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.


 


People & Company News

China Cosco Sinks into Red

Dragged by lackluster freight rates in the maritime transport market during the first half of 2016, China Cosco Holdings logged a 7.2 billion yuan ($1.07 billion) net loss for the January-June half,

DNV GL Backs John Laing on First Offshore Wind Investment

DNV GL successfully completed its due diligence work of the offshore wind farm “Nordergründe” in the North Sea, reviewing and quantifying the technical risks of the project.

MobileOps Pursuing Maritime Business

Redmond, Wash. based MobileOps, Inc., a software company specializing in the design and development of maritime software applications (dispatch, safety, compliance,

Finance

China Cosco Sinks into Red

Dragged by lackluster freight rates in the maritime transport market during the first half of 2016, China Cosco Holdings logged a 7.2 billion yuan ($1.07 billion) net loss for the January-June half,

India Shipping Ministry Enlarges Scope of Sagarmala

India's Ministry of Shipping has formulated a revised Central Sector Scheme to provide financial support to Major and Non-Major Ports as well as State Governments

Industry Wants Hanjin Shipping to Merge with Hyundai Merchant Marine

The Korea Shipowners’ Association (KSA) has officially suggested Hanjin Shipping merge with Hyundai Merchant Marine (HMM) to prevent  court receivership and liquidation, reports Business Korea.

Offshore Energy

DNV GL Backs John Laing on First Offshore Wind Investment

DNV GL successfully completed its due diligence work of the offshore wind farm “Nordergründe” in the North Sea, reviewing and quantifying the technical risks of the project.

GoM Operators Evacuating Ahead of Storm

Offshore oil and gas operators in the Gulf of Mexico are evacuating platforms and rigs in the path of Tropical Depression No. 9.   The Bureau of Safety and Environmental

BP, ExxonMobil, ConocoPhillips 'Quit' Alaska LNG Project

BP, Conoco Phillips, and Exxon Mobil said that the 65-billion dollar megaproject would be too unprofitable for them to move into the next phase of development.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Shipbuilding / Vessel Construction
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: 0.0902 sec (11 req/sec)