The Press and Journal (Aberdeen and Aberdeenshire)
Dutch geo-data specialists suffer heavier losses
Losses from an arbitration case in Singapore and impairments from a seismic data business saw Dutch geo-data firm Fugro sink to heavier losses in 2019.
The company yesterday posted pre-tax losses of £19 million for last year, compared with a £16m deficit in 2018, although revenue increased by 6% to £1.35billion.
Fugro, which has around 10,000 employees worldwide and three offices in Aberdeen among its global operations, is in the process of acquiring partner CGG’s stake in the Seabed Geosolutions business.
Chief executive Mark Heine praised a “second year of recovery”, with revenue growing.
But the “land” segment of the business was “disappointing”, causing a drop in earnings.
Mr Heine said: “Revenue growth of 2.7% was modest, but came on top of a very strong increase last year and was impacted by our focus on profitability and cash flow.
“The marine business performed significantly once again better as a result of higher activity levels, better pricing and disciplined cost management.
“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. In oil and gas, we benefit from a return to healthy levels of offshore investments, including deep water.”