| Work Detail |
For the first time renewables revenue has surpassed that for oil and gas
EBITDA in Fugro’s marine segment reached €197m in the first half of 2024, compared with €134m in the same period of 2023.
Half year 2024 EBIT for the business, which includes offshore renewables activity, reached €128.3m, compared with €74.6m in the same period of 2023.
According to Fugro’s results for the first half of 2024, renewables represented 40% of revenue and oil and gas represented 35% of revenue, meaning offshore wind work revenue has surpassed that for oil and gas for the first time.
The increase in marine amounted to 10.9%, enabled by the expansion of the geotechnical fleet, and higher utilisation of Fugro’s geotechnical vessels.
Overall, utilisation was 69% compared to 73% in the comparable period last year, due to a lower utilisation of the geophysical fleet.
H1 highlights included a long-term contract for positioning and construction support to de-risk Van Oord’s offshore wind developments across Europe, a multi-year metocean campaign for Germanys Federal Maritime and Hydrographic Agency in the North Sea, a geotechnical investigation off the US east coast for Community Offshore Wind and a LiDAR buoy contract in order to assess wind resource assessment for Orsteds Gippsland offshore wind project in Australia.
Fugro chief executive Mark Heine said: “I am pleased with the significant margin expansion that we have achieved during the first half of the year, in particular in our Marine business.
“The improved performance was underpinned by better terms and conditions, operating leverage and solid project execution, despite still increasing cost levels.
“While geopolitical developments and elections worldwide create uncertainties which may impact policies, our geo-data solutions remain key to the energy transition, infrastructure development and climate change adaptation.
“We continue to capture the ample opportunities in our markets, supported by our healthy and growing backlog.” |
