Solid Financial Q3 2013 for Fugro, With One Exception

SeaDiscovery.com
Friday, November 08, 2013

Fugro report solid performance in Geotechnical and Survey divisions, & a good contribution from Subsea Division in the third quarter of 2013. Seabed Solutions sector the one exception.

Fugro's performance this quarter was solid, except for Seabed Geosolutions. Seasonal demand resulted in high vessel utilisation. The backlog for the next 12 months is solid and much stronger than at the end of the third quarter of 2012.

The oil and gas market, which is the main market in which Fugro operates, continues to be strong in most segments relevant to Fugro. Clients continue to invest in exploration and development of new fields and in enhancement of existing production. The second largest market for Fugro is infrastructure, where demand especially in the Middle and Far East, Africa and the Caspian region continues to be strong.

Geosolutions
Seabed Geosolutions continues to be loss-making as utilisation needs to improve further, in particular in the shallow water / ocean bottom cable activity. In addition, Seabed Geosolutions faced a specific one-off operational incident on one of its ongoing projects resulting in the need for a partial reshoot of data.

Company financial position
Fugro states that its financial position remains healthy with net debt over EBITDA of around 1.6, comfortably below the threshold set by the company of below 2. In the quarter, CGG made an early repayment of EUR 112.5 million of the EUR 125 million outstanding vendor loan. Subsequently, on completion of the airborne related part of the divestment, a further vendor loan of EUR 100 million was provided to CGG. On balance, the vendor loan to CGG now stands at EUR 112.5 million.


 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Wärtsilä Supporting Japan's 'Gas Age' Shipping

A total of 16 new gas carrier ships being built in Japan for Japanese owners are to be powered by Wärtsilä dual-fuel engines capable of running on liquefied natural

BMT Provides Ferry Design for River Murray

BMT Design & Technology Pty Ltd (BMT), a subsidiary of BMT Group Ltd, has completed a design project for the South Australian Government’s Department of Planning, Transport and Infrastructure (DPTI).

U.S. Okays ConocoPhillips Alaska LNG Exports

The U.S. Department of Energy approved ConocoPhillips' application to export about 40 billion cubic feet of natural gas from its Kenai liquefied natural gas export

Finance

U.S. Okays ConocoPhillips Alaska LNG Exports

The U.S. Department of Energy approved ConocoPhillips' application to export about 40 billion cubic feet of natural gas from its Kenai liquefied natural gas export

Maersk CEO Looks to Increase Market Share

A.P. Moller-Maersk's chief executive said its container shipping arm Maersk Line probably gained market share in the second half of 2015 after losing some in the first half of the year.

Gamesa, Siemens Negotiating Wind Merger Terms

German engineering group Siemens and Spanish renewable energy group Gamesa are in final negotiations on a deal to merge their wind power assets, two sources familiar

Surveyors

BMT Provides Ferry Design for River Murray

BMT Design & Technology Pty Ltd (BMT), a subsidiary of BMT Group Ltd, has completed a design project for the South Australian Government’s Department of Planning, Transport and Infrastructure (DPTI).

DNV GL, RS Ink Cooperation Deal

DNV GL’s Maritime CEO Knut Ørbeck-Nilssen recently met with Konstantin Palnikov, Director General of the Russian Maritime Register of Shipping (RS), at the RS head office in St.

Drones Allow Surveys Without Scaffolds

DNV GL has completed several tests using drones to support hull surveys of vessels. Using drones to visually check the condition of remote structural components

Offshore Energy

Parker Bestobell to Supply Valves for FSRU Newbuilds

Parker Bestobell Marine has recently completed a contract to supply cryogenic Globe and Check valves made in Sheffield, for Hoegh LNG’s series of five FSRUs (Floating

Gamesa, Siemens Negotiating Wind Merger Terms

German engineering group Siemens and Spanish renewable energy group Gamesa are in final negotiations on a deal to merge their wind power assets, two sources familiar

Maersk Writes Down Oil Assets

Writedown pushes company into red in fourth quarter; 2016 profit to fall short of previous year. Denmark's A.P. Moller-Maersk tumbled to a loss of $2.5 billion

Underwater Engineering

Aker Joins Johan Sverdrup Phase 2 Study

Aker Solutions will deliver a concept study on a new processing platform for future phases of the Statoil-operated Johan Sverdrup North Sea field, Norway's largest oil find in three decades.

I-Tech Gets Large Market Recognition of Selektope

Following the approval of Selektope under the EU’s Biocidal Products Regulation, developer I-Tech reports extraordinary uptake for antifouling coatings that include

JFD Wins Lifeboat Design Contract for Flash Tekk

JFD, part of James Fisher and Sons plc, announced that it has won a contract with Singaporean company Flash Tekk Engineering for the design and manufacture of up

 
 
Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0914 sec (11 req/sec)