Fugro: Divests Non-Core Trenching and Cable Laying business to Global Marine Group
Fugro finds a strong partner for an important part of its non-core marine construction and installation activities.
Fugro will contribute its trenching and cable laying business to the Global Marine Group (GMG) in return for an equity interest of around 24% in the combined business and a US$ 7.5 million secured vendor loan.
The transaction involves the transfer of 23 Aberdeen based employees, 1 vessel, 2 trenchers and 2 remotely operated vehicles.
Fugro will participate in a diversified subsea cable installation, maintenance and marine telecom component manufacturing and cable integration business. Fugro will also become GMG’s preferred provider of site characterisation and asset integrity services.
GMG is a global, leading supplier of subsea cable installation and maintenance services in four market segments: telecoms, offshore renewables, power and oil & gas. The company has several longstanding partnerships which include SB Submarine Systems (a joint venture with China Telecom offering cable installation and maintenance services in Asia Pacific) as well as Huawei Marine Networks (a joint venture with Huawei Technologies focused on manufacturing marine telecom components and cable integration to provide complete turnkey subsea telecom systems).
GMG operates worldwide from its main offices in Chelmsford (United Kingdom) and Singapore. NYSE listed diversified holding company HC2 Holdings, Inc. (NYSE: HCHC) is the majority owner of GMG.