Fugro Report 2013 Growth in Subsea Services

SeaDiscovery.com
Sunday, March 09, 2014
'Fugro Saltire': Photo courtesy of the owners

Fugro mention they intend to step up investments in their offshore fleet on the back of growth in subsea services reported in its year 2013 financial report, extracted as follows:

An in-depth strategic review resulted in the updated strategy ‘Growth through Leadership’, which Fugro explains, builds on the same strategic drivers which are core to Fugro’s historic success. Fugro is targeting expansion of its activities in the strong Geotechnical and Survey divisions, leading to a step-up in investments in the vessel fleet in the next years. In addition, Fugro targets profitability improvement in the Subsea Services division, and both growth and profitability improvement in Seabed Geosolutions.

General Highlights

  • Reasonable performance of Geotechnical and Survey divisions; improving performance of the Subsea Services division (which was reported as part of the Survey division before 2013); start-up losses for Seabed Geosolutions and lower than expected year-end multi-client sales.
  • Completion of the divestment of the majority of the Geoscience division to CGG for a total consideration of EUR 1.2 billion with a net transaction result of EUR 205 million. The sale was completed in two tranches. The first tranche excluding the airborne activities, was completed on 31 January 2013. The second tranche, the sale of the airborne activities was completed on 2 September.
  • Establishment of Seabed Geosolutions on 16 February 2013, a joint venture with CGG to which both parties contributed their seabed geophysical activities and in which Fugro has obtained a 60% controlling stake by paying EUR 225 million via a set-off agreement to CGG. Seabed Geosolutions collects geophysical data on the seabed for oil and gas companies.
  • Starting with the 2013 dividend (to be paid in 2014), dilution resulting from the optional dividend (cash or shares) will be offset through a share buy-back and cancellation of the same number of shares issued as stock dividend.
  • Composition Supervisory Board and Board of Management; proposals to AGM.
     

Outlook
The backlog supports achieving further growth in 2014. Corrected for exchange rate effects, the backlog is 26% higher than a year ago. Though most of the backlog growth is in Seabed Geosolutions, the backlog growth for the Survey, Geotechnical and Subsea divisions is a healthy 9%. Recent awards are further strengthening the backlog. Next to supporting growth, the backlog should support stable performance with potential for improvement. For multi-client we expect to see the normal profile for existing libraries develop, whereby the sales will taper off over time, in particular in the next four to five years.

 More about Fugro at:http://www.fugro.com/corporate/

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Evergreen Line's Ital Lunare to Make Maiden Call in Boston

As part of the new service linking North Asia and the U. S. East Coast (NUE2), Evergreen Line's containership Ital Lunare will make the first ever direct call into

FARO 3D Documentation Conference

The FARO 3D Documentation Conference, to be held October 13-15, 2014, was created as a forum for sharing knowledge, best practices and insight into the world of laser scanning and 3D documentation.

Elco Launches Electric Outboard Motor Line

Expansion into outboard category brings benefits of electric propulsion to even more boaters Elco Motor Yachts, a company in electric and hybrid marine propulsion for more than 120 years,

Offshore

First Oil in Salamander FSO at Bualuang Field

Salamander announces that first oil has been received in the tanks of the newly converted Suksan Salamander Floating Storage and Offtake Vessel (“FSO”) at the

Delivery & Naming of Atlantic Offshore´s ERRV – Ocean Marlin

On August, 13th the delivery and naming ceremony of our last construction, the ERRV C722- Ocean Marlin - for Atlantic Offshore was performed. The event was held in the Norwegian town of Stavanger,

BOEM to Open Bids for Gulf of Mexico Lease Sale

The Bureau of Ocean Energy Management (BOEM) Gulf of Mexico Regional Director John Rodi will open the Gulf of Mexico Western Planning Area Lease Sale 238 at 9 a.

Finance

Star Bulk to Acquire 34 Drybulk Vessels

Star Bulk entered into a definitive agreement with Excel Maritime Carriers Ltd., and as a result, will acquire 34 drybulk vessels for an aggregate of 29.917 million

Statoil: Gudrun Officially Opened

Norwegian prime minister Erna Solberg officially opened the Gudrun platform in the North Sea today, 19 August. This is the first new Statoil-operated platform on

Turkish Shipbuilder to Send Floating Power to Gaza

Turkish shipbuilder Karadeniz Holding plans to send an electricity generating vessel to Gaza to provide urgently needed power in the enclave left reeling by an

Underwater Engineering

Triton’s Yacht-based Submersible to Debut in Monaco

New lightweight, low profile Triton 1000/3 LP designed specifically to fit into existing yacht tender garages. Triton Submarines (Triton) announced that it will introduce its newest model,

Statoil: Gudrun Officially Opened

Norwegian prime minister Erna Solberg officially opened the Gudrun platform in the North Sea today, 19 August. This is the first new Statoil-operated platform on

Rosneft & Statoil to Explore Norwegian Continental Shelf

18th of August, Rosneft together with Norwegian company Statoil Petroleum AS started exploration operations at the Pingvin License PL713prospect in the Norwegian section of the Barents Sea.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2219 sec (5 req/sec)