Fugro has agreed in principle to acquire the Tenix LADS business from the Australian based company Tenix Pty Ltd. Tenix LADS is a leading global provider of Airborne Hydrographic services, which uses lasers to measure water depths. The laser technology (known as LIDAR) in use is a LADS proprietary system.
Tenix LADS has annual revenues in the order of EUR 12.5 million, from its global contracts with governments and commercial enterprises. These contracts are generally for hydrographic mapping purposes, but also include survey tasks for habitat mapping and measuring the effects of climate change. Tenix LADS also has a 10 year contract with the Commonwealth of Australia to support the Commonwealth's own laser system. The relationship with the Commonwealth of Australia dates back to the 1990's with the development of the laser system.
LADS employs around 60 people and is based in Adelaide, Australia with field offices in Cairns, Australia and Biloxi, Mississippi, United States of America.
Completion of this acquisition is likely to be early in Quarter 3 2009, following the satisfaction of certain settlement conditions. Tenix LADS will be renamed Fugro LADS and will be part of the Offshore Survey Business Line.