Fugro drops Asia/Pac subsea business
In its 1H 2016 report, Fugro released details of its recent movements to downsize its personnel, fleet, and overall business as the result of the continuing depressed market.
LEIDSCHENDAM, the Netherlands – In its 1H 2016 report, Fugro released details of its recent movements to downsize its personnel, fleet, and overall business as the result of the continuing depressed market.
The geoservices contractor announced an agreement with Shelf Subsea Holding UK Ltd. to divest its Fugro Asia Pacific subsea business. Fugro received a cash consideration of around 14 million EUR ($15.6 million) and about 25% equity share in Shelf Subsea. About 285 employees will be transferred to Shelf Subsea, along with four vessels, three chartered and one owned; 18 ROVs; and Fugro’s subsea offices in Perth and Singapore.
The company said that it will integrate its geophysical survey and its offshore geotechnical activities into a single site characterization proposition. This is designed to provide insight into environmental and ground conditions of building sites, as well as to allow clients to lower the cost of design, construction, and operation while experiencing higher reliability.
Fugro said it will reduce its headcount by another 1,000 over the course of this year after cutting 585 jobs in 1,577 in 2015.
In addition, its active fleet was reduced by five vessels, and more maybe made during the remainder of the year.
To an attempt to realize further efficiency gains, Fugro also reported that its Seabed Geosolutions joint venture with CGG will invest in its Manta technology. The crew will be operational in 1H 2017. Seabed Geosolutions describes Manta as a fully autonomous, modular “single four-component (4-C) ocean bottom node technology that works in all water depths from 0-3,000 m.”
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