Fugro Banks In on Offshore Wind

Fugro has recorded a revenue growth of 19.4% in the third quarter of 2018 compared to the same period last year, an increase mainly driven by offshore wind and oil & gas markets.

The company’s revenue stood at EUR 434.7 million, compared to the EUR 364 million reported in the third quarter of 2017. On a comparable basis, revenue growth was 29.1%.

Close to mid-single digit EBIT margin during the period, improved compared to Q3 2017, is mainly attributed to a strong performance of the company’s Marine site characterisation business. Net debt/EBITDA is unchanged at 2.5 and is expected to improve towards year-end.

Fugro has also reported a strong backlog growth, especially in offshore activities.

“I am pleased to report the third consecutive quarter of top-line growth driven by the ongoing expansion of offshore wind developments and recovery of the global oil and gas market. In our early cyclical marine site characterisation activities we are experiencing sharp growth and improving prices, resulting in strongly improved profitability,” Mark Heine, CEO of Fugro, said.

”During the past couple of months we have been working on a strategy update, and we will present the results on 14 November. We will address both the required improvement in our performance as well as our mid to long term strategy.”