Significant offshore wind growth brings Fugro strong start of the year

(offshore-energy.biz) In what is described as a “strong start of the year”, Dutch geo-data specialist company Fugro reported a 9% revenue growth for Q1 2024 compared to the same period last year, said to be due to ongoing significant growth in offshore wind projects.

Revenue in the first quarter was €503.2 million, a 9% increase compared to €465.8 million in Q1 2023. In the Marine segment, revenue grew by 13.8%, from €335.1 million in Q1 2023 to €378.2 million in Q1 2024, enabled by the expansion of the geotechnical fleet.

Overall, vessel utilization was 65% versus 68% in the comparable period last year, due to scheduled maintenance and lower utilization of the geophysical fleet. While infrastructure revenue increased, Land declined by 3.5%, from €130.7 million in the first quarter of 2023 to €125 million for Q1 2024, overall due to a lower number of nearshore LNG projects in the U.S., Fugro said

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