We are the world’s leading, independent provider of essential earth and related construction testing, inspection and monitoring data and consulting services.
We are dealing with an unprecedented downturn in our largest market: oil and gas Services. We are reducing capacity, operating cost and investments, as well as divesting non-core assets. At the same time, we are fully focused on winning work, strengthening our leadership positions and executing well on our projects.
As a result, we delivered strong cash flow and reduced net debt significantly. We will continue to take measures required to support our business until the oil and gas market recovers.
The year 2015 was a turbulent year for Fugro due to the impact of the continued decline of the oil price on the oil and gas services market, the largest market the company operates in. Oil companies strongly reduced their investment and operational budgets. Project delays, postponements and some cancellations resulted in lower work volumes for oil and gas services companies such as Fugro. In addition, there was significant price pressure as the market has not yet reduced capacity sufficiently to balance supply with demand.
Successful implementation of our ‘Building on Strength’
strategy is essential to driving Fugro forward.