April 6, 2021 Fugro has reached a binding agreement with PXGEO Seismic Services Limited (PXGEO) to sell certain assets and the related business of its non-core subsidiary Seabed Geosolutions for US$16 million in cash. The transaction is expected to be completed mid-2021. The divestment includes Seabed’s ocean bottom node (OBN) inventory, handling equipment, related technology and order backlog. In addition, a significant number of personnel responsible for delivering the Seabed Geosolutions’ business will transition to PXGEO; the exact number will depend on a further analysis of the needs of the business. The cash proceeds are in line with the book value of the divested business and are expected to cover anticipated restructuring costs and other cash liabilities related to the winding down of the remaining parts of the Seabed Geosolutions’ organization.