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FUR Fugro NV

21.06
0.02 (0.10%)
31 Oct 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Fugro NV EU:FUR Euronext Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.02 0.10% 21.06 21.00 21.12 21.06 20.70 20.86 250,140 16:40:00

Fugro to Shrink Fleet, Cut Costs as 1Q Revenue Falls

29/04/2015 7:41am

Dow Jones News


Fugro NV (EU:FUR)
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By Maarten van Tartwijk

AMSTERDAM--Fugro NV said Wednesday it will further shrink its fleet and slash costs after the Dutch deepwater surveyor recorded a fall in first-quarter revenues as a result of the decline in oil and gas prices.

Fugro, a specialized service provider to the energy and infrastructure sector, said it needs to further slash capacity in response to the tough market conditions, which led to a drop in orders in the first quarter.

"We are reducing our fleet, headcount and costs as planned," Chief Executive Officer Paul van Riel said. "In light of oil and gas market developments and reduced visibility, we have decided to implement additional cost-reduction measures," he said.

Fugro said first-quarter revenues were 594 million euros ($648 million), an 11% jump compared with last year, boosted by the stronger dollar against the euro. But at constant exchange rates, revenues decreased by 2% in the quarter.

Fugro's backlog of orders for the next 12 months was EUR1.61 billion, down from EUR1.80 billion in the same period a year earlier.

Write to Maarten van Tartwijk at maartenvan.tartwijk@wsj.com

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