Fugro Cuts Losses
- Business & Finance
Dutch subsea and survey specialist Fugro has posted net loss of €160 million for the year 2017, against net loss of €309 million in 2016.
The company’s revenue, however, fell close to 16 per cent from €1.77 billion in 2016 to €1.5 billion in 2017.
Fugro’s marine division, with revenue at €947 million, generated some 13 per cent less than in 2016. Marine division backlog for the next 12 months stood at €545 million.
For the next twelve months, Fugro’s backlog at the end of Q4 2017 stands at approximately €928 million, against €1.17 billion in the corresponding period in 2016.
The company has reduced its headcount by 206 employees in the fourth quarter to 10,044 and said it will continue to adjust its resources and cost base in line with activity levels.
“As the oil and gas market is stabilising and other markets are growing, Fugro expects stabilising revenue, an improved EBIT margin and a positive cash flow from operating activities after investments. capex is expected to be around €80 million,” Fugro said in its earnings report.
Subsea World News Staff