Fugro in further cost-cutting push after ‘tough first half’

first_imgFugro continues to implement cost reduction and performance improvement measures to counter the continued challenging market conditions. In the first half of 2017, the company’s headcount was reduced by 178 employees to 10,352 and third party expenses were further reduced by 9.6%. In addition, capex continues to be curtailed strongly.Additional measures being taken to restore profitability include improving terms and conditions and early termination of vessel charter agreements. Fugro will also retire two older vessels in the second half of the year.Furthermore, the company concluded that the acquisition of the REM Etive vessel, following the award of two multi-year inspection, repair and maintenance (IRM) contracts earlier in the year, is at significantly more beneficial financial conditions than charter renewal.Other measures include down-manning of vessels and vessel support enabled by standardization and application of new technologies, further FTE reduction and more flexible staffing to deal with seasonality.Another measure will be further streamlining of the organization by standardizing work processes, further reducing the number of legal entities and consolidation of support functions into shared service centers.In total, cost savings and performance improvement measures are expected to result in an annualized contribution to EBITDA of EUR 50 to 70 million, most of which will be realized in the coming 12 months.Fugro’s net debt increased from EUR 351.1 million at year-end 2016 to EUR 433.5 million, partly as a result of the seasonal increase in working capital.For the full year 2017, Fugro anticipates a decrease in revenue, however less severe than during the first half. This expectation is supported by a bottoming out of Fugro’s backlog since mid-2016.Capex is expected to be around EUR 100 million.Offshore Energy Today Staff After experiencing a tough first half of the year, the Dutch geotechnical, survey, subsea and geoscience services provider, Fugro, has made plans to further cut costs to counter the continued challenging market conditions. In its Thursday report for the first half of the year, Fugro said it reduced its net result for the period to EUR 96.4 million ($114.2M) from EUR 202.1 million ($239.4M) in the first half of 2016.The company’s revenues for the first half of 2017 declined by 14.5% to EUR 774.3 million from EUR 904.9 million in the same period of 2016.Year-on-year revenue decline on a currency comparable basis reflected ongoing underinvestment in the offshore oil and gas market but the decline was less than during the last two years.According to the company, additional measures are being implemented to streamline business processes and further reduce cost, in order to restore profitability.Backlog for the next 12 months is bottoming out with a decrease of 5.5% on a currency comparable basis compared to a year ago and 2.4% compared to the end of March.Paul van Riel, Fugro CEO, commented: “The offshore oil and gas market continued to decline resulting in a tough first half of 2017. Marine site characterization activities performed below last year mainly due to pricing pressure, and currently utilization at Seabed Geosolutions is low. The marine asset integrity business showed an improved performance at close to break-even level.”However, Riel sees more stable environment looking ahead: “We are seeing early signs of moving into a more stable environment. The marine site characterization and marine asset integrity backlog, excluding construction and installation activities, is growing, supported by signals of increased tender activity. The pipeline of potential projects for Seabed Geosolutions is solid.“In order to restore profitability we are implementing additional measures, including significant cost savings, adjusting pricing strategies and focusing on innovative, higher margin services. This will already start to contribute to improved performance in the second half of this year.” Further cost-cutting measureslast_img read more

Gay marriage decision not working in Obama’s favor so far

first_imgLA Times 15 May 2012…the first wave of polling is in, and the results aren’t looking particularly good for Obama. Taken together, four different national opinion surveys over the past week, by reputable organizations with good track records, indicate that the president’s stand could well hurt him politically. Unsurprisingly, the numbers are fairly close; but as often gets pointed out, tight elections are decided by small numbers of votes.…Specifically, 23% of independents and 10% of Democrats say it makes them less likely to vote for Obama, while a smaller 11% of independents and 2% of Republicans say it makes them more likely to vote for Obama. Those figures suggest Obama’s gay marriage position is likely to cost him more independent and Democratic votes than he would gain in independent and Republican votes, clearly indicating that his new position is more of a net minus than a net plus for him. However, those figures also underscore that it is a relatively limited group of voters — about one in three independents and fewer than one in 10 Republicans or Democrats — whose votes may change as a result of Obama’s new stance on gay marriage.http://articles.latimes.com/2012/may/15/news/la-pn-analysis-gay-marriage-decision-not-working-in-obamas-favor-so-far-20120515last_img read more

