Fugro has announced that its revenues fell almost 9% in 2015 to €2.3bn (£1.8bn) compared to the previous 12 months.
The company has said that the results are due to declines in the oil and gas markets with lower revenues reported by its subsea services and offshore geotechnical business in the second half of 2015.
Fugro CEO Paul van Riel said: “We are dealing with an unprecedented downturn in our largest market: oil and gas services. We are reducing capacity, operating costs and investments, as well as divesting non-core assets. At the same time, we are fully focused on winning work, strengthening our market leadership positions and executing well on our projects. As a result, we delivered strong cash flow and reduced net debt significantly.
“This year will be another challenging one for the oil and gas industry based on indications that the present over-supply conditions will continue. In our building, infrastructure and power markets, we see good opportunities in several regions. We will continue to manage through the downturn by proactively adjusting our cost and asset base in line with activity levels. Generating positive cash flow continues to be our number one priority.”