Fugro withdraws from subsea divestment
Fugro NV has decided that it will no longer pursue the divestment of its subsea services business in Asia Pacific to Shelf Subsea.
Fugro said that the parties were unable to reach agreement on some closing conditions, and that it would no longer pursue the transaction.
As a result, the company will retain the vessels, ROVs, other equipment and personnel related to the business. In addition, it 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.
Fugro will continue to explore partnership opportunities to reduce its exposure to the larger vessels used for the installation and construction part of the business.
The cancellation of the agreement has no material adverse effect on the company’s overall financial position.