Divestment non-core trenching and cable laying business finalised
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.
Fugro EUR 11,90 +6ct vol. 581.361