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Geo ASA acquires Covus Corporation Pty Ltd.

NORDIC BUSINESS REPORT-7 February 2006-Geo ASA acquires Covus Corporation Pty Ltd(C)1994-2006 M2 COMMUNICATIONS LTD

The Norwegian subsea contractor Geo ASA said on Tuesday (7 February) that it had agreed to acquire the Australian company Covus Corporation Pty Ltd for approximately AUD12.3m.

Covus provides underwater engineering, diving and ROV services. The company has 50 employees and is expected to achieve sales of AUD30m in 2006.

Geo said that it plans to merge the acquired operations with its recently established subsidiary Geo Subsea Pty Ltd.

One Australian dollar (AUD) is worth approximately 0.43 British pounds (GBP).

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Title Annotation:Petroleum Geo-Services ASA
Publication:Nordic Business Report
Article Type:Brief Article
Geographic Code:8AUST
Date:Feb 7, 2006
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