Global Marine Group is set to acquire Fugro’s trenching and cable laying business after the two companies signed an agreement under which Fugro will, in return, get an equity stake of 23.6% in Global Marine Holdings.
Specifically, the USD 72.5 million (approx. EUR 61 million) deal enables Global Marine to take over the trenching and cable laying business from Fugro, who will in exchange get an equity stake valued at USD 65 million (approx. EUR 55 million) in the combined business and a one-year secured vendor loan of USD 7.5 million (approx. EUR 6 million).
Furthermore, as part of the transaction, Fugro will become the preferred provider of marine site characterisation and asset integrity services to Global Marine.
Once the transaction is finalised, 23 Fugro employees located in Aberdeen, the multi-purpose vessel M/V Symphony, two Q1400 trenchers and two work class remotely operated vehicles (ROV) will be transferred to Global Marine.
The transaction is subject to customary closing conditions, and is expected to close in the fourth quarter of this year.
“This acquisition is another deliberate step in our strategic plan, adding extensive capabilities of the Fugro trenching and cable lay team to the Global Marine Group and further equipping us with proven assets to support our growth plans,” said Ian Douglas, CEO of Global Marine Group.
Fugro’s trenching and cable laying services unit was established in 2012, and has been involved in multiple offshore wind projects, including Lincs Wind Farm, Humber Gateway, Gwynt y Môr and Rampion.
Global Marine Group consists of two business units: Global Marine, which provides cable solutions to the offshore energy and telecommunications markets, and CWind, which Global Marine acquired at the beginning of last year.