Fugro Gets $17.3M from Huawei Marine Networks Deal
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…
Global Offshore Charters Normand Clipper
Global Offshore, a provider of cable installation, repair and trenching services to the offshore renewables, utilities and oil and gas markets and part of the Global Marine Group, is adding offshore installation and construction vessel Normand Clipper to its fleet. The vessel, on long-term charter from Solstad Offshore, will be operational within the first quarter of this year.The charter gives Global Offshore options for up to eight years.The Normand Clipper is currently being fitted with a 4…
Fugro, HC2 Divest Global Marine Group Stake
US-based financial services company HC2 Holdings and the Dutch multinational provider of geo-intelligence Fugro have sold offshore engineering specialist Global Marine Group (GMG) to private equity firm J.F. Lehman & Company for a sum of USD 250 million.HC2 holds 73% of Global Marine Group’s shares, while Fugro holds 23.6% of the shares. Through its ownership of 23.6% in GMG, Fugro will monetize the remainder of its non-core interest in GMG, which is expected to result in proceeds for Fugro of close to USD 40 million.Global Marine Group is made up of the three business units Global Marine…
JFLCO Acquires Global Marine Group
British-headquartered specialist provider of submarine cables Global Marine Group (GMG) has been acquired by an investment affiliate of private equity firm J.F.
Normand Clipper Secures Long-term Contract
Norwegian ship owner Solstad Offshore said it has been awarded a long-term contract with Global Offshore, part of the Global Marine Group for CSV Normand ClipperThe contract will commence in the first quarter of 2020 and have a duration of three years firm plus five years options thereafter.Global Offshore will utilize the vessel to support cable lay operations within the renewable energy and oil and gas sectors.
Orsted Chooses CWind Hybrid SES
Offshore wind farms service provider has signed a long-term charter contract agreement with Ørsted, to deliver the world’s first hybrid powered Surface Effect Ship (SES) to Borssele 1 and 2 offshore wind farms.The agreement between Ørsted and CWind, part of the Global Marine Group, covers an initial three-year firm charter with options available for a further two years.The Hybrid SES crew transfer vessel will be operating from the Dutch port of Vlissingen, to Borssele 1 and 2…
HC2 Holding Mulls Global Marine Sale
The diversified holding company HC2 Holdings announced that it is exploring strategic alternatives, including a potential sale, for its Global Marine Group (GMG) subsidiary.As part of this process, Global Marine Holdings, a leading provider of offshore engineering services to the telecommunications, renewables and oil & gas industries through its operating subsidiary Global Marine Systems Limited, has engaged Deutsche Bank Securities Inc. and ABN AMRO Bank as joint advisors to explore strategic alternatives for the business."Since our acquisition four years ago…
Preece Named Managing Director at CWind
Mark Preece has been appointed Managing Director of CWind, the Global Marine Group (GMG) offshore renewable business. Preece, who has extensive experience in the offshore and maritime sectors, joined CWind on an interim basis late in 2017. He has formerly served as Executive Vice Chairman at PDi Ltd, CEO of CEONA Offshore and CEO of Reef Subsea.
GMG Acquires Fugro’s Trenching, Cable Laying Business
Global Marine Group (GMG) will acquire Fugro’s trenching and cable laying business in exchange for an equity stake of around 24 percent in the combined business valued at $65 million, and a one year secured vendor loan of $ 7.5 million. Fugro said it will realize a gain on this transaction, valued at approximately $73 million. GMG is a supplier of subsea cable installation and maintenance services in the telecoms, offshore renewables, power and oil and gas market segments. The…
CWind Awarded TP Gate Contract
Offshore wind industry services provider CWind said it has been awarded a contract by DONG Energy, to install new and retrofit existing gates on the transition pieces (TPs) at the Gode Wind and Borkum Riffgrund offshore wind farms, located in the North Sea off the coast of Northern Germany. CWind, which is part of the Global Marine Group and delivers the company’s power capabilities, will use its crew transfer vessels, assets and engineering expertise to help complete the project.
DONG, CWind Extend Crew Transfer Vessel Contract
CWind, a provider of services to the offshore wind industry, informs that DONG Energy, one of the key energy groups in Northern Europe, has granted CWind a two-year extension to its existing three-year Crew Transfer Vessel contract at the West of Duddon Sands Offshore Wind Farm in the Irish Sea. CWind, the offshore power focused business of Global Marine Group (GMG), will provide vessels for Operations & Maintenance (O&M) to the 108-turbine West of Duddon Sands site, including a summer campaign to ensure the site remains operating at peak performance throughout the busier summer months.
Global Marine Group Keeping Busy in 2017
Offshore engineering firm the Global Marine Group (GMG) reported a busy first five months of 2017 with a strong outlook for the rest of the year. The company said all key assets from the GMG fleet are currently mobilized, either supporting maintenance zone agreements around the world, or on installation, maintenance or repair contracts. “As we head into the summer months, we are extremely pleased about our robust activity level, which we feel is a reflection of our high performance standards…