Fugro Reduces Deficit

Dutch subsea and survey specialist Fugro has posted net loss of €51 million for the twelve months of 2018, against net loss of €160 million in 2017.

The company’s revenue increased close to 11 per cent from €1.49 billion in 2017 to €1.65 million in 2018.

Fugro’s marine division, with revenue at €1.1 billion in 2018, generated some 14.6 per cent more than in 2017. Marine division backlog for the next 12 months stood at €619 million.

For the next twelve months, Fugro’s backlog at the end of 2018 stands at approximately €1 billion, against €928 million in the corresponding period in 2017.

“The year 2018 marks a turning point in our results. With our market leading positions, we have benefited from the gradual recovery of the oil and gas market and the ongoing expansion of offshore wind,” said Mark Heine, Fugro CEO.

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