General – Finance
Fugro, based in the Netherlands, has announced it will cut 300 jobs and withdraw its financial guidance for 2025.
This decision comes as many projects have been delayed due to market uncertainties, mainly affecting the oil and gas sector.
Fugro still expects the second half of 2025 to show a significant improvement compared to the first half. The previously anticipated 20% revenue growth is no longer realistic. A wide range of projects has been impacted – with most being postponed into 2026 and some being descoped – resulting in an estimated revenue impact of around EUR 100 million.
Fugro will provide a further update at its scheduled Q3 trading update on 31 October 2025.
Recent developments in offshore wind have further softened market sentiment, making the business environment even more challenging. The most significant impacts, however, are seen in the oil and gas market.
The impact is visible in all regions, particularly in early-stage site characterization work – even in ongoing work on recently awarded key projects – and most notably in the Europe-Africa region, where Fugro operates a large part of its fleet. Given these uncertainties, Fugro has decided to withdraw its financial guidance for the full year 2025.
The Fugro Management is fully committed to safeguarding profitability and cash flow by further reducing costs and strong capital discipline.
