Subsea cable specialist Global Marine Group acquired by new owner

Keppel Infrastructure Fund (KIF) and its co-investor have acquired a 100 per cent stake in the Global Marine Group (GMG) from investment affiliates of J.F. Lehman and Company.

GMG is one of the world's largest independent subsea cable solutions providers. Its acquisition also marks the first investment by KIF.

Headquartered in the UK, GMG operates a fleet of six vessels providing maintenance and installation services for the global subsea fibre optic cable sector.

Keppel said that, given the rising global demand for connectivity and the limited supply of specialised vessels, the market for maintenance and installation services is poised to grow at about 45 per cent CAGR from 2023 to 2029.

Keppel also expects that GMG will maintain its high utilisation rate of nearly 100 per cent.

Christina Tan, CEO of Fund Management and Chief Investment Officer of Keppel, said the investment builds on Keppel's digital infrastructure strategy, which also includes the Bifrost Cable System. The latter connects Singapore to the west coast of North America through Indonesia and the Pacific Ocean.