Thales and Fugro, providers of geotechnical, survey and geoscience services, have finalised an agreement whereby Fugro will acquire Thales GeoSolutions for 147.5 million Euros in cash.
Thales GeoSolutions is a provider of integrated survey services providing a range of offshore solutions. Operating mainly in the oil and gas arena, Thales GeoSolutions provides these services directly to the major oil companies and state agencies as well as indirectly via specialist construction and drilling contractors.
‘By divesting this business, Thales has completed a major step in the rationalisation of its IT&S business portfolio,’ stated John Hughes, Executive Vice President and Chief Operating Officer responsible for Aerospace and IT&S businesses.
Thales GeoSolutions is a UK headquartered company with operations throughout the Americas, Europe, Middle East, Africa and Asia Pacific. It has approximately 2,000 employees and has forecast revenues for 2003 above 200 million Euros.