 October 2005. The new legal entity involves some 250 employees. Fugro has an interest of 62% in this joint venture. The undertakings above are expected to add approximately € 25 million to Fugro’s annual turnover and will further strengthen Fugro’s strategic position in these countries.