2011-04-12-2011-04-05

To acquire offshore geotechnical site investigation company Bluestone Offshore Pte Ltd.

Reef Subsea AS, headquartered in the U.K., plans to sell its Bluestone Offshore Pte Ltd. business in Singapore to The Netherlands-based FugroNV. 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 US$20 million.

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."

Reef Subsea AS provides integrated subsea services to the oil and gas and renewables industries in the North Sea, Southeast Asia and North Atlantic areas