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Offshore wind lifts Fugro's results

By: Tom Russell 19/02/2020 Fugro

Corporate General Windfarms

Fugro has secured two geophysical survey contracts for offshore wind farms off the U.S. east coast. Fugro secured significant survey contracts for the for the Atlantic Shores and Mayflower wind farms off the coasts of New Jersey and Massachusetts respectively.

The Mayflower offshore wind project is being developed by Mayflower Wind LLC, a joint venture between Shell New Energies US LLC and EDPR Offshore North America LLC. It is anticipated that the project will be commissioned in 2025. It was named winner of the Commonwealth of Massachusetts’ second offshore wind solicitation in November 2019. The joint venture was successful with a bid of 804 MW, which is expected to power approximately half a million homes and eliminate 1.7 metric tons of CO2 emissions annually.

The Atlantic Shores offshore wind project is located in a 183,000 acres lease are located 8-20 miles between Barnegat Light and Sea Isle City. The lease area held by Atlantic Shores LLC which is jointly owned by EDF Renewables North America and Shell New Energies US LLC. The developers claim that it has the potential to supply up to 2,500 MW of energy powering approximately one million homes.

The news was reported in the company's full year results 2019. Fugro posted revenue 1,631.3 EUR million; representing a growth of 2.7 % year on year. Fugro outlined that the adjusted EBIT margin of its core business rose to 4.2% from 1.9% last year and noted that that this was driven by improved performance of the marine business, in particular in the offshore wind market. Fugro's marine business posted 5.7% revenue growth activity which it attributed to site characterisation activities for offshore wind farms and hydrography, especially in Europe-Africa and Americas.

Mark Heine, CEO, stated: "We have become a much more resilient company. By now, around 50% of our revenue is generated in offshore wind, hydrography and infrastructure. In a rapidly changing world, there are ample opportunities for us to contribute to the safe, sustainable and efficient development and operation of our clients’ assets."

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Offshore wind lifts Fugro's results

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