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 Fugro’s outstanding debt position.
This press release contains information that qualifies, or may qualify as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.