Reuters logo
BRIEF-Fugro divests non-core trenching and cable laying business to Global Marine Group
October 12, 2017 / 5:19 AM / 7 days ago

BRIEF-Fugro divests non-core trenching and cable laying business to Global Marine Group

Oct 12 (Reuters) - FUGRO NV:

* FUGRO DIVESTS NON-CORE TRENCHING AND CABLE LAYING BUSINESS TO GLOBAL MARINE GROUP‍​

* THE TRANSACTION INVOLVES THE TRANSFER OF 23 ABERDEEN BASED EMPLOYEES, 1 VESSEL, 2 TRENCHERS AND 2 REMOTELY OPERATED VEHICLES.

* TO CONTRIBUTE ITS TRENCHING AND CABLE LAYING BUSINESS TO GMG IN RETURN FOR EQUITY INTEREST OF CA. 24% IN COMBINED BUSINESS AND $7.5 MILLION SECURED VENDOR LOAN

* WILL PARTICIPATE IN A DIVERSIFIED SUBSEA CABLE INSTALLATION, MAINTENANCE AND MARINE TELECOM COMPONENT MANUFACTURING AND CABLE INTEGRATION BUSINESS

* WILL ALSO BECOME GMG’S PREFERRED PROVIDER OF SITE CHARACTERISATION AND ASSET INTEGRITY SERVICES

* TOTAL TRANSACTION VALUE IS APPROXIMATELY US$ 73 MILLION

* FUGRO WILL REALISE A GAIN ON THIS TRANSACTION

* EXPECTATION IS THAT THE TRANSACTION WILL BE CLOSED IN THE FOURTH QUARTER OF 2017 Source text: bit.ly/2yHaYEw Further company coverage: (Gdynia Newsroom)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below