Australian offshore company Shelf Subsea acquired Asia Pacific subsea business of Dutch contractor Fugro for 14 million USD plus insurance of around 25% equity. According to the deal Fugro will transfer one owned offshore supply ship, three chartered vessels and 18 ROVs, as well as the work force of 285 employees and Dutch offshore contractor’s offices in Perth and Singapore. The decision to sale the Asia Pacific subsea business of Fugro was taken under the cost reduction and optimization programs, which aim to cut workforce and to improve liquidity of the company against the crisis in the offshore oil sector and oil markets.
“With this divestment, Fugro takes another important step in its strategy to focus on its core survey and geotechnical business”, said official statement of Fugro Offshore.
The Shelf Subsea business was formed in 2015 by private equity investors SCF Partners, Viburnum Funds and senior management. The company is specialized in subsea engineering, manned diving and marine construction services in the regions of operations. With Shelf owning and operating such a diverse and versatile fleet of shallow draft Dive Support Vessels and complex Saturation and Air/Nitrox Diving Spreads along with Geotechnical Rigs and ROV Systems.
Fugro N.V. is a Dutch multinational public company headquartered in Leidschendam, Netherlands, providing geotechnical, survey, subsea, and geoscience services for clients, typically oil and gas, telecommunications cable, and infrastructure companies.The company is listed on NYSE, Euronext Amsterdam, and is included in the AEX index. It has approximately 13,500 employees in over 70 countries.