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Fugro cuts 300 more jobs and scraps 2025 forecast due to offshore energy project delays, expecting €100M revenue loss.
Dutch geotechnical firm Fugro has withdrawn its 2025 financial forecast and announced 300 additional job cuts, citing project delays and reduced scope in offshore wind and oil and gas sectors, which are expected to reduce revenue by about €100 million ($117.5 million).
The company no longer expects its previously projected 20% revenue growth, with the oil and gas market facing the largest impact and offshore wind sentiment weakening.
Fugro’s shares dropped around 11%, reaching their lowest level since March 2022.
Total job reductions now stand at about 1,050, or 9% of its workforce as of late 2024, and the firm plans to cut 2026 capital spending significantly.
Analysts note its diversification strategy has underperformed, leading to a downgrade to “hold.”
Fugro recorta 300 empleos más y elimina la previsión de 2025 debido a los retrasos en los proyectos de energía en alta mar, esperando una pérdida de ingresos de € 100M.