Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Losses widen at Fugro, but offshore wind growth gives hope

Fugro news

Losses widened at Dutch geo-data services firm Fugro last year due to the impact of the Covid-19 pandemic and the oil and gas industry downturn.

Pre-tax losses totalled £40.5 million for the 12 months, against a deficit of £19.9m in 2019, while revenues dropped about 15% to £1.2 billion.

The results reflected restructuring costs of £15.2m and asset impairments of £5.1m.

Over the course of the pandemic, the company has reduced its headcount by about 10%, or 1,000 roles.

Before Covid struck, Fugro employed more than 600 people in Aberdeen, where one of its remote operations centres is based.

Fugro said its financial figures would have been worse, but for its continued diversification efforts, particularly into offshore wind.

In the second half of 2020, 59% of revenue came from renewables, infrastructure, nautical and other non-oil and gas related markets.

It had a backlog of £750m at the end of 2020, down 8% year-on-year.

Fugro chief executive Mark Heine said the firm’s results demonstrated its “resilient” operating model.

He said: “Despite the operational complexities and in close cooperation with clients, we have been able to continue working on the majority of our projects, while maintaining health and safety as a first priority.

“To protect our profitability and liquidity, we have acted decisively by promptly implementing a comprehensive cost reduction programme.”

Mr Heine also said the company was well-positioned to benefit from the transition towards carbon neutrality being embraced by many nations.

He added: “We expect to return to more normal market conditions in the second half of the year.

“Our management agenda is: to manage our cost base and cash flow; to complete the turnaround of the land business; to further strengthen operational and commercial excellence; to enhance our service delivery with new market leading digital solutions; to divest Seabed Geosolutions and to accelerate our ESG roadmap.

“For Fugro’s own operations, our target is to be carbon neutral by 2035.”

Recommended for you

More from Energy Voice

Latest Posts