GeoSea takes majority stake in G-tec

By Curious

GeoSea, the geotechnical and offshore solutions specialist of the DEME Group, announces it has acquired the majority of the shares (72,5 %) of G-tec, the Liege (Belgium) based contractor specialized in offshore geotechnical and geological site investigations, marine geophysical and environmental surveys and deepsea engineering services. The other shares are owned by SRIW (Sociéte Régionale d’Investissement de Wallonie).

GeoSea takes majority stake in G-tec

G-tec was founded on an academic background in 1993, and currently employs over 40 highly skilled staff. The company also owns the unique offshore geotechnical investigation vessel ‘Omalius’.

The company has a consolidated turnover of around 20 mio € and operates in the markets of offshore renewables, oil & gas, civil works and offshore mining. The highly specialised activities and know-how of G-tec represent a strategic fit, enabling the DEME-group to further reinforce its fully integrated services to the offshore renewables, oil & gas, civil engineering and offshore mining market. Geotechnical investigation from the GeoSea jack-up vessels is already part of the current offering. Furthermore, some years ago DEME took over from G-tec a concession in the Pacific Ocean for the exploration of manganese nodules.

GeoSea does not expect the transaction to have immediate large effects on its results.

Source: Deme Group