Fugro to downsize workforce by 10 per cent
Dutch subsea and survey specialist Fugro said it will reduce its workforce by up to 10 per cent due to challenging market situation.
The company posted loss before interest and taxes of €26 million for the first quarter 2020, against loss of €19 million in Q1 2019.
Fugro recently announced a programme to significantly reduce costs and capex, with the aim of realising cash savings.
In addition ot workforce reduction, Fugro will minimise short-term charters, implement a hiring and salary freeze and reduce executive pay.
Furthermore, all available possibilities for government support are being assessed to bridge this difficult period.
The company’s revenue marginally increased from €356 million in Q1 2019 to €358 million in Q1 2020.
Fugro’s marine division, with revenue at €251 million in Q1 2020, generated some 3 per cent more than in Q1 2019.
Marine division backlog for the next 12 months stood at €605 million.
For the next twelve months, Fugro’s backlog at the end of Q1 2020 stands at approximately €890 million.
Also, the company said it will reduce Capex 2020 to EUR 60-70 million.