AMSTERDAM: Fugro expects modest growth for its offshore wind business but believes wider group sales will continue to struggle.
The Dutch company said all of its divisions reported a decline in revenue that was mainly caused by less work from oil companies. Revenue from offshore wind power, in contrast, was up.
Site investigation work for wind projects in Europe and the first developments in the US and Taiwan partially offset the drop in other offshore work, it said.
Overall, Fugro anticipates a significant drop in revenue for the first half of the year and a bottoming out of decline towards the end of 2017.
Group revenue fell 22.7% to €1.77bn last year compared with 2015 as EBITDA before exceptional almost halved to €189.5m.
