Fugro sees slow recovery

Fugro has narrowed its full-year loss to USD 309 million, the Dutch surveyor said on Friday.

Fugro’s loss came out 17% lower compared with the USD 372.5-million loss recorded over 2015. Revenue was down too, falling from USD 2.36 billion to USD 1.77 billion last year. Net debt was reduced by some USD 500 million to around USD 1.1 billion.

While not to the extent as in 2016, the geological services company nonetheless signalled an expected continuation of the drop in revenue for most of 2017.

“We anticipate that, for the first half of 2017, the offshore oil and gas market will continue to decline significantly. Both the stabilisation of our backlog over the last few months and clear signs that pressure on the oil supply side is beginning to build, indicate that our market may bottom out towards year end,” Fugro CEO Paul van Riel said in a statement.