Fugro has withdrawn its financial guidance for 2025 after widespread project delays and descoping led to an estimated €100m revenue impact.
The company said it no longer expects the previously anticipated 20% revenue growth this year, though it still forecasts the second half to improve compared with the first.
Fugro cited postponements across a wide range of projects, with most slipping into 2026. It added that sentiment in offshore wind has weakened further, but the most significant impacts are being felt in the oil and gas market where project timing is affected by tighter cash and cost controls in response to lower commodity prices.
The company said activity levels are expected to rise, but uncertainties are most visible in early-stage site characterisation, particularly in the Europe-Africa region where Fugro operates much of its fleet.
Chief executive Mark Heine confirmed Fugro will provide a further update at its Q3 trading update on 31 October.
Fugro also announced additional measures to safeguard profitability and cash flow, including an extra 300 job cuts on top of 750 already communicated, and optimisation of fleet operations with several geophysical vessels to be warm-stacked this winter.
The company said these steps will begin to take effect in late 2025, with the full impact expected in 2026, alongside significant capital expenditure reductions next year.