Survey specialist Fugro boosted non-oil and gas revenue by 9.4% in 2017 as part of a diversification strategy that includes offshore wind and other renewables.
The company posted a net loss of €160m, compared with a loss of €309m in 2016, and expects results to improve after a “particularly challenging year”.
Fugro said low utilisation in Asia, incidental operational issues and price pressures in the marine division were among the reasons for the loss.
The company said 2018 would benefit from stabilisation in the oil and gas market and growth in other areas.
Chief executive Paul van Riel said: “We continued to adjust our capacity and costs to market reality. With an organic 9% revenue increase we were successful in growing in other markets.”
He added the latter would continue to expand “as the world economy is strong and our solutions are required to support the energy transition”.
Image: Fugro
Fugro hopeful after 2017 gloom
By EBS