PARIS, Dec. 18 -- Alcatel announced today it will sell its 74-percent shareholding in British-based undersea cable installation specialist CTC Marine Projects in order to adapt its marine resources to the persistent downturn in the submarine cable networking market.
The shares will be acquired by two existing shareholders, Managing Director Charles Tompkins and Finance Director John Johnson. Gaining full control of the company will allow CTC's directors to implement a diversification plan to enter the oil field and energy cable sectors, CTC said.
"CTC's modern and technologically advanced fleet of cable ships (the Ocean Challenger and Skandi Neptune), ploughs and remote operated vehicles allow us to provide reliable undersea cable laying and enhanced burial services," said Tompkins. "Our purchase of Alcatel's share in CTC will allow us to diversify our activities and offer our services to the oil and gas and power markets. While the telecommunications industry will still be a key market for us, our move into new markets will provide the opportunity for substantial and immediate growth."
For more information, visit: www.ctcmarine.com