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Energy investments boost Fugro results

Supplier Fugro has said that spending in the oil, gas and renewable energy market was the main driver behind its strong results for the current financial year.

The company said it expected to report a turnover of €2.5bn — an increase of 11% on the previous 12 months — and post-tax profits of €260M.

The company said that although global economic uncertainties have continued to affect the business in regions including Western Europe and North America, the demand for energy remains high worldwide. Fugro added that investment in the offshore wind farm market is particularly buoyant with marine positioning and seabed mapping continuing to make a positive contribution to revenue and profit.

The company also said that within its Geoscience division, geological and data processing services were performing well.

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