Fugro Announces Results for Last Year

Fugro confirms that the earlier forecast of more than EUR 260 million net profit and about EUR 2.5 billion turnover will be achieved. About EUR 6 million from the EMGS shareholding comes on top of the aforementioned profit. The turnover increase of about 10% compared to 2010 comes from the growth in the Survey and Geoscience divisions.

The turnover in Geotechnics will be about equal to 2010.

In the previous year, these factors resulted in the following for Fugro:

After a difficult start for the Geotechnical division, especially for the offshore group, the rest of the year went well both for onshore and offshore activities.

The Survey division had again a strong year in traditional offshore survey work and during the year, the offshore construction related services recovered somewhat. A major part of government related geospatial work is under pressure, but on balance it made a positive contribution.

In the past year, Fugro have managed to keep broadening its base and securing the financial solidity of the company for the long term. The latter is thanks to the so-called private placement of more than USD 900 million. The loans have a maturity of 7-12 years. As well, the bank facilities of approximately EUR 775 million were extended for the next five years.

The Past year was not easy in a number of sectors and countries where Fugro operated, but it still managed to lay the basis for further growth, including broadening our commercial offering.

2012 will continue to be an uncertain year with respect to the recovery of the world economy, the financial sector and the refinancing of government debt. Cost control and the efficient execution of projects remains a priority for Fugro.

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Offshore Nieuws Staff , January 16, 2012 ; Image: Fugro