Fugro Sees Revenue Growth

Dutch subsea and survey specialist Fugro has seen its revenue increased some 9 per cent from €350 billion in Q1 2018 to €395 million in Q1 2019.

Fugro’s marine division, with revenue at €244 billion in Q1 2019, generated some 10 per cent more than in Q1 2018. Marine division backlog for the next 12 months stood at €639 million.

Fugro’s backlog for the next 12 months stands at approximately €1 billion, against €963 million in the corresponding period in 2018.

EBIT margin was mid-single digit negative and below last year.

We realised further growth in our site characterisation services for offshore wind developments and oil and gas projects. We are also benefiting from higher revenue in new growth markets whilst in our Land business the asset integrity services are picking up. Despite the continued growth of revenues, EBIT in the quarter was below expectations, mainly due to Seabed Geosolutions which still suffered from previously reported challenges at two projects, and deferred vessel maintenance after a busy fourth quarter of 2018. Nevertheless, I am positive about the remainder of this year. Our site characterisation activities in offshore wind and in oil and gas will continue to grow and moreover, prices are improving,” said Mark Heine, Fugro CEO.

Outlook has remained unchanged. Namely, going forward, the company said it expects revenue growth and improvement EBIT margin. Fugro also expects positive cash flow from operations after investments. Capex is expected to be around €90 million.

Subsea World News Staff

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