Fugro’s Q3 results have shown that the offshore wind industry has provided a steady business area for the company under continuing challenging market conditions in the oil and gas industry.
The company’s offshore revenue dropped 18.2% to EUR 83.9 million related to the overall lack of deepwater projects. However, the margin was significantly higher compared to the same period last year owing, among other factors, to vessel utilisation on wind farms.
In the third quarter, Fugro was awarded a geotechnical investigation for the Dutch Enterprise Agency at the Borssele wind farm area and a two-year cable installation and burial project at E.ON’s Rampion offshore wind farm.
With the oil and gas market going through difficult time, Fugro said it expects the coming quarters to be difficult. “The infrastructure, hydrographic and offshore wind farm markets continue to provide good opportunities,” the company said.
Image: Fugro