Fugro signs joint venture agreement with Socar

Fugro has reached agreement with Azeri state-owned company SOCAR to form a new joint venture for 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. The agreement to form SOCAR-Fugro, in which Fugro has a 49% interest and SOCAR a 51% stake, builds upon the original agreement signed in 1995 to establish Azeri-Fugro when Fugro first commenced operating in the Caspian region.