Dutch firm Fugro has divested its subsea services business in Asia Pacific to Australian outfit Shelf Subsea for EUR14m and an issuance of around 25% equity in Shelf Subsea to Fugro.
“With this divestment, Fugro takes another important step in its strategy to focus on its core survey and geotechnical business,” the company said in a statement.
The divestment will see Fugro transferring one owned ship, three chartered vessels and 18 ROVs.
A total of 285 Fugro employees will also shift to Shelf Subsea, who will be taking on Fugro’s subsea offices in Perth and Singapore.
The Shelf Subsea business was formed in 2015 by private equity investors SCF Partners, Viburnum Funds and senior management
The offshore slump has seen Fugro cut its headcount by 585 people in the first half with the company warning of more job losses to come.