Fugro receives first proceeds from Global Marine Group’s JV divestment

Source: press release, 25 May 2020

photo: Fugro
photo: Fugro

Fugro has received USD 17.3 million from the sale by Global Marine Group of a 30% stake in Huawei Marine Networks (HMN) to Hengtong Optic-Electric Co Ltd. This transaction was announced in a press release on 30 October 2019.

The proceeds are in addition to EUR 34.0 million which Fugro received in the first quarter of 2020 from the divestment of its 23.6% stake in Global Marine Group. The remaining 19% of HMN that is under a 2-year put-option agreement is expected to generate another USD 10-15 million for Fugro.

The proceeds will be utilised to reduce Fugro’s outstanding debt position.