Dutch Geodata Firm Fugro Cuts U.S. Workforce Amid Market Challenges

Dutch geodata company Fugro has announced a reduction in its U.S. workforce and a scaling back of operations in response to market volatility and a lack of new offshore wind projects in the United States. This decision comes after the company issued a warning that its sales and earnings would fall below earlier forecasts.

Specializing in geotechnical, survey, subsea, and geosciences services, Fugro has already divested assets and eliminated over 100 jobs in the U.S. due to the challenging market conditions. Group CEO Mark Heine explained to reporters that the company’s business in the region has been significantly impacted by the current environment.

One of the key factors contributing to Fugro’s struggles in the U.S. is the pause in new offshore wind projects following shifts in the country’s political landscape. This, combined with the overall market volatility, has affected the company’s operations not just in the U.S. but in other regions as well.

In a statement, Fugro acknowledged the challenges it is facing, stating, “We see some scope reductions of projects and award decisions taking longer, exacerbating the typically slow start to the year.”

As the company navigates these difficulties, it remains focused on adapting to the changing market conditions and positioning itself for future growth opportunities. While the current situation presents challenges, Fugro is committed to weathering the storm and emerging stronger on the other side.

(Source: Reuters – Reporting by Alban Kacher and Anna Peverieri; Editing by Tomasz Janowski)