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.
Media
Edward Legiersemedia@fugro.com +31 70 31 11129
Investors
Catrien van Buttingha Wichersc.vanbuttingha@fugro.com +31 70 31 15335
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Fugro NV published this content on 25 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 May 2020 05:07:03 UTC