Fugro operating profit fell to €54m in the second quarter of 2020, down from almost €69m in the same period last year, despite strong growth in its offshore wind division.
The company said this represents an operating profit margin of 7.4% compared with 9% in Q2 2019.
Revenue shrank to €349m from €441.1m in the equivalent period last year, which was attributed to impact of the Covid-19 pandemic.
Chief executive Mark Heine said: “Even in the current tough macro environment, our offshore wind business grew by 40% in the second quarter.
“This shows our leading position in this market and flexibility to shift our assets and capabilities to new growth markets.
“During the first half year, we have both completed and won numerous prestigious site characterisation projects for offshore wind throughout the world.
“This is in line with our strategy to further grow in this market and become less dependent on the oil and gas market.
“For the coming quarters, our management agenda is clear: preserve the health and wellbeing of our employees and other stakeholders, continue to implement cost and capex reductions, complete the turnaround of the underperforming land business, ensure the refinancing, and divest Seabed Geosolutions.”