Fugro Eyes More Cuts as Earnings Slip

Dutch subsea and survey specialist Fugro has reported net loss of €96 million for the first six months of 2017, compared to €202 million loss in the prior-year comparable period.

Fugro’s EBITDA for the first half was, however, €46.6 million, against  €98.9 million in 1H 2016.

In addition, the company’s revenue fell some 14 percent from €905 million in the first half of 2016 to €774 million for the period ended june 30, 2017.

Fugro said it expects further decline in revenue for the 2017, however less severe than in 2016.

The company’s marine division, with revenues at €467 million, generated some 15 percent less than in the first half of 2016. Marine division backlog for the next 12 months stood at €606 million.

The Geoscience division (mostly Seabed Geosolutions with 60 percent stake) was the most impacted during the first half generating approximately 41 percent less than in 1H 2016.

Fugro’s backlog at the end of 1H 2017 stands at approximately €971 Million, against €1.06 billion in the corresponding period in 2016.

The company has reduced its headcount by 178 employees to 10,352. As announced earlier, Fugro will continue to adjust its resources and cost base in line with activity levels, including: Improving terms and conditions and (early) termination of vessel charter agreements; Two older vessels will be retired in the second half of the year; Down-manning of vessels and vessel support as well as further FTE reduction.

Subsea World News Staff

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