Global Marine Group sold for USD 250 million
PRESS RELEASE – Investor HC2 Holdings and Fugro have sold offshore engineering specialist Global Marine Group to private equity firm J.F. Lehman & Company for a sum of USD 250 million.
Global Marine Group is made up of the three business units Global Marine, Global Offshore and CWind. The company provides a wide range of engineering services to the oil & gas and wind energy industries. In the UK and Europe alone, CWind has worked on more than 50 offshore wind projects.
HC2 holds 73% of Global Marine Group’s shares, while Fugro holds 23.6% of the shares. Under the terms of the agreement, J.F. Lehman & Company takeover all outstanding shares and become the sole shareholder of the company.
The sale includes several joint ventures but does not include the previously announced sale of GMG’s 49% joint venture with Huawei Marine Networks.
“We are energized to start off 2020 with the completion of the sale process, and there is no question that our patience and persistence has been rewarded with a very strong outcome for HC2 stakeholders,” said Philip Falcone, Chairman, President and Chief Executive Officer of HC2.
Mark Heine, CEO of Fugro, commented: “I am very pleased with this transaction, which has been very professionally led by the GMG management. It is an important step towards monetising our non-core activities.”
“We’re about to embark on a new chapter for Global Marine Group. The purchase by JFLCO provides the certainty that we need to continue to build our business across the telecommunications and utility markets, deepening and widening the service we provide to our customers. We are fortunate to operate in markets that are transforming the world and we support the rising demand for connectivity of global communications and offshore renewable energy sources,” said Ian Douglas, CEO of Global Marine Group.
Fuel prices take a massive nosedive
Fuel prices have taken a massive nosedive since the beginning of the year with low sulphur fuel prices in Singapore dropping from USD 734 per tonne on January 1st to USD 415 per tonne today. The price drop comes at a good time as the transport and logistics industry is struggling with low demand as… Read more ›
Zeamarine closes offices in Denmark
Zeamarine is closing its operations in Denmark. The Danish subsidiary has filed for bankruptcy resulting in the closure of two offices and 23 employees being sent home, confirms local liquidator Hafnia Law. The German breakbulk carrier has two offices in Denmark, one in Naevsted and one in Aarhus, but both offices have now been closed… Read more ›
Manager loses contact with general cargo vessel after pirate attack
Chinese vessel manager Tianjin Xinhai International Ship Management has lost contact with its general cargo vessel Huanghai Glory after the vessel sent a piracy alert using its Ship Security Alert System (SSAS). An unknown number of pirates are believed to have boarded the vessel, which is currently drifting off the coast of Nigeria. The vessel’s… Read more ›