Global Marine Group (GMG) has entered into an agreement to acquire Fugro's trenching and cable laying business.
The US$73 million deal provides a subsidiary of Fugro with a 23.6 per cent equity interest in Global Marine Holdings, valued at $65 million, and an obligation for Global Marine to pay Fugro a secured vendor loan of $7.5 million within a year.
The acquisition also involves the transfer to GMG of 23 Fugro employees located in Aberdeen, as well as one vessel (Symphony), two trenchers, and two work-class remotely operated vehicles (ROVs).
Built in 2011, the Symphony, a multi-purpose vessel with a 1,400 square metres of deck space, will join GMG's cable installation and maintenance fleet.
As part of this transaction, Fugro will become the preferred provider of marine site characterisation and asset integrity services to GMG.
GMG is a supplier of subsea cable installation and maintenance services in telecoms, offshore renewables, power and oil and gas.
The transaction is expected to close in the fourth quarter 2017.