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Fugro Receives 1st Share of Proceeds from Global Marine's JV HMN

Source: www.gulfoilandgas.com 5/25/2020, Location: Europe

Fugro has received USD 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. This transaction was announced in a press release on 30 October 2019.

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. The remaining 19% of HMN that is under a two-year put-option agreement is expected to generate another USD 10-15 million for Fugro.

The proceeds will be utilised to reduce Fugroís outstanding debt position.

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