Fugro sells Asia Pacific subsea services business

Fugro sells Asia Pacific subsea services business

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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