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Fugro Scraps Subsea Divestment Plan

Fugro Scraps Subsea Divestment Plan

View all news from: Fugro GB (North) Marine Limited
View directory entry for: Fugro GB (North) Marine Limited

05 December 2016

Dutch firm Fugro has canned plans to divest its subsea services business in Asia Pacific to Australia’s Shelf Subsea.

Fugro announced on 4 August 2016, that it had signed a EUR 14m agreement for the sale of its subsea services business in Asia Pacific to Shelf Subsea.

"Parties were unable to reach agreement on some closing conditions, following which Fugro has decided to no longer pursue the transaction,” Fugro said in a release.

As a result, Fugro will retain the vessels, ROVs, other equipment and 200-plus personnel related to the business. Fugro will not acquire an equity interest in Shelf Subsea, as was previously communicated.

The subsea services activities in Asia Pacific will be incorporated in and reported as part of the marine division in the new divisional structure as of 2017.

Fugro said today it will continue to explore partnership opportunities to reduce its exposure to the larger vessels used for the installation and construction part of the business.