Fugro NV (FUGRc.AS)
2 Dec 2016
Latest Key Developments (Source: Significant Developments)
Fugro NV:Fugro said it was stepping up cost control efforts, cutting a further 600 jobs over coming quarters, as its oil and gas industry clients delayed contract awards and exploration budgets continued to shrink.In its first quarter trading update published on Friday, the company reported revenues of 441.1 million euros ($502.6 million), a year-on-year decline of 25.8 percent, while its backlog of orders for the coming 12 months was 22.3 percent down compared to a year ago.The company, whose fleet of manned and robotic vessels allow it to prospect for hard-to-reach deep-sea hydrocarbon deposits that are uneconomic when energy prices are low, has been concentrating on improving its cash flow and debt position."During the past months, our clients' exploration and production budgets again declined significantly," Chief Executive Paul van Riel said in a statement, as they anticipated "strong revenues decline and severe margin pressure.".Larger rival Boskalis BOSN.AS has been building a stake in Fugro, and now owns more than a quarter of its shares.The smaller company has rebuffed all suggestions it might be taken over, saying independence is essential to its business model.Headcount was 1,664 lower in the first quarter compared to a year ago, or 13 percent of total staff.The company plans to retire several vessels in its fleet, with further cuts planned if new work is not identified. Full Article
Fugro NV:Outlook 2016: positive cash flow, further reduction of cost base and severe pressure on margins. Full Article
Fugro NV:Fugro to provide ROV services on board ONGC drillship off East India.Contract involves providing support for deepwater drilling operations off east coast of india, in depths up to 900 metres. Full Article
Fugro NV:Fugro to perform seabed surveys at world's biggest offshore wind farm.660Mw walney extension offshore wind farm is expected to be fully commissioned in 2019. Full Article
AMSTERDAM, Aug 4 Marine engineer Fugro on Thursday reported a sharp fall in core earnings in the first half that missed analysts' expectations, hit by the rout in the oil and gas market.