Fugro Eyes Seabed Geosolutions Exit

Fugro is looking to sell its stake in Seabed Geosolutions, a joint venture company with French seismic player CGG.

The Dutch subsea and survey specialist said it has stepped up its efforts, in consultation with its co-shareholder, to divest its 60 per cent interest in ocean bottom seismic specialist formed in 2013.

According to Fugro, multiple parties have shown interest in Seabed Geosolutions, which had revenue of €73 million in the first half of 2019, and backlog of €90 million for the next 12 months.

Fugro has seen its loss more than doubled in the first half of 2019 from €40 million to €86 million, despite revenue increase of close to 6 per cent.

The net result was affected by a write-down of €61 million on Seabed Geosolutions, which has been classified as ‘held for sale’ and excluded from Fugro’s core activities.

Fugro generated revenue of €797 million in 1H 2019, versus €734 million for the first six months in 2018.

EBITDA for one-off items increased from €47 million to €83 million. The margin improved considerably, from 0.1 per cent in the first half of 2018, to 2.9 per cent this year. Fugro said it expects a further improvement in the remainder of 2019. Revenue is also expected to continue to rise.

Fugro’s backlog for the next 12 months stands at approximately €856 million, against €851 million in the corresponding period in 2018.

Subsea World News Staff

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

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