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European wind farm investment supports Fugro growth

Fugro has reported that the growth in its European geotechnical business in the first part of this year has been driven by a steady stream of wind farm projects.

The company has said that it expects revenues for the whole company for the first six months to be in the region €1.3bn, up 9.6% from the same period last year, while profits are expected to be up 12.7% at €115M.

The company’s trading statement says that geotechnical activities are developing strongly in most markets, although it is not seeing the same level of activity in the onshore markets in Europe and the US. Mining and oil and gas related projects are the drivers for increased demand for Fugro’s geotechnical services in the southern hemisphere, where Asia Pacific and Australia are reported to be active but price sensitive markets.

Fugor has reported a strong order book with €50M of contracts awarded so far this year. New projects include geoconsulting for a large tar sands project in Canada, a four month extension of an offshore geotechnical campaign in Brazil, a site investigation for an Irish wind farm project, a geotechnical campaign for the North West Shelf and Timor Sea and the first phase of an offshore deepwater geotechnical campaign for Reliance Industries in India.

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