Fugro has finalized the divestment of its non-core trenching and cable laying business to Global Marine Group (GMG).
GMG has acquired the business in exchange for an equity stake of around 24% in the combined business valued at USD 65 million, and a one year secured vendor loan of USD 7.5 million.
The divested activities will be deconsolidated as per December 01, 2017, the company said.
Fugro now participates in a more diversified business in which cable installation services are complemented with long-term telecom cable and wind farm maintenance services and sales of subsea telecom systems.
In addition, Fugro is the preferred provider of marine site characterization and asset integrity services to GMG.