Company Updates

25th Anniversary for Veripos

veripos logo26th March 2014 marked the 25th anniversary of Veripos with its continuing success and growth under new owners, Hexagon AB. From humble beginnings, the Aberdeen-based company has become a strong, widely-respected and truly global provider of precise satellite positioning services.

Veripos started in March 1989 as a joint venture between Brown & Root Survey and Ormston Technology, a specialist marine electronics company based in Hull, UK. Initially, it provided a Differential Global Positioning Service (DGPS) for users in the North Sea based on HF radio transmitters and subsequently extended the partnership to include Osiris, a subsidiary of Boskalis in the Netherlands and TopNav, a subsidiary of CGG in France.

In 1994, Veripos formed an alliance with its Dutch and French partners under the auspices of its then parent organisation, Subsea Offshore, introducing a much broader satellite-based DGPS service which was extended to cover the Gulf of Mexico followed by a progressive expansion of the network and coverage for Brazil, West Africa, the Mediterranean and the Caspian Sea.

Following acquisition of its alliance partners by a competitor in 2002, Veripos subsequently became wholly-owned by its then parent group, Subsea 7, who authorised major expansion plans in late 2004. These led to full global coverage of services in early 2005 that rapidly established the company as the world's second largest supplier of precise satellite positioning services within the globalised marine industry.

In July 2012, Veripos was subsequently spun-out of its parent group and listed on the Oslo Stock Exchange and its later continuing success was formally recognised in November 2013 with the honour of "Rising Star" accorded at the European Stock Exchange Awards. At the same time, the company began a major diversification initiative with the launch of its TerraStar service to address the land and nearshore business sectors.

With leading exploration seismic, construction, survey, OSV and drilling contractors among its many clients, Veripos now has over 130 specialist personnel based in eleven sites around the world. Commenting on this milestone, Chief Executive Officer Walter Steedman says "We are immensely proud of our long history in the exciting and quickly- developing industry in which we operate. We look forward to the next 25 years under the guidance of new owners, Hexagon, who have demonstrated their strong commitment to technology and world-leading R&D efforts. The Veripos journey is a remarkable success story which is based on quality products and the superior support services provided by our staff."

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