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Fugro Gets $17.3M from Huawei Marine Networks Deal

Maritime Activity Reports, Inc.

May 25, 2020

For illustration only - Image Credit: Fugro

For illustration only - Image Credit: Fugro

Dutch offshore services provider Fugro has said it has received $17.3 million from the sale by Global Marine Group of a 30% stake in Huawei Marine Networks (HMN) to Hengtong Optic-Electric Co Ltd.  

The proceeds are in addition to EUR 34.0 million which Fugro received in the first quarter of 2020 from the divestment of its 23.6% stake in Global Marine Group, which was bought a J.F. Lehman & Company affiliate for an enterprise value of $250 million.

The remaining 19% of Huawei Marine Networks that is under a two-year put-option agreement is expected to generate another $10-15 million for Fugro, the company said.

"The proceeds will be utilized to reduce Fugro’s outstanding debt position," Fugro said Monday.