GTI strengthens position in offshore activities through merger Fabricom Oil & Gas and Genius Vos

GTI and Vos Groep have signed a letter of intent on the acquisition of Genius Vos in IJmuiden. Following the actual acquisition, the company will be merged with Fabricom Oil & Gas, which is part of GTI. The combination of the activities of the two companies will create a unique multi-disciplinary service provider, with a complete and integrated range of services and service concepts to the offshore Oil & Gas market.

GTI is the market leader in the maintenance and modification of onshore Oil & Gas installations in the Netherlands. In the onshore sector, GTI companies cover both mechanical and electronic operations. The acquisition of Genius Vos gives GTI a leading company that is specialised in the fabrication, installation and the maintenance of mechanical installation and installation components for the offshore Oil & Gas industry. The combination of Genius Vos and Fabricom Oil & Gas creates a unique, multidisciplinary services provider with a complete and integrated range of services for offshore: in both the electronics and mechanical fields. These services focus on the fabrication, modification, optimisation, and the maintenance of offshore installations and the development of innovative concepts for the provision of same.

The acquisition ensues from GTI’s renewed strategy, as a subsidiary of SUEZ Energy Services. One part of this strategy is the broadening and strengthening of the company’s position in a number of market segments, including the Oil & Gas market. The strategy of SUEZ Energy Services is focused on, among other things, strengthening the group’s position in de offshore Oil & Gas market in and around the North Sea.

GTI expects the combined company to book turnover of around € 50 mln in 2006 and will have a total of more than 300 employees. The Genius Vos contribution to this total is € 27 mln and 161 employees.
Last Friday the employees of both companies were informed of the proposed acquisition. The councils of employees of both companies as well as the trade unions were informed. The acquisition is mentioned to the SER and permission is requested from the Netherlands Competition Authority (NMa). Our aim is to complete the acquisition by mid-April.

Genius Vos is active in the building of machinery, bridges and locks and, like Fabricom Oil & Gas, in the execution of modifications and maintenance on onshore and offshore installations, but with a focus on mechanical work in this area. Besides, Genius Vos delivers total solutions in projects, from conception to installations.

GTI focuses on technical services in the Benelux and develops integrated solutions: from design right through to the realisation, maintenance and management in all disciplines presented. GTI is part of SUEZ Energy Services, together with the companies Axima, Elyo, ENDEL, INEO, Tractebel Engineering and Fabricom GTI.

SUEZ Energy Services, European leader in installation and technical services, develops value added solutions for its clients in industry, building services and infrastructure, including the design, realisation and maintenance of technical installations, together with energy management and long-term multi-disciplinary management. SUEZ Energy Services has 66,000 employees and booked revenues of € 10.3 billion in 2005. SUEZ Energy Services is one of the four business lines of the stock exchange-listed, international industrial group SUEZ.