The offshore wind market remains strong for Dutch company Fugro, despite the continuing downturn in the oil and gas services market.
However, work in the renewables sector could not prevent the company’s revenue falling 22.4% to €474.1m in the third quarter of 2016, compared with €610.9m in the same period last year.
The renewables work includes contracts for wind farm site investigations in Taiwan and off the east coast of the US.
The company has also started cable installation work on the 400MW Rampion offshore wind farm in the English Channel, with phase one expected to be completed in November and phase two starting in March next year.
Fugro chief executive Paul van Riel said: “Fugro is coping with the tough oil and gas market conditions by focusing on market share, utilisation levels and continuous adjustment of cost base capacity.”
Image: Fugro
Fugro buoyed by offshore wind
Two non-European contracts signed and cable work started at Rampion
By EBS