Fugro has reached agreement with The State Oil Company of the Azerbaijan Republic (SOCAR) to form a new joint venture (JV), according to a news release.
The deal includes the performance of bathymetric, geophysical and geotechnical surveys, the provision of autonomous underwater vehicles (AUVs) and remotely operated vehicles (ROVs), diving services and general positioning support, both onshore and offshore, throughout the republic of Azerbaijan, a news release said.
The agreement forms SOCAR-FUGRO LLC, in which Fugro has a 49% interest and SOCAR a 51% interest. Formal establishment of the new company requires standard regulatory approval which is expected shortly.
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