Acquisition Further Positions Global Marine Group for Significant Offshore Power Market Opportunities
Chelmsford, Friday 1st December 2017. Global Marine Group (“GMG”), a market leader in offshore engineering services to the telecommunications, renewables and oil & gas industries, announced today that it has completed its previously announced acquisition of Fugro N.V.’s (“Fugro”) (AMS:FUR) trenching and cable lay services business.
The Fugro acquisition significantly enhances GMG’s portfolio of service offerings to the market, with a comprehensive range of integrated services that enable GMG to complete additional packages of work in direct response to market demands. The transaction also provides GMG with highly capable, proven assets, including 23 employees located in Aberdeen, that have a successful track record of delivering complex subsea engineering projects to offshore customers globally. For example, the M/V Symphony, a multi-purpose vessel built in 2011 with an extensive 1,400m2 deck space, has recently joined GMG’s cable installation and maintenance fleet. In addition, GMG has added two powerful Q1400 trenchers and two work class remotely operated vehicles to its offering. As part of this transaction, Fugro will become the preferred provider of marine site characterisation and asset integrity services to GMG.
“We believe this acquisition has two key benefits, meeting the needs of our customers, while at the same time strengthening GMG’s market position in offshore power,” said Ian Douglas, Chief Executive Officer of GMG. “I’m delighted to welcome on board such a well-respected group of people led by Mike Daniel, and I look forward to seeing the contribution they will make to the Global Marine Group over the coming months.”
Mike Daniel, manager of the trenching and cable lay services business, added, “We have an excellent track record in the offshore renewables and oil & gas sectors. As a team, we have been involved in the installation of more than 470 power cables, recently completing the installation of 122 cables at the Rampion Offshore Wind Farm. We have also successfully completed the trenching of the export cable and inter array cables on the world’s first floating wind farm, Hywind Scotland, off the coast of Aberdeenshire, demonstrating our innovative industry leading approach. Moving forward, we will continue to support existing and new customers alike, utilising our skill set to support the wider business goals of Global Marine Group.”