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Global Marine Systems to acquire Fugro's cable business

By: Tom Russell 12/10/2017 GMSL

General Vessels Windfarms

Global Marine Systems Limited (GMSL), part of the Global Marine Group, has entered into an agreement with Fugro N.V. (Fugro) for the acquisition of its trenching and cable lay services business.

The purchase consideration, valued at approximately $73m (approx. €61m or £55m), 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 $65m (approx. €55m or £49m). Furthermore, it includes an obligation of GMSL to pay Fugro $7.5m (approx. €6.3m or £5.6m) 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, one vessel the M/V Symphony, two Q1400 trenchers, and two work class remotely operated vehicles. Built in 2011, the M/V Symphony, a multi-purpose vessel with 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.

GMSL stated the acquisition will significantly enhance its 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 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.”

“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 Q4 2017.

Fugro is an 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 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, the company has worked with offshore wind farms including Lincs, Humber Gateway, Gwynt y Môr and most recently Rampion. The business has also conducted multiple operations in oil & gas for major oil companies such as Shell and BP.

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Global Marine Systems to acquire Fugro's cable business

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