Fugro – Shelf Subsea Deal Falls Through

Fugro said it has decided to no longer pursue the divestment of its subsea services business in Asia Pacific to Shelf Subsea.

Namely, in August this year, Fugro signed a deal with Shelf Subsea to sell its subsea services business in Asia Pacific, however, Furgo informed that the parties were unable to reach agreement on some closing conditions, following which Fugro has decided to no longer pursue the transaction.

As a result, Fugro will retain the vessels, ROVs, other equipment and personnel related to the business.

Fugro will not acquire an equity interest in Shelf Subsea, as was previously communicated. The subsea services activities in Asia Pacific will be incorporated in and reported as part of the Marine division (in the new divisional structure as of 2017).

The company added it will seek partnership opportunities to reduce its exposure to the larger vessels used for the installation and construction part of the business.