The next few quarters will again lost six hundred jobs, on top of the more than 1,600 jobs have disappeared since early last year.
Fugro’s turnover in the last quarter, shrinking nearly 26 percent to 441 million euros on an annual basis, as revealed Friday an interim trade message. The order backlog for the next twelve months fell to 1.18 billion euros from 1.6 billion euros a year earlier.
The oil and gas sector accounts for nearly three-quarters of the work at Fugro. The company states that the timing of recovery is uncertain in that market and that for the time being taking account of persistently tough conditions. The fleet is reduced.
Balance
CEO Paul van Riel said in a note on the commercial message or to see early signs of a return to balance in the oil market.
According to Van Riel the additional job cuts will take place at the worldwide activities for the oil and gas industry. Job losses in the Netherlands will be relatively limited because here very little services to the oil sector provided by Fugro.
Margin
The difficult market conditions also put severe pressure on margins. Which was negative in the first quarter, against a slightly positive margin a year earlier. The company expects that this year will be achieved positive cash flow. In addition, the debt should be reduced.
Van Riel also indicated that the negotiations on Subsea Services still running. Fugro examining the options for a sale of Subsea as a whole or parts of the component. Also for partners wanted
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