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

Holley renews awards for five IMCA divisions, Deery Series

first_imgBOWLING GREEN, Ky. – For an 18th season, IMCA drivers will be in the running for contingency awards from Holley Performance.The Bowling Green, Ky., company is manufacturer of the official carburetor of IMCA and returns to the decal program for IMCA Sunoco Stock Cars; drivers in that division must display two Holley decals to be eligible for national and regional point fund shares.Holley again awards 750 cfm gas or al­cohol HP carburetors to top eligible drivers in each of the five Xtreme Motor Sports Modified regions. Prod­uct certificates valued at $350, $250, $100 and $100 go to the next four drivers.Top three drivers in both Northern and Southern Stock Car regions earn 350 or 500 cfm carburetors. Fourth and fifth place drivers receive $100 product certificates and sixth through 10th place finishers each get $50 certificates.Top eligible drivers based on national Karl Chevrolet Northern SportMod and