Skip to main content

Fugro stops divestment process of Asia Pacific subsea services business to Shelf Subsea

Published by
Oilfield Technology,


Fugro NV (Fugro) has announced it has decided to no longer pursue the divestment of its subsea services business in Asia Pacific to Shelf Subsea.

Fugro announced on 4 August 2016, that it had signed an agreement for the sale of its subsea services business in Asia Pacific to Shelf Subsea. Parties were unable to reach agreement on some closing conditions, following which Fugro has decided to no longer pursue the transaction.

As a result, Fugro will retain the vessels, ROVs, other equipment and personnel related to the business. Fugro 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 Fugro's overall financial position.

For more information, please visit: http://www.fugro.com/

Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/05122016/fugro-stops-divestment-process-of-asia-pacific-subsea-services-business-to-shelf-subsea/

You might also like

EIA expects US fossil fuel production to increase through 2022

The US Energy Information Administration expects production of all fossil fuels – crude oil, coal, dry natural gas, and natural gas plant liquids – to increase in 2022, but forecast fossil fuel production will remain lower than the 2019 peak.

 
 

Embed article link: (copy the HTML code below):


 

This article has been tagged under the following:

Oil & gas news