March 3, 2025
(Credit: Fugro)
Dutch geological data specialist Fugro has restarted multiple projects in the U.S. hydrocarbon and LNG sectors since Donald Trump's election and is optimistic about offshore wind development in Asia and Europe, its CEO told Reuters on Friday.
Mark Heine said the U.S. government had issued licenses put on hold by the former administration of Joe Biden, without giving any further details on the U.S. projects.
U.S. renewables projects that had not yet secured permits or power purchase agreements were now in doubt, he said, predicting that operators would move to Europe. Offshore wind represents 7% of Fugro's turnover in the Americas.
Trump in January issued an order to pause new federal offshore wind leasing, while promising to focus on his policies on maximizing already record-high U.S. oil and gas production.
Fugro is "very optimistic" on offshore wind market trends in Europe and Asia, notably in South Korea and Japan, which are actively developing.
It expects the recently announced EU Clean Industrial Deal to boost offshore wind development and support the 27-member bloc's transition to cleaner fuels, which will benefit the group.
"It comes at the right time because operators will move their investment capacity to Europe and it will boost the renewable energy in Europe," Heine said.
Fugro posted adjusted EBIT at 71.8 million euros ($74.69 million) in the fourth quarter, ahead of a company-compiled consensus of 54 million euros, sending its shares up 5.6% at 0852 GMT after they rose as much as 11%.
However, the group's fourth-quarter revenue, which came slightly below analysts' expectations, was affected by political uncertainties in the U.S., with further setbacks anticipated in the first half of the year.
In the Americas, which makes up 22% of the group revenue, sales were down 11.5% organically in the fourth quarter at 137.8 million euros, due to uncertainty associated with U.S. elections and potential policy changes, notably impacting the geophysical business line.
($1 = 0.9614 euros)
(Reuters – Reporting by Anna Peverieri and Alban Kacher; Editing by Himani Sarkar, Mrigank Dhaniwala, Philippa Fletcher)
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