Isle of Man appoints Tony Ure as e-Gaming lead

first_img Brazil to issue initial plans on Caixa Loterias sale August 17, 2020 Luke Campbell, Champion Sports: Modular thinking most play the lead role in sportsbook migrations August 26, 2020 Submit Related Articles StumbleUpon Share Luckbox outlines final TSXV roadmap July 29, 2020 Share Tony UreUpdating the market, the Isle of Man Government has confirmed the appointment of Tony Ure as its new Head of e-Gaming.A former IGT Group & GTech executive, Ure takes on the leadership of the Isle of Man’s digital gaming division, promoting the self-governing jurisdiction’s commercial and operational services for industry stakeholders.A seasoned gambling operations veteran, Ure has consulted and worked on major projects for enterprises in both digital and retail sectors including; Ladbrokes, Sheraton Group and Sky Poker.Confirming the appointment of Ure, Jonathan Mills, Director of e-Business, Department of Economic Development said: “Tony has spent over 30 years working for some of the most recognisable names in the industry. His extensive global experience in launching and running products and platforms across online and land-based operations will undoubtedly help drive continued growth in the Isle of Man’s e-Gaming sector, which currently represents around 20% of the Island’s economy.”Tony Ure commented on joining the Isle of Man: ‘I am looking forward to working with the e-Gaming team in the Department of Economic Development. It is an exciting time to join and continue the growth of the Isle of Man as the premier e-Gaming jurisdiction.’last_img read more

See how Sourav Ganguly reacted to the news of the Mohun Bagan – ATK…

first_imgAdvertisement 6k52iuNBA Finals | Brooklyn Vs7mWingsuit rodeo📽Sindre E6oydw( IG: @_aubreyfisher @imraino ) 5co0Would you ever consider trying this?😱uavCan your students do this? 🌚awRoller skating! Powered by Firework BCCI president and former Indian cricketer Sourav Ganguly, who also happens to be a hardcore football fan, reckons that the merger between ATK, the Kolkata-based Indian Super League franchise and I-League giant Mohun Bagan is a “momentous partnership for Bengal football”. On Thursday, the RPSG Group, (owner of ATK) acquired majority shareholding in Mohun Bagan Football Club (India) Private Limited and Bagan is all set to play as ATK-Mohun Bagan in next year’s ISL.Advertisement “A momentous partnership for Bengal football. I have no doubt ATK and Mohun Bagan will be torchbearers of moving Indian football forward together,” Ganguly tweeted.Advertisement “In this context, I am very thankful to India’s one of the most well-known industrialists and our Kolkata’s very own Dr Sanjiv Goenka for his investment through RPSG. Their vision on Indian football aligns with our philosophy and our combined forces will surely take the club to bigger and greater heights. In this respect, it is a red-letter day in the history of this iconic institution,” said Swapan Sadhan Bose, Chairman, Mohun Bagan Football Club (India) Pvt. Ltd. in an official statement.“I can assure millions and millions of Bagan supporters spread across the globe, that the poetry will continue. Now that the prose is ready to lend a helping hand,” he added.Meanwhile, former India captain Bhaichung Bhutia also hailed the merger but hopes that ATK should maintain the 130-year-old club’s legacy to reap rewards of their hard-work.“It’s good that Mohun Bagan is getting a good buyer but I think the colour and name has to be kept and the logo. Their history is very rich. It’s good that RPSG Group is buying it, they are a very professional company. But I hope that they can completely use the Mohun Bagan colour, logo and jersey. It should be maroon and green,” Bhutia said in an interview.The RPSG Group is set to become 80 per cent majority shareholder while Mohun Bagan Football Club (India) Private Limited will own the remaining. The merged club will come into existence from June 1, 2020 and will participate in the Indian Super League season (ISL) next season as well as other important competitions held by the All India Football Federation (AIFF).You may also like:Sunil Chhetri aware that his international career is winding downEXCLUSIVE: Minerva FC goalkeeper Nidhin Lal accuses club of not paying his salary for 8 months Advertisementlast_img read more