Fugro to Cut Staff, Implements Hiring and Salary Freeze

Business & Finance

Fugro is carrying out cost reduction measures to reduce the impact of the COVID-19 pandemic and the low oil price environment, including minimising the hire of short-term charters, implementing a hiring and salary freeze and workforce reduction.

The company has also withdrawn its guidance for 2020, saying it is impossible to forecast the magnitude and duration of the impact of the virus and oil price development given the limited visibility on how this global crisis will unfold.

“Although our backlog is still solid, our business operations will be impacted, especially given the combination of the pandemic with the recent sharp decline in the oil price. We are continuously analysing scenarios and are implementing mitigating measures,” said Mark Heine, CEO.

Fugro added that its current liquidity is good with over €400 million available in cash and committed facilities.