Fugro has withdrawn its financial guidance for 2025 after widespread delays and descoping of projects led to an estimated €100 million reduction in expected revenue, the Dutch geotechnical and geophysical services company said on Monday.
The company no longer expects to meet its previously forecast 20% revenue growth for the year, though it anticipates improved performance in the second half compared with the first.
“While activity levels are expected to rise, most project postponements have now shifted into 2026,” Fugro said in a statement. It noted that sentiment in the offshore wind sector has further weakened, but the most pronounced effects are being seen in the oil and gas market, where lower commodity prices have led to tighter cash flow and increased cost discipline.
Uncertainty remains particularly visible in early-stage site characterisation work, especially in the Europe-Africa region, where Fugro operates a significant portion of its survey fleet.
Chief Executive Mark Heine said the company would provide further details during its third-quarter trading update on October 31. “We are taking decisive action to safeguard profitability and cash flow in the face of ongoing market headwinds,” he added.
Fugro announced it will implement additional cost-saving measures, including 300 further job reductions on top of the 750 cuts already communicated earlier this year. It also plans to optimise fleet operations by warm-stacking several geophysical vessels during the winter season.
The company said these measures will begin to take effect in late 2025, with the full impact expected in 2026. Significant reductions in capital expenditure are also planned for next year as part of its revised financial strategy.
