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Reef Subsea divests Bluestone Offshore

Reef Subsea AS announced today that the company has signed an agreement to divest its Bluestone Offshore Pte Ltd business based in Singapore. Upon the Share Purchase Agreement signed on 4th April, Fugro will acquire 100% of the company.

Reef Subsea AS announced today that the company has signed an agreement to divest its Bluestone Offshore Pte Ltd business based in Singapore. Bluestone is an integrated geotechnical site investigation company providing a complete solution for offshore projects requiring seabed data and sampling. Upon the Share Purchase Agreement signed on 4th April, Fugro will acquire 100% of the company.

Mark Preece, Reef Subsea Chief Executive Officer, said "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 developments in the global subsea market. Our presence in Asia-Pacific will be assured by our new Scanmudring office of Singapore".