Fugro, Aker Solutions prepare for challenging market conditions 

Contractors providing services in the offshore energy sectors are facing a tough few quarters in terms of project orders, contract execution and industry investments.

Fugro chief executive Mark Heine expects a tough period for the company during the next three to six months as energy companies reduce the workscope on projects or postpone them.

Aker Solutions chief executive Kjetel Digre anticipates “changing market conditions” as energy companies take longer to reach investment decisions and mature future projects.

Their opinions come as both companies report better Q3 2025 results than expected, but downplay expectations for 2025 and 2026 revenues and earnings.

Fugro, which provides subsea and geophysical surveys and services, has encountered a challenging business environment in offshore wind, alongside a temporary slowdown in oil and gas project start-ups.

“2025 is proving to be challenging, especially for our early-stage site characterisation activities,” said Mr Heine. “Our Q3 2025 performance showed a notable improvement compared with the previous quarters. However, Q4 is expected to be significantly impacted by the continued deterioration in the offshore wind market, and by the temporary intensification of energy companies’ disciplined cash and cost management in response to lower oil prices.”

He expects the offshore wind market to remain volatile into 2026 and Fugro to react by reducing operating costs to prioritise cash flow preservation, ensuring its balance sheet remains robust.

“Year-to-date, we have delivered significant reductions in staff levels and third-party spend, while executing our strategy with discipline and focus,” said Mr Heine.

“We are scaling back investments to reflect the lower-growth environment, resulting in significantly lower capital spending in 2026.”

Fugro’s ongoing work includes undertaking surveys to support Italian oil major Eni’s deepwater gas field developments in Indonesia; RWE and TotalEnergies’ Windbostel windfarm developments; and TenneT’s LanWin grid connection projects in Germany.

Fugro reported revenues of €505M (US$584M) and earnings before interest and tax (EBIT) of €65M in Q3 2025 compared to €597M of revenues and EBIT of €99M in the same period in 2024.