• 2017 October 13 09:21

    Global Marine to acquire Fugro’s trenching and cable laying business

    Global Marine Group (“GMG”), a leading provider of offshore engineering services to the telecommunications, oil & gas, and renewables industries, announced that Global Marine Systems Limited (“GMSL”) has entered into an agreement with Fugro N.V. (“Fugro”) (AMS: “FUR”) under which GMG will acquire Fugro’s trenching and cable lay services business.

    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. 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 powerful Q1400 trenchers, and two work class 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 acquisition will significantly enhance GMG’s portfolio of service offerings to the market, with a comprehensive range of integrated services, with the immediate capacity to complete additional packages of work in direct response to market demands. This transaction will provide GMG with highly capable, proven assets with a history of delivering complex engineering projects to customers around the world.

    Fugro is the world’s leading, independent provider of geo-intelligence and asset integrity solutions. Fugro acquires and analyses data on topography and the subsurface, soil composition, meteorological and environmental conditions, and provides related advice. With its geo-intelligence and asset integrity solutions, Fugro supports the safe, efficient and sustainable development and operation of buildings, industrial facilities and infrastructure and the exploration and development of natural resources.  Since the founding of Fugro’s trenching and cable lay services business in 2012, Fugro has established a strong presence in the renewables market, working with offshore wind farms including Lincs Wind Farm, Humber Gateway, Gwynt y Môr and Rampion.  The business has also conducted multiple operations in oil & gas for major oil companies such as Shell and BP.

    “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. “I am delighted that Fugro identified us as the right partner to advance their trenching and cable lay business and I am looking forward to welcoming the Aberdeen based trenching team to our corporate family.  We are committed to our vision of engineering a clean and connected future and we will continue to build, align and adapt our business in order to meet the evolving needs of our customers.”

    “As we continue to carefully build and develop our business in support of our long-term strategic view, we are delighted to partner with Fugro,” added Dick Fagerstal, Executive Chairman of Global Marine Group. “Fugro’s long standing world-wide expertise in many segments of the offshore services markets will greatly benefit the Global Marine Group as we work towards our goal of delivering attractive risk adjusted returns for all our constituents.”

    “A key objective of Fugro’s ‘Building on Strength’ strategy is to seek a partnership or divest our construction and installation related marine activities,” said Paul van Riel, CEO of Fugro. “We have taken a major step forward in delivering on this strategic objective by contributing our trenching and cable lay services business towards a promising partnership with Global Marine Group. Fugro will participate in a profitable and diversified business with solid growth potential.  This step will also support Fugro’s growth in the nautical market segment.”

    The transaction is subject to customary closing conditions, and is expected to close in the fourth quarter 2017.

    Global Marine provides engineering and underwater services in response to the subsea cable installation, maintenance and burial requirements of their customers around the world. With a fleet of vessels, ROVs and specialised subsea trenching and burial equipment, Global Marine offers solutions to the Oil & Gas, Telecom and Deep Sea Research sectors. Global Marine has a worldwide presence, with offices in Chelmsford, UK and Singapore; Depots in Portland, UK; Bermuda; Vancouver, Canada; Batangas, Philippines and Batam, Indonesia




2017 December 13

13:35 Transneft’s subsidiary updates ISO certification
13:30 Maersk Line announces new FAK rates from Far East to North Europe
13:06 Aker Solutions wins modifications contract from Maersk Drilling
12:23 Nobel Bros Shipyard begins drydocking of Shestaya Pyatiletka-class MS Olenegorsk
11:11 Work continues to combat illicit maritime activity
10:52 Bunker prices go up at the Port of Saint-Petersburg, Russia (graph)
10:28 Brent Crude futures price up 0.9% to $63.91, Light Sweet Crude – up 0.58% to $57.47
10:10 Transneft Baltic completed implementation of Sever project’s Phase 3
09:44 Russian Railways: Loading of Russia’s export cargo bound for domestic ports up 6.3% Y-o-Y to 266.8 mln t in 11M’17
09:26 Baltic Dry Index up to 1,743 points
08:07 Port of Long Beach surges past 2016 cargo volume
07:51 ABS partnership enhances safety in Ghana’s offshore industry

