Fugro Cuts Over 3000 Jobs in 2 Years

Fugro has axed over 3000 jobs in the past two years due to continuous downturn in the oil and gas services market.

The Dutch subsea and survey specialist expected that its ongoing restructuring would result in a total headcount reduction of some 1,000 in 2016. However, slow recovery in its largest market segment has forced the company to cut yet more staff and increase the number of 2016 layoffs to 1,430. To remind, in 2015 Furgo had laid off close to 1580 in attempt to adjust to low oil price environment.

The company has ended the twelve months of 2016 with a loss of €309 million ($327 million) or €3.82 per diluted share, compared to some €372 million ($394 million) or €4.60 loss in 2015.

Fugro has seen its total revenue decreased by 23 percent on a currency comparable basis from €2.36 billion in 2015 to €1.77 billion.

The company said it expects further decline in revenue for the first half of 2017, however less severe than in 2016.

Subsea services business had 267 job losses and generated approximately €100 million less than in 2015, with revenues at €323.5 million. Subsea backlog for the next 12 months stood at €241 million.

Fugro’s backlog for the next 12 months stands at approximately €1.17 billion, against €1.32 billion in the prior-year comparable period.

Fugro said it will not propose to pay dividend for 2016 due to the negative net result.

Subsea World News Staff

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