Fugro Scraps 2025 Outlook, Announces Job Cuts
Dutch geological data specialist Fugro scrapped its annual outlook on Monday and announced further job cuts, citing an impact from project delays, sending its shares lower.
Shares in Fugro were down around 11% to their lowest since March 2022 at 0705 GMT.
The company said that projects in the offshore wind and oil and gas markets would be delayed into 2026 and their scope cut back, resulting in an estimated 100 million euros ($117.5 million) impact on its revenue.
"The previously anticipated 20% revenue growth is no longer realistic," Fugro said, adding it saw the most significant impact in the oil and gas market, along with further softening of sentiment in offshore wind.
Fugro, which provides geotechnical, survey, subsea and geosciences services, said it would cut an additional 300 jobs, on top of the 750 it had announced earlier.
($1 = 0.8514 euros)
(Reuters - Reporting by Alessandro Parodi, Editing by Louise Heavens and Matt Scuffham)