2017 December 12

18:34 Shipping Corporation of India participated in relief efforts targeted at fisherman affected by OCKHI under
18:07 Konecranes to deliver its first Waste-to-Energy cranes to India
17:54 Fourth Feadship yard taking shape in Amsterdam
17:50 Major Baltic Sea policies reviewed ahead of HELCOM Ministerial Meeting
17:48 Skangas signs Letter of Intent with National Grid Grain LNG
17:46 Boskalis completes successful Aasta Hansteen float-over installation
17:00 Nefteflot delivers lead oil tanker of Project RST11 (photo)
15:03 Russia will support Finland’s proposal to IMO on evaluation of legal framework for unmanned navigation (photo)
14:27 Russia and Finland to submit joint proposal to IMO for accepting ship’s documents in e-format (photo)
14:01 CMA CGM announces FAK rates from ISC to North Europe and Mediterranean
13:39 GlavGosEkspertiza approves the project on construction of a multi-purpose for oil products at port Novorossiysk (photo)
13:01 MOL with partners agree to start a demonstration test of blockchain technology in cross-border trade operations
12:31 Seaspan accepts delivery of fourth 11000 TEU SAVER containership
12:01 Classification contract for CMA CGM’s 22,000 TEU dual-fuel containerships was signed at Marintec in Shanghai
11:48 MGO prices are still high at the Far East ports of Russia (graph)
11:22 Russia invites Finland to designate a common water area in the Gulf of Finland not subject to ballast water exchange (photo)
11:13 Jan De Nul enters in JV company agreement with the Payra Port Authority to proceed with EUR 550 million port dredging contract
11:00 Ville Haapasaari named new CEO of the Port of Helsinki
10:51 CMA CGM to upgrade MIDAS Loop 1 connecting South Africa with Indian Subcontinent and Middle East Gulf
10:31 Brent Crude futures price up 1% to $65.34, Light Sweet Crude – up 0.5% to $58.28
10:08 Russia and Finland to cooperate in icebreaker assistance during 2017-2018 winter navigation season (photo)
09:40 Klaipeda Seaport Authority expands its fleet with new oil response and diving support vessel
09:19 Baltic Dry Index up to 1,727 points

2017 December 11

18:27 APL expands coverage in the Trans-Atlantic with New North Atlantic Service
18:07 Keppel secures S$130 million in projects from repeat customers
18:01 NOVATEK: LNG sales under long-term contracts will commence in April 2018
17:39 LR and UMAS release ‘Zero Emission Vessels 2030’ study
17:38 Port of Riga introduces new and innovative dry bulk handling technology
17:33 Van Oord completes expansion of Taiwan's largest port
17:16 ABB’s first Azipod® D propulsion system now in operation
17:06 Damen Schelde Gears acquired by RENK
16:55 Private sector partners in the pursuit of low carbon shipping
16:55 Teekay LNG Partners secures long-term financing for Yamal ARC7 LNG carriers
16:51 IMO Assembly adopts vision and strategic directions
16:33 Port of Helsinki’s West Terminal 2 awarded recognition for accessibility
16:03 Essar Vizag Terminal to take week-long shutdown to commission 8,000 TPH ship loader
15:47 Throughput of Russian seaports in 11M’17 grew by 9% to 716.7 mln t (detalization)
15:33 ICTSI agree on Motukea port project framework
15:19 Navigation season is over in Volga-Don Basin of Russia’s IWW (photo)
15:03 Port of Antwerp to invest 1.4 million euros over the next three years in seven projects
14:33 Maersk Line completes the divestment of Mercosul Line
14:21 Average wholesale prices for М-100 HFO down to RUB 13,104 in RF spot market
14:03 Hutchison Ports ECT Rotterdam, UWT and Smith Holland to launch an Empty Transferium at Maasvlakte’s ECT Euromax terminal
13:37 Aker Solutions to provide subsea production system for Aker BP's Ærfugl
13:12 Russian seaports handled 716.75 mln t of cargo in 11M’17, up 9% Y-o-Y
12:50 ABP on course to become one of UK’s biggest corporate solar power producers
12:24 Gdansk, Poland to host Transport Week 2018 on March 6-8
12:01 JNPT records growth of 5.76% in container handling DPD share up at 34.73 per cent