Fugro has ditched plans to sell its Asia Pacific subsea services business to Shelf Subsea Holdings UK.
The two companies had reached an agreement in August that would have seen Shelf Subsea pay EUR 14m ($14.9m) for Fugro’s division.
Fugro would transfer four ships and 18 ROVs along with 285 employees and would get a 25% equity interest in Shelf Subsea in return.
But the Dutch company said today that “the parties were unable to reach agreement on some closing conditions, following which Fugro has decided to no longer pursue the transaction”.
This means Fugro will retain the vessels and its employees but will continue to explore partnership opportunities.
Fugro aims to reduce its exposure to larger vessels and focus on its core survey and geotechnical business.
