Fugro’s CFO Steps Down
Dutch geological data specialist Fugro has announced its chief financial officer (CFO) Barbara Geelen will step down from the position.Geelen will step down from the Board of Management of Fugro per the close of the upcoming AGM, to be held on 23 April 2026.She will continue to contribute to Fugro in an advisory role until 1 August 2026, ensuring a smooth transition. Geelen has held the position of CFOand Board of Management member since 2021.The Supervisory Board will now launch the search for a successor.“On behalf of the Supervisory Board, I want to recognise and thank Barbara for her significa
Fugro Swings to Loss as Renewables Slowdown Hits
Dutch geological data specialist Fugro on Friday reported a 21 million euro ($25 million) annual loss reflecting challenges in the offshore wind industry and said its finance chief would step down in April.The Amsterdam-listed firm's consolidated revenue came in at 1.85 billion euros, 427 million euros less than in 2024, of which 380 million euros was attributable to the slowdown of the renewables market.Fugro, which provides geotechnical, survey, subsea and geosciences services, took a hit partly as offshore wind clients suffered a downturn after U.S. President Donald Trump slammed the brakes on U.
Fugro's Profit Beats Estimates Amid Offshore Wind Concerns
Dutch geological data specialist Fugro reported stronger-than-expected core earnings on Friday, but cautioned that worsening conditions in the offshore wind sector and tighter spending by energy firms could weigh on its performance in the final quarter.Third-quarter adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) fell 22% year-on-year to 108.6 million euros ($126.7 million), but came in above the 89 million estimate in a company-compiled consensus."The fourth quarter is expected to be significantly impacted by the continued deterioration in the offshore wind market
EIB Backs French Cable Maker with $290M Investment
The European Investment Bank (EIB) has provided $293.4 million (€250 million) in financing to French cable maker and services provider Nexans to support its research, development and innovation programs for 2024-2029, together with some industrial investments.The investments will cover projects including the construction of a new factory in Lens by 2026, increasing copper wire production by more than 50% and recycling up to 80 000 tonnes of copper a year.This will be a major asset for strengthening the group’s industrial foothold, securing raw material supplies and boosting the circular
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
Fugro Cuts More Jobs, Shifts Focus to Different Business Segments
Dutch geological data specialist Fugro it would cut more jobs and shift focus to different business segments after confirming a drop in first-quarter revenue on Thursday, hit by a pause in new U.S. offshore wind projects.The company also cited a highly volatile global market environment.Sales fell 11.1% to 450 million euros ($510.12 million) year-on-year in the first quarter, in line with a earnings warning it issued earlier this month."We expect ongoing impacts of these market uncertainties into the second quarter. Our immediate priority is the continued implementation of measures to safeguard
CorPower Gets Funding for Wave Energy Scale-Up
CorPower Ocean was selected as a winner of the European Innovation Council (EIC) Accelerator program and has been awarded €2.5 million in grant and a pre-commitment of €15 million in equity investment, totaling €17.5 million, to accelerate the commercialization of its wave energy tech. This funding is part of the 2024 EIC Challenge “Renewable energy resources and their whole value chain.” The EIC Accelerator supports high-impact innovations and scaleups across Europe. In its most competitive call to date, CorPower Ocean emerged as one of 71 companies selected from
Greensea IQ Marks Record Breaking Year with 57% Revenue Increase
Marine robotics specialist Greensea IQ has closed a record-breaking year of growth in 2024, with a 57% year-over-year increase in topline revenue from 2023.The achievement was driven by the continued adoption of Greensea’s robot autonomy platform for defense applications and within the commercial sectors.Also, the widespread adoption of the company’s Bayonet Autonomous Underwater Ground Vehicles (AUGVs) and IQNS intelligent navigation systems, as well as the successful securing of key contracts with the U.S. Navy, U.S. Marine Corps, and foreign militaries, were key factors.Among the most
XOCEAN Nets $118M Investment to Expand Offshore Operations
Irish ocean data company XOCEAN has secured $118.3 million investment to support its expansion across multiple offshore segments including wind development and operations, asset integrity assurance, CCUS, and civil hydrography.XOCEAN partnered with S2G Ventures to structure the round, which was funded by S2G, Climate Investment (CI), Morgan Stanley's 1GT fund, and an affiliate of the Crown Family's CC Industries (CCI).The financing will support XOCEAN in accelerating the growth of its platform servicing the offshore energy and civil hydrography sectors.It will also help enable the company's
February 2026
