Divestment Non-Core Trenching and Cable Laying Business Finalised
Friday 1 December 2017
Today, Fugro has finalised the divestment of its non-core trenching and cable laying business to Global Marine Group (GMG), a global, leading supplier of subsea cable installation and maintenance services.
GMG has acquired the business in exchange for an equity stake of around 24% in the combined business valued at US$ 65 million, and a one year secured vendor loan of US$ 7.5 million.
The divested activities will be deconsolidated as per 1 December 2017.
Fugro now participates in a more diversified business in which cable installation services are complemented with long-term telecom cable and windfarm maintenance services and sales of subsea telecom systems. In addition, Fugro is the preferred provider of marine site characterisation and asset integrity services to GMG.