Global Marine Group (GMG) has completed the acquisition of Fugro’s trenching and cable lay services business.
The USD 72.5 million (approx. EUR 61 million) deal will see Fugro get an 23.6% equity stake, valued at USD 65 million (approx. EUR 55 million), in GMG, as well as a one-year secured vendor loan of USD 7.5 million (approx. EUR 6 million).
As part of the transaction, Fugro will also become the preferred provider of marine site characterization and asset integrity services to GMG.
In addition, the acquisition includes 23 Fugro employees located in Aberdeen, the multi-purpose vessel M/V Symphony, two Q1400 trenchers and two work class remotely operated vehicles (ROV) to be transferred to GMG.
“We believe this acquisition has two key benefits, meeting the needs of our customers, while at the same time strengthening GMG’s market position in offshore power,” said Ian Douglas, Chief Executive Officer of GMG.
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.
“As a team, we have been involved in the installation of more than 470 power cables, recently completing the installation of 122 cables at the Rampion Offshore Wind Farm. We have also successfully completed the trenching of the export cable and inter array cables on the world’s first floating wind farm, Hywind Scotland, off the coast of Aberdeenshire,” Mike Daniel, Manager of the trenching and cable lay services business, said.
“Moving forward, we will continue to support existing and new customers alike, utilising our skill set to support the wider business goals of Global Marine Group.”