• 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




2018 June 21

18:27 Diana Shipping announces time charter contract for m/v Philadelphia with Koch
18:00 CMA CGM announces new rotation on ASAF service
17:56 Russia is in need of small bunkering tankers, LNG bunker supply ships and bunker barges - Damen
17:31 Gate terminal (Gasunie/Vopak) to increase ship loading flow rate
16:58 Antwerp blockchain pilot pioneers with secure and efficient document workflow
16:24 Freeport of Riga Authority joins Cruise Lines International Association
16:02 Danaos Corporation announces comprehensive debt refinancing agreement
15:50 MABUX: All eyes are on what course of action OPEC will call for
15:40 12 LNG bunker supply ships to be put into operation in Singapore by 2025
15:02 Ship garbage recycling pilot wraps up at Port of Brisbane
14:39 Vyborg Shipyard launches port icebreaker Ob built for FSUE Atomflot
14:02 APM Terminals supports World Clean Air Day with App upgrade
13:41 Igor Zolotykh appointed as Harbour Master of port Ust-Luga
13:23 Victor Olersky appoints Igor Ishchenko as Harbour Master of port Primorsk
13:02 EU member states’ experts on ship recycling meet in Brussels
12:39 XI Russian Forum “Current State and Prospects for Development of Russian Bunker Services Market” opens in Saint-Petersburg
12:16 ABS issues industry-leading Guide advancing DC power for hybrid electric applications
12:00 Largest gantry crane in the Nordic countries delivered to Meyer Turku
11:57 HVCC Hamburg Vessel Coordination Center and the Rotterdam Port Authority launch unique cooperation
10:55 CMA CGM to acquire CONTAINERSHIPS, a leader in intra-regional transportation in Northern Europe
10:53 Protecting marine life from ship noise is in the focus of meeting on oceans and the law of the sea
10:28 Brent Crude futures price up 0.41% to $75.41, Light Sweet Crude – down 0.59% to $65.3
10:02 Maritime officials in Morocco undergo training at IMO workshop in Casablanca
09:41 Closer look at the interpretation of maritime law
09:19 Baltic Dry Index down to 1,373 points

2018 June 20

18:00 Lead landing ship of Project 11711, Ivan Gren, joins the fleet of RF Navy
17:33 Rosatomflot extends its winter-spring navigation period amid challenging ice conditions
17:05 Genco Shipping & Trading Limited completes common stock offering
16:05 Seatruck Ferries to use larger vessels for Warrenpoint service
15:51 Maritime leaders endorse green initiatives for shipping
15:30 Mitsui to make entry into subsea support vessel business through acquisition of shares in AKOFS Offshore
15:04 Eighty-two Crowley vessels honored with Jones F. Devlin Awards in recognition of 613 combined years of safe operations
14:59 GasLog Partners LP announces new charter agreement with Cheniere Energy
14:24 Small icebreakers of Project 22740 can be converted to run on LNG
14:05 Cheniere Energy and Cheniere Energy Partners announce definitive merger agreement
13:13 ABB brings efficiency and sustainability through system integration to two new Indian ferries
12:39 Dredging works commenced at the port of Ust-Luga
12:01 ABP Southampton publishes Air Quality Strategy with package of commitments
11:20 Bunker prices are down up at the port of Novorossiysk, Russia (graph)
11:01 Crowley adds 40 ISO tanks
10:45 Yaroslavsky Shipbuilding Plant completed the series of six boom-laying boats
10:31 GTT receives an order from Hyundai Heavy Industries to design the tanks of a new LNG carrier
10:22 Brent Crude futures price up 0.41% to $75.41, Light Sweet Crude – down 0.59% to $65.3
10:05 Euroports increases pulp & paper warehousing capacity in Tarragona, Spain
10:00 RF Government expands the list of publicly funded projects in seaports and on IWW of Russia
09:37 Bunker prices continue going down at the Port of Saint-Petersburg, Russia (graph)
09:16 Baltic Dry Index down to 1,419 points

2018 June 19

18:06 100 million dollars to link the Nile with Suez Canal Region
17:03 DNV GL partners with the EU and Government of India to bring offshore wind to the Indian market
16:32 CMA CGM deploys its innovative solution for containers tracking, TRAXENS by CMA CGM
16:18 APM Terminals ‘Cool port’ barge service speeds up distribution from Rotterdam
16:02 Multraship acquires an ASD Tug from Med Marine for Terneuzen operations
15:32 Koper remains the most important port for Austria
15:02 CMA CGM announces GRR from East Coast South America to Africa, Gulf and West Coast North of India
14:32 Port of Oakland import volume flat in May 2018
14:25 Europort Romania maintains its position as the premier Black Sea martime event
14:02 British Ports Association comments on new report on Northern ‘Free Ports’ strategy proposal
13:32 Port seeks to double rail volume with Railport Antwerpen
13:02 Rijkswaterstaat awarded Van Oord the contract to dredge Marker Wadden channel
12:32 MOL to make full-scale move into subsea support vessel business by acquiring stake in AKOFS of Norway