Global Marine Group (GMG) has announced that Global Marine Systems Limited (GMSL) has entered into an agreement with Fugro under which GMG will acquire Fugro’s trenching and cable lay services business.
The acquisition of Fugro’s trenching and cable lay services business involves the transfer to GMG of 23 Fugro employees located in Aberdeen, as well as one vessel (M/V Symphony), two Q1400 trenchers, and two remotely operated vehicles. Built in 2011, the M/V Symphony, a multi-purpose vessel with an extensive 1,400m² deck space, will join GMG’s cable installation and maintenance fleet. In addition, as part of this transaction, Fugro will become the preferred provider of marine site characterisation and asset integrity services to GMG. The transaction is subject to customary closing conditions, and is expected to close in the fourth quarter 2017. The purchase consideration, valued at approximately US$ 73 million, consists of the issuance to a subsidiary of Fugro of a 23.6% equity interest in Global Marine Holdings LLC (the parent company of GMSL), valued at US$ 65 million, and an obligation of GMSL to pay Fugro US$ 7.5 million within one year pursuant to a secured vendor.