Headquartered in the UK, GMG operates a fleet of six vessels providing mission-critical maintenance and installation services for the global subsea fiber optic cable network, ensuring seamless connectivity. GMG has a strong track record of contract renewals, having developed trusted long-term relationships with top tier customers including telcos, hyperscalers and global equipment suppliers.
Given the rising global demand for connectivity and the limited supply of specialized vessels, the market for maintenance and installation services is poised to grow at about 45% CAGR from 2023 to 2029. As a market leader, GMG is well-positioned to maintain its high fleet utilization of close to 100%, supporting long-term sustainable growth.
Ms. Christina Tan, CEO of Fund Management & Chief Investment Officer of Keppel Ltd., said, “We are excited to complete this investment in GMG. It is a rare and unique opportunity to acquire a world-leading provider of subsea cable maintenance and installation services. This investment builds on Keppel’s digital infrastructure strategy, which includes the Bifrost Cable System and, now, GMG. With a substantial proportion of GMG’s business secured by long-term contracts and huge growth potential, especially in Asia, we are poised to deliver attractive risk-adjusted returns to our investors.
“In addition, GMG’s strong expertise aligns with Keppel’s strategy to be an ecosystem partner for digital connectivity and supports our growth ambitions in the subsea cable business.”
Given the global nature of infrastructure deals such as GMG and the Bifrost Cable System, KIF will continue to evaluate quality deals and platforms beyond Asia should such opportunities arise. KIF is Keppel’s private investment vehicle that provides growth capital to operating businesses and standalone projects in the infrastructure space and applies value-added investment strategies to its portfolio companies. KIF will focus on key sectoral themes based on Keppel’s expertise, including the energy transition, circular economy, and digital sectors where the Company can drive sustainable growth and long-term value creation.
