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, the company said.
"The proceeds will be utilized to reduce Fugro’s outstanding debt position," Fugro said Monday.
