Offshore Wind Lifts Fugro

Fugro saw a 16.6% increase in revenue in the first half of 2018, said to be driven mainly by strong growth in the offshore wind, building and infrastructure and recovering oil & gas markets in the second quarter of the year. 

At 30.3%, the comparable revenue growth in Q2 2018 boosted the group’s H1 revenue, which was in decline in the previous three years, Fugro’s latest financial report states.

The EBIT margin, excluding exceptional items, turned positive mostly due to revenue growth and cost savings, with the improvement largest in the marine division, which saw an EUR 37.3 million loss in the first half of 2017.

Site characterization revenue in the marine division increased by 44.2% at constant currencies to EUR 249.6 million, which is said to reflect improved activity levels in oil & gas field developments and rising offshore wind activities globally, particularly Europe.

According to the company’s CEO Øystein Løseth, Fugro benefits from large offshore wind projects in the North Sea, the United States and Asia.

In Q2 2018, Fugro secured geotechnical characterization work at the Hornsea Project Two wind farm in the UK North Sea, as well as a number of offshore wind site characterization projects in France, the UK and USA, all integrated geotechnical, geophysical and UXO-related work packages.