Renewables help boost Fugro 2021 results

Renewables help boost Fugro 2021 results


Fugro earnings reached almost €45m in the fourth quarter of last year, up from just over €33m in 2020, helped by growth in the renewables business.

EBITDA for the whole of 2021 reached €175.6m, compared with €162.0m in the previous year.

Revenue in Q4 2021 rose to €410.4m, rising from €318.1m in the same period of 2020.

For the whole of 2021, revenue stood at €1461.7m compared with €1386.3m.

Fugro said that throughout the year, buoyant offshore wind activity levels led to a 21% growth in renewables, with numerous projects executed in Europe-Africa, Americas and Asia Pacific.

For 2022, Fugro expects an increase in revenue in offshore wind, infrastructure and water markets, plus modest growth in the oil and gas market, resulting in overall continued revenue growth.

Fugro chief executive Mark Heine said: “We delivered a clear improvement in our results. The margin was up, in particular in Europe-Africa and Americas, and we generated a positive free cash flow and a positive net result.

“We won numerous exciting new projects, including follow-up contracts for Denmark’s Energy Island, multiple wind farm site characterisations on the east coast of the US and several investigation works in support of the future Hong Kong-Shenzhen Innovation and Technology Park.

“Considering the impact of the pandemic throughout the year, I am particularly grateful for the unwavering commitment and flexibility of Fugro’s employees to delivering high quality services to our clients.

“The resilient performance was a combination of strict cost management, operational delivery, and early signs of improved pricing, particularly driven by a tightening supply market and new digital Geo-data solutions.

“We successfully advanced our digital technology journey focused on robotics, remote, analytics and insights.”

Read the latest issue of the OGV Energy magazine HERE

Published: 18-02-2022

OGV Energy will use the information you provide on this form to be in touch with you and to provide updates and marketing. Please let us know all the ways you would like to hear from us:

OGV Magazine 66 wellpro