Fugro sold part of its Huawei Marine Networks stake

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Fugro prospector has received the first payment for the sale of his indirect interest in Huawei Marine Networks (HMN). HMN is a collaboration of the American soil researcher Global Marine Group (GMG), in which Fugro previously invested. GMG sells a minority stake in HMN to Hengtong Optic-Electric.

Fugro received $ 17.3 million from the transaction, which was announced last year. At the time, Fugro indirectly accounted for approximately $ 33 million in HMN shares. The remaining interest is still held under a two-year put option agreement. A yield of 10 to 15 million dollars is currently expected, the soil researcher says. Fugro wants to use the proceeds to reduce his debts.

The payment is in addition to the millions that Fugro received in the first quarter for the divestment of its interest in GMG.

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