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

People & Company News

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

Kemp Succeeds Semple at Wood Group

Wood Group announced following changes to its senior management team. Alan Semple, chief financial officer (CFO) has advised the board that he intends to

ST Engineering Rejigs Top Deck

Singapore Technologies Engineering Ltd (ST Engineering) today announced the appointment of senior management personnel to new key management positions in the

Offshore

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

7 Rescued from Sinking Freighter Near Haiti

Seven crewmembers were rescued after their 100-foot coastal freighter began taking on water and sank approximately 45 miles north off of Cap Haitien, Haiti, Friday.

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Finance

ST Engineering Rejigs Top Deck

Singapore Technologies Engineering Ltd (ST Engineering) today announced the appointment of senior management personnel to new key management positions in the

MHI Receives "Best IR Award"

Mitsubishi Heavy Industries, Ltd. (MHI) has received one of this year's "Best IR Awards" presented annually by the Japan Investor Relations Association (JIRA).

Houston Port Commission Approves budget

The Fiscal Year 2015 Operating and Capital Budget was approved Thursday during a special meeting of the Port Commission of the Port of Houston Authority.   Projections

Underwater Engineering

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

EMGS to Map Brazil's Gas Hydrates

Electromagnetic Geoservices ASA (EMGS) has received a contract worth USD 1.5 million for a research project in Brazil. The project will use 3D EM data to map

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Repair Ship Simulators Sonar
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: 0.1877 sec (5 req/sec)