Fugro's marine segment saw a significant increase in EBITDA, reaching €197 million in the first half of 2024, up from €134 million in the same period of 2023. The EBIT for the marine business, which includes offshore renewables, also rose to €128.3 million from €74.6 million.
According to Fugro's H1 2024 results, renewables accounted for 40% of revenue, while oil and gas contributed 35%, marking the first time revenue from offshore wind work has surpassed that from oil and gas. The marine segment's growth, amounting to 10.9%, was driven by the expansion of the geotechnical fleet and higher utilization of Fugro's geotechnical vessels.
Overall utilization was 69%, compared to 73% in the same period last year, due to lower utilization of the geophysical fleet.
Key highlights for the first half included a long-term contract for positioning and construction support to de-risk Van Oord's offshore wind developments across Europe, a multi-year metocean campaign for Germany's Federal Maritime and Hydrographic Agency in the North Sea, a geotechnical investigation off the US east coast for Community Offshore Wind, and a LiDAR buoy contract to assess wind resources for Orsted's Gippsland offshore wind project in Australia.
“I am pleased with the significant margin expansion that we have achieved during the first half of the year, in particular in our Marine business,” said Fugro chief executive Mark Heine. He noted that the improved performance was underpinned by better terms and conditions, operating leverage, and solid project execution, despite increasing cost levels. Heine added, “While geopolitical developments and elections worldwide create uncertainties which may impact policies, our geo-data solutions remain key to the energy transition, infrastructure development, and climate change adaptation. We continue to capture the ample opportunities in our markets, supported by our healthy and growing backlog.”
