Fugro’s growing presence in the offshore wind market could not offset a 14.6% decline in revenue in the first quarter of 2017, compared with the same period last year.
Revenue was €376.7m in the first three months of this year, down from €441.1m in the first quarter of 2016, the company said.
Fugro said the decline reflected “continued underinvestment in the offshore oil and gas market”.
The Dutch outfit expects a “significant decline” in revenue in the first half of 2017, but the fall will be “less severe” than the same period last year.
Fugro chief executive Paul van Riel said: “We experienced a seasonally weak first quarter which was further impacted by work volume reduction and price pressure due to continued underinvestment in the offshore oil and gas market.
“We are addressing these still challenging market circumstances by continuing to reduce our cost base, improve efficiency, differentiate our service offering and invest in innovation to improve our competitive position.
“We are also benefiting from our very strong position in the growing offshore wind farm market, which has begun to expand globally from its North Sea nucleus.”
Image: Fugro
