Fugro closes first part of the sale of Global Marine

Source: press release, 2 March 2020

Fugro Chief Executive Officer, Mark Heine
Fugro Chief Executive Officer, Mark Heine (photo: Fugro)

Fugro has responded favourably to the HC2 Holdings, Inc. (HC2) completion of the sale of the first part of Global Marine Group (GMG), resulting in USD 37 million net proceeds for Fugro.

A subsidiary of Global Marine Holdings, LLC, in which Fugro holds a 23.6% equity interest, has sold 100% of GMG to an investment affiliate of J.F. Lehman & Company, LLC. This transaction was announced on 30 January 2020.

Mark Heine, CEO, says, “I am pleased with the closing of this transaction. The proceeds will be used to reduce our outstanding debt position. It will enable us to focus on our core business and deliver on our Path to Profitable Growth strategy.”

This transaction excludes the previously announced sale of GMG’s 49% joint venture with Huawei Marine Networks Co. of which the 30% tranche is expected to also close in the first quarter of 2020.