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FUGRO DIVESTS ASIA PACIFIC SUBSEA SERVICES BUSINESS
Fugro NV (Fugro) and Shelf Subsea Holdings UK Ltd (Shelf Subsea) have signed an agreement under which Shelf Subsea will acquire the Fugro subsea services business in Asia Pacific for approximately EUR14 million ($15.5 million) cash and a significant issuance of around 25% equity in Shelf Subsea to Fugro. With this agreement Fugro will divest its subsea services business in Asia Pacific to Shelf Subsea. The Shelf Subsea business was formed in 2015 by private equity investors SCF Partners, Viburnum Funds and senior management, and generated revenue in 2015 of around AUD40 million ($29.9 million). It operates from offices in Perth and Singapore and upon closing of this transaction will become a leading subsea services player in the Asia Pacific region providing inspection, repair, maintenance (IRM), light installation, air and saturation diving services and construction support. All Fugro subsea staff in Asia Pacific will transfer to Shelf Subsea and the Regional Director Asia Pacific for Fugro’s Subsea Services division, Colin McGinnis, will become the Chief Executive Officer of Shelf Subsea. As part of the transaction, Fugro will become an approximately 25% shareholder in Shelf Subsea. This creates the opportunity for Fugro to share in value creation at Shelf Subsea. It will strengthen the r...
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