Unsupported browser

For a better experience, please update your browser to its latest version.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Fugro figures point to oil and gas recovery

Backlog in Furgo’s early cyclical marine site characterisation business and CEO Paul van Riel says this is an important early indicator for recovery in the oil and gas market.

“The offshore oil and gas market appears to be reaching its inflection point,” he said in Fugro’s statement on its third quarter results which showed a 23% drop in revenues to €364M (£322M) compared to the same period last year.

Despite the fall in revenues, the company reported an increase in EBITDA to 2.9% compared to 1.8% for the third quarter in 2016.

“This quarter, results were unfortunately impacted by technical downtime of some vessels and hurricanes,” said van Riel.

Nonetheless, he reported that Fugro’s building and infrastructure market is growing and the company has a strong position in the renewables market with good potential for further growth.

The company has said that it expects the fall in revenues to slow in the fourth quarter and be a single digit drop, however, the result for the full year is expected to show a double digit decline.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.