Fugro HY 2016: Ongoing decline oil & gas market continue to impact results
Year-on-year revenue decline of 26.9% or 24.5% on a currency comparable basis in line with the market.
EBIT margin (excluding exceptional items) decreased to 0.2% due to steep decline in activity and strong pricing pressure.
Agreement reached to divest the Asia Pacific subsea services business, in line with strategy to focus on core activities.
Additional measures implemented to reduce third party and personnel costs in line with lower volumes. ….