Fugro has announced that it has decided not to go ahead with the divestment of its subsea services business in Asia Pacific to Shelf Subsea.
The plans to divest its Asian division was announced on 4 August 2016 but Fugro now says that as both parties were unable to reach agreement on some closing conditions the firm has decided to no longer pursue the transaction.
As a result, Fugro said in a statement that it will retain the vessels, ROVs, other equipment and personnel related to the business. In addition Fugro will not acquire an equity interest in Shelf Subsea, as was previously stated.
The subsea services activities in Asia Pacific will be incorporated in and reported as part of the Marine division (in the new divisional structure as of 2017).
Fugro added in the statement that it will continue to explore partnership opportunities to reduce its exposure to the larger vessels used for the installation and construction part of the business.