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
Kraken Robotics Records 52% Interim Revenue Bump
Canadian marine technology company Kraken Robotics has filed financial results for the third quarter of 2024, marking a 52% increase in year-to-date revenue as the company remains on track for a record year.Consolidated revenue year-to-date increased 52% to $63.2 million, compared to $41.6 million in the comparable nine-month period ending September 30, 2023, Kraken Robotics reported.In the first nine months of 2024, Kraken Robotics’ product revenue increased 45% to $47.8 million, compared to $33.0 million for the same period a year earlier.Gross profit year-to-date increased 40% to $31.2 million
HavocAI Raises $11 Million in Seed Funding
HavocAI Inc., a Providence, R.I. based developer of autonomous uncrewed surface vessel (USV) technology, announced it has closed an $11 million Seed round of funding.The round was led by Scout Ventures, co-led by Trousdale Ventures, and saw additional participation from Outlander VC, The Veteran Fund, BV.VC, Decisive Point, Alumni Ventures, and New North Ventures.HavocAI develops low-cost USVs and software intended to allow a single operator to command and control thousands of unmanned assets for applications ranging from defense missions to commercial ventures.The company said it will use the funds
December 2025
