New Wave Media

May 25, 2020

Fugro Gets $17.3M from Huawei Marine Networks Deal

For illustration only - Image Credit: Fugro

For illustration only - Image Credit: Fugro

Dutch offshore services provider Fugro has said it has received $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.  

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, which was bought a J.F. Lehman & Company affiliate for an enterprise value of $250 million.

The remaining 19% of Huawei Marine Networks that is under a two-year put-option agreement is expected to generate another $10-15 million for Fugro, the company said.

"The proceeds will be utilized to reduce Fugro’s outstanding debt position," Fugro said Monday.

Global Marine Group
Marine Technology Magazine Cover Sep 2020 -

Marine Technology Reporter is the world's largest audited subsea industry publication serving the offshore energy, subsea defense and scientific communities.

Subscribe
Marine Technology ENews subscription

Marine Technology ENews is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for MTR E-news