Fugro has reported continued challenges in the offshore wind sector alongside a temporary slowdown in oil and gas project start-ups. The company’s cost reduction programme is progressing ahead of schedule, with the target for staff reductions raised to 1,050 full-time equivalents.
Annualised savings are now expected to reach between EUR 100 million and EUR 120 million, with most of the reductions to be completed by the end of the year.
The company achieved earnings before interest and tax (EBIT) of EUR 65 million in the third quarter of 2025, corresponding to a margin of 12.9%.
Fugro’s 12-month backlog shows a decline in offshore wind work compared with the previous year, partly offset by an increase in oil and gas projects. The company continues to face a difficult business environment, particularly in early-stage site characterisation, and expects the fourth quarter of 2025 to be significantly affected by project descoping and postponements into 2026.
Fugro stated that its balance sheet remains solid and that it will prioritise cash flow preservation, reducing capital expenditure to reflect the lower-growth market outlook.
During the third quarter, the company provided site characterisation services for ENI’s deepwater gas fields in Indonesia and for RWE’s and TotalEnergies’ Windbostel wind developments. Fugro also continued to expand the application of its Ground IQ land site screening solution, including its use for TenneT’s LanWin grid connection projects in Germany.
