Reef Subsea AS, headquartered in the U.K., plans to sell its Bluestone Offshore Pte Ltd. business in Singapore to The Netherlands-based Fugro NV. The purchase price was not disclosed.
Bluestone is an integrated geotechnical site investigation company providing a complete solution for offshore projects requiring seabed data and sampling. Revenues for Bluestone Offshore for 2010 were in the order of US$20 million, according to a statement by Fugro.
Mark Preece, Reef Subsea chief executive, says, "Following the decision to concentrate our strategy around subsea services, we decided to divest from the geotechnical market. We think that Bluestone Offshore and Geolab Services management, employees and assets will derive a more robust future in a company which is a long-term player in the global geotechnical market. This divestment will provide Reef Subsea with additional resources to further pursue its developements in the global subsea market. Our presence in Asia-Pacific will be assured by our new Scanmudring office of Singapore."
Reef Subsea AS is an international group providing cost-effective integrated subsea services to the oil and gas and renewables industries. Its specialized subsidiaries--Technocean, S³ and Scanmudring--provide operators and contractors with highly experienced personnel, key subsea technologies and construction support vessels. Reef Subsea serves its clients in the deepwater or demanding environments of the North Sea, South East Asia and North Atlantic areas. Reef Subsea is a 50/50 owned company of GC Rieber Shipping and HitecVision.
Recommended Reading
Diamondback Stockholders All in for $26B Endeavor Deal
2024-04-29 - Diamondback Energy shareholders have approved the $26 billion merger with Endeavor Energy Resources.
What's Affecting Oil Prices This Week? (April 29, 2024)
2024-04-29 - Stratas Advisors says even with the reported drawdown in U.S. crude inventories, the price of Brent crude oil remains below the upward channel that had been in place since January of this year.
Tivoli Midstream Buys Southeast Texas Coast Infrastructure
2024-04-29 - Tivoli Midstream acquired the Chocolate Bayou from Ascend Performance Materials, including storage and land for development.
Markman: Want CO2 Gone Now? Well, You Don’t Always Get What You Want
2024-04-29 - A slew of scenarios shows that climate goals can be achieved with the use of fossil fuels and CCUS.
ProPetro to Provide eFrac Services to Exxon’s Permian Operations
2024-04-29 - ProPetro has entered a three-year agreement to provide electric hydraulic fracturing services for Exxon Mobil’s operations in the Permian Basin.