Fugro has completed a deal to sell its trenching and cable laying business to UK-based subsea company Global Marine Group (GMG).
Fugro now has an equity stake of around 24% in the combined business and will become the preferred provider of marine site characterisation and asset integrity services to GMG.
Based in Aberdeen, the new division of GMG will be called Global Offshore, with 23 Fugro staff, OCV Fugro Symphony, two trenchers and two ROVs moving as part of the deal.
Yesterday, Norway’s Siem Offshore revealed that talks to sell its cable laying business, Siem Offshore Contractors, to Subsea 7 had broken down.