Fugro's marine segment achieved an EBITDA of €197 million in the first half of 2024, a notable increase from €134 million in the same period of 2023. EBIT for the segment, which includes offshore renewables, rose to €128.3 million, compared to €74.6 million a year earlier.
Renewables now account for 40% of Fugro's revenue, surpassing oil and gas revenue, which represents 35%. This marks the first time offshore wind work has exceeded oil and gas in revenue. The marine segment's revenue grew by 10.9%, driven by the expansion of the geotechnical fleet and increased utilization of geotechnical vessels.
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However, overall utilization fell to 69% from 73% in the previous year, due to decreased utilization of the geophysical fleet.
Key highlights for the first half of 2024 included securing a long-term contract for positioning and construction support for Van Oord's offshore wind developments in 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 for assessing wind resources for Orsted's Gippsland offshore wind project in Australia.
Fugro Chief Executive Mark Heine commented, “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.” He added that the improved performance was due to better terms, operating leverage, and solid project execution, despite rising costs.
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Heine also noted, “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.” He concluded that Fugro continues to seize opportunities in the market, supported by a healthy and growing backlog.
