Fugro Gets $40M from Global Marine Group Sale

Fugro is set to cash in close to USD 40 million from the sale of Global Marine Group (GMG) through its ownership of 23.6% in GMG.

As reported earlier, a subsidiary of Global Marine Holdings, in which Fugro holds a 23.6% equity interest, has entered into a definitive agreement to sell 100% of GMG, excluding GMG’s 49% joint venture with Huawei Marine Networks, to an investment affiliate of J.F. Lehman & Company (JFLCO) for approximately USD 250 million in cash.

Mark Heine, Fugro CEO, said: “I am very pleased with this transaction, which has been very professionally led by the GMG management. It is an important step towards monetising our non-core activities. This divestment will enable us to focus further on our core business and deliver on our Path to Profitable Growth strategy.”

To remind, Fugro, through Global Marine Group, also has stake in Huawei Marine Networks, whose 49% stake was sold to Hengtong Optic-Electric in a transaction that values Fugro’s stake in HMN at approximately USD 33 million.

Fugro said that its share of the net proceeds from the divestment of its stake in GMG and HMN is approximately USD 73 million in total and that it will be utilised to reduce the company’s outstanding debt position.

Share this article

Follow Subsea World News

Events>

<< Mar 2020 >>
MTWTFSS
24 25 26 27 28 29 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

9th Annual Submarine Power Cable and Interconnection Forum

This year’s Advance Submarine Power Cable and Interconnection conference will focus on the cutting edge thinking that is emerging across…

read more >

The 24th Annual PNEC Conference & Exhibition

The 24th annual PNEC Conference and Exhibition  will bring together the industry thought leaders and technology providers that enable the management…

read more >

OWI APAC 2020

Over the two-day conference, 30 expert speakers will share exclusive insight to help drive well work efficiencies through innovative…

read more >

M&CCE Expo Marine & Coastal Civil Engineering 2020

This conferences, events, demos, and competitions provide a productive background buzz throughout M&CCE…

read more >