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Fugro NV (FUGRc.AS)

FUGRc.AS on Amsterdam Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Fugro wins 3 year contract worth about 80 million euros
Thursday, 2 Feb 2017 01:02am EST 

Fugro NV : Says awarded three year contract for subsea inspection, repair and maintenance services .Total value of the contract is estimated at around 80 million euros ($86.34 million) over the three year period.  Full Article

Fugro stops divestment process of Asia Pacific subsea services
Monday, 5 Dec 2016 12:50am EST 

Fugro NV : Announced on Sunday stop of divestment process of Asia Pacific subsea services business to Shelf Subsea . As a result, Fugro will retain the vessels, ROVs, other equipment and personnel related to the business . Fugro will not acquire an equity interest in Shelf Subsea, as was previously communicated . Subsea services activities in Asia Pacific will be incorporated in and reported as part of the Marine division (in the new divisional structure as of 2017) .Will continue to explore partnership opportunities to reduce its exposure to the larger vessels used for the installation and construction part of the business.  Full Article

Fugro to perform marine geotechnical site investigation offshore Massachusetts
Wednesday, 26 Oct 2016 07:14am EDT 

Fugro NV : Awarded contract by Vineyard Wind to perform a marine geotechnical site investigation within its wind development lease, offshore massachusetts .Investigation is planned to start before the end of october and take around two to three weeks.  Full Article

Fugro Seabed Geosolutions, in cooperation with CGG, secured continuity in the Middle East
Thursday, 6 Oct 2016 01:12am EDT 

Fugro NV : Seabed Geosolutions, in cooperation with CGG, secured a new extension to its ongoing shallow water operations in the U.A.E. . Variation order from Abu Dhabi National Oil Company (ADNOC) covers Phase-II of Ghasha Field project. . This new survey is due to start in Otober and is expected to take approximately 9 months. It has a value of around USD 60 million. .Seabed Geosolutions is a joint venture between Fugro and CGG..  Full Article

Fugro divests Asia Pacific subsea services business to Shelf Subsea
Thursday, 4 Aug 2016 01:03am EDT 

Fugro Nv : Divests Asia Pacific subsea services business to Shelf Subsea . Transfer of 1 owned vessel, 3 chartered vessels and 18 rovs . Acquires equity interest of around 25 pct in Shelf Subsea in addition to receiving cash proceeds of AUS 20 million (around 14 million euros ($15.60 million)) . Transfer of approximately 285 Fugro employees .Transfer of Fugro subsea offices in Perth and Singapore.  Full Article

Fugro NV H1 net loss EUR 202.1 million
Thursday, 4 Aug 2016 01:03am EDT 

Fugro Nv : H1 adjusted EBITDA eur 98.9 million versus 105 million in reuters poll . H1 net loss eur 202.1 million versus loss of eur 23.7 million in reuters poll . Deteriorated market conditions led to non-cash impairments and other exceptional items of eur 151.7 million . H1 revenue eur 904.9 million versus eur 950 million in Reuters poll . H1 backlog next 12 months eur 1.07 billion versus eur 1.51 billion year ago . Outlook 2016: positive cash flow from operating activities after investments, further reduction of cost base . Outlook 2016: negative low single digit ebit margin (excluding exceptional items) expected for the full year .In h1, budgets of our oil & gas clients again declined significantly, with new projects being deferred or cancelled.  Full Article

Fugro partners with Elia for vegetation management
Friday, 29 Jul 2016 05:37am EDT 

Fugro NV :Fugro partners with electricity transmission system operator Elia for vegetation management.  Full Article

Fugro awarded geotechnical site investigation contract by ONGC India
Friday, 15 Jul 2016 01:00am EDT 

Fugro NV : Fugro awarded geotechnical site investigation contract by ONGC India . Value of this contract is approximately USD 26 million . Will deploy its deep water geotechnical vessel, Fugro Voyager, commencing before end of Q3 2016 Further company coverage: [FUGRc.AS] (Gdynia Newsroom) ((gdynia.newsroom@thomsonreuters.com; +48 58 698 3920;)).  Full Article

Court of Appeal rules in favour of Fugro and dismisses Boskalis' claim
Tuesday, 31 May 2016 02:59am EDT 

Fugro NV : Court of Appeal rules in favour of Fugro and dismisses Boskalis' claim Further company coverage: [FUGRc.AS] (Gdynia Newsroom) ((gdynia.newsroom@thomsonreuters.com; +48 58 698 3920;)).  Full Article

Fugro NV retrenches in face of oil and gas rout - Reuters News
Friday, 29 Apr 2016 05:10am EDT 

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

More From Around the Web

UPDATE 1-Fugro sees further market decline in first half of 2017

Feb 24 Dutch deep-sea energy prospector Fugro said it expects a further significant decline in the offshore oil and gas services market in the first half of 2017 before oil companies prepare for new investments later in the year.