Fugro has decided to no longer pursue the divestment of its subsea services business in Asia Pacific to Shelf Subsea.
On 4 August 2016, Fugro announced that it had signed an agreement for the sale of its subsea services business in Asia Pacific to Shelf Subsea, however they were unable to reach agreement on some closing conditions, following which Fugro has decided to no longer pursue the transaction.
As a result, Fugro will retain the vessels, ROVs (remotely operated vehicles), other equipment and personnel related to the business. Fugro will not acquire an equity interest in Shelf Subsea, as was previously communicated, and will continue to explore partnership opportunities to reduce its exposure to the larger vessels used for the installation and construction part of the business.
The subsea services activities in Asia Pacific will be incorporated in and reported as part of the Marine division (in the new divisional structure as of 2017). The cancellation of the agreement has no material adverse effect on Fugro's overall financial position.