Fugro acquires Improv

Fugro NV in The Netherlands has reached agreement with Aberdeen-based Improv Ltd to acquire the company and its subsidiary Improv Inc in Houston, USA for a total of £5.8 million. The acquisition is effective immediately and is expected to enhance earnings to Fugro from the second quarter of this year.

Improv’s current annual revenue is approximately €10 million. The company has 30 employees and is a leading independent provider of specialised integrated tooling packages and services to the subsea oil and gas industry. The tooling packages are designed to be operated by ROVs. They enable remote diver-less intervention on subsea assets throughout all phases of the oil and gas field life cycle where the operating regime excludes manned intervention.

Improv’s capability will provide synergistic benefits to Fugro’s growing global ROV fleet of over 100 systems. It will also provide additional subsea engineering design and build capabilities that can enhance the group’s offshore geotechnical capabilities.

Improv currently operates mainly in North Sea, Mediterranean and West Africa, with a growing business in Gulf of Mexico, and will be renamed Fugro Improv Ltd. The company will form part of the survey division of Fugro as an independent operating company under its existing management.OSJ