Fugro recorded adjusted earnings before interest and taxes of €68m last year, more than double the €29.5m in 2018.
The Dutch marine contract attributed the performance, including growth in the EBIT margin to 4.2% from 1.9%, on a greater push into the offshore wind market.
Revenue for the year was €1.6bn, up from €1.5bn in 2018, while and order backlog grew to just over €1bn from €900m.
Chief executive Mark Heine said the results mark a “second year of recovery” for the business following a tough spell.
“We have become a much more resilient company. By now, around 50% of our revenue is generated in offshore wind, hydrography and infrastructure,” he said.
“In a rapidly changing world, there are ample opportunities for us to contribute to the safe, sustainable and efficient development and operation of our clients’ assets.”
He added: “The marine business performed significantly better, as a result of higher activity levels, better pricing and disciplined cost management, thus benefiting from operating leverage. We are involved in site characterisation projects for offshore wind farms, all over the world, which is a clear example of the role we play in the energy transition.”
The company meanwhile is to refinance its existing capital structure of a €575m revolving credit facility and repurchasing any of its €190 convertible bonds due in 2021.
These will be replaced with a new €200m revolving credit facility and the issuance of €500-500m of five-year senior secured notes, as well as potentially new shares to existing shareholders.