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Fugro to cut 600 jobs as earnings drop 49%

Survey vessel Fugro Brasilis off Rio de Janeiro
Survey vessel Fugro Brasilis off Rio de Janeiro

Fugro said it will make a further 600 job cuts to its business as well as the sale of one of its business units as it looks to cut costs in response to the lower oil price.

The company saw its first-half of the year earnings drop by 49%.

The Marine Engineer firm specialises in prospecting for hard-to-reach subsea deposits that are uneconomic at low oil prices.

Chief executive Paul Van Riel said he hoped conditions would improve next year.

He said:”The lack of investment is impacting on oil supply while demand is still strong.

“That will result in stabilisation and hopefully thereafter growth.”

The company also stands to benefit from the oil industry’s own cost cutting, which is lowering the energy price at which it becomes worthwhile to drill for hard-to-reach reserves, he said.

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