• 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 September 25

18:37 Colombo Dockyard achieves recognition at the Presidential Export Award
18:10 Tersan Shipyard (Turkey) lays down lead crab catching and processing ship of Project ST184 for Arktikservis
17:56 CMA CGM announces GRR from Asia to South Africa
17:36 The Ocean Cleanup chooses Iridium as provider of satellite communications services
17:20 First RITM-200 reactor intended for nuclear-powered icebreaker Ural left for Baltiysky Zavod shipyard
17:06 ABP opens up Humber International Enterprise Park development plans to public
16:57 Shippers suspect sulphur stitch-up
16:29 Kotug Smit Towage performs naming ceremony for tug Southampton
16:20 Portugal joins WISTA International
15:38 Volga Shipping Company named the best in terms of transport security
15:12 Mr. Birkir Hólm Guðnason hired as CEO of Samskip Iceland
14:11 CMA CGM to review sales policy regarding Low Sulphur IMO 2020 Regulation
13:49 NIBULON successfully completed its passenger transportation season
13:11 North Carolina Ports’ terminals resume full commercial operations following hurricane Florence
12:50 Fuel oil prices are going up in the Far East ports of Russia (graph)
12:31 Havila Kystruten selects Havyard to deliver the ship design and extensive equipment package for four new vessels
12:14 European ports welcome Parliament’s explicit support to remove the tax barriers for shore-side electricity for ships
12:01 Long Beach Commission OKs budget for expanded rail yard
11:43 DHT Holdings announces $50 mln scrubber financing
11:32 Nevsky Shipyard takes part in «Marintec Offshore Russia» exhibition
11:00 GTT receives a new order from Samsung Heavy Industries for the tank design of two new LNG carriers
10:55 NYK announces delivery of new wood-chip carrier for Hokuetsu Corporation
10:24 Baltic Dry Index is up to 1,434 points
10:01 Brent Crude futures price up 0.2% to $80.69, Light Sweet Crude – up 0.12% to $72.17
09:38 Yaroslavsky Shipyard lays down oil recovery vessel of Project Р2114 for Transneft
09:15 Audit summary report to be considered by Sub-Committee on Implementation of IMO Instruments

2018 September 24

18:36 DNV GL unveils the complexity of ocean governance in report for the UN Global Compact
18:03 Klaveness Combination Carriers AS announces completion of USD 45.0 million private placement
17:52 Port of Southampton recognised in top 20 under 40 cruise award
17:36 CMA CGM announces GRR from India West Coast to Mozambique
17:03 Metropolitan Plan for Great Newcastle endorses Port of Newcastle vision
16:50 Ust-Luga Container Terminal handles cargo for Nord Stream 2
16:47 Wightlink names its new flagship
16:45 Bomin exits the bunker markets in Singapore and Antwerp
16:43 Hamburg and St. Petersburg strengthen cooperation at the Port Evening
16:33 DNV GL ends operations in Iran by 4th November
16:19 Vladimir Panchenko dredger built by Shipbuilding - Ship Repair Corporation features local content of 90%
16:03 IMO sadness over Nyerere casualty
15:47 Moby Dik terminal starts handling vessels of Sea Connect line
15:33 Wärtsilä inaugurates upgraded EGC test facilities in Norway
15:20 ESPO wants more ambition on harmonisation of data, while maintaining flexibility in reporting systems
15:03 Vinalines to build 2 terminals at $299 mln in Lach Huyen Port
14:46 Port of Antwerp presents smart port of the future at Supernova
14:33 DFDS Seaways raises capacity on route Zeebrugge - Norway
14:18 Feasibility study of concession of state stevedoring companies «Olvia» and «Kherson» presented for acquaintance to potential investors
14:03 Norway’s largest cruise port of Bergen to build Europe’s largest onshore power supply facility
13:59 Sea Port of Saint-Petersburg named one of the best transport infrastructure facilities
13:34 Average wholesale prices for М-100 HFO up to RUB 21,529 in RF spot market
13:11 Okskaya Sudoverf lays down fourth dry cargo carrier of Project RSD32M
12:45 NOVATEK shipped first LNG cargo to Brazil
12:23 Finalists for the Seatrade Maritime Awards in Dubai announced
12:00 Nor-Shipping 2019 takes place in Oslo and Lillestrøm, Norway, from 04 to 07 June 2019
11:16 Longline factory ship Marlin laid down by Severnaya Verf shipyard to feature 40% of local content
10:54 Damen performs float-out of Australian icebreaker
10:52 NOVATEK increases number of Management Board members
10:28 Smart shipping to be under the spotlight at Seatrade Maritime Middle East
10:05 Baltic Dry Index is up to 1,413 points
09:43 Brent Crude futures price up 1.25% to $79.22, Light Sweet Crude – up 1.2% to $71.63
09:21 Freeport of Riga’s project on construction of Krievu Island Terminal enters its final phase
09:00 Vice Premier Han Zheng inspected COSCO-PSA terminal in Singapore