Dutch Fugro has secured long-term funding with a new facility from the European Investment Bank (EIB) to support the phased expansion of its remote operations capabilities.
The €150 million unsecured financing facility will support Fugro's ongoing development and deployment of its uncrewed surface vessel (USV) technology as part of the company's wider transformation program.
The funding is available for eligible costs incurred between January 1, 2025, and December 31, 2031, with the drawings under the facility having maturities of up to ten years.
According to Fugro, the facility ranks pari passu with the company's existing senior debt and enhances its financial flexibility.
Furthermore, Fugro has secured a two-year extension on the maturity of its existing senior unsecured debt facilities to December 2031. The syndicated facilities comprise a €400 million revolving credit facility and €100 million term loan, with the extension agreed on the same terms as those secured in December 2024.
“The EIB's support is a strong endorsement of Fugro's leading position in the digitalisation and transformation of the maritime survey industry," said Mark Heine, Fugro's CEO.
"Uncrewed surface vessels and remote operations are an important part of our long-term strategy –enhancing safety, reducing carbon emissions and improving operational efficiency. This long-term financing facility gives us the flexibility to deploy these technologies in a disciplined and phased manner, aligned with market developments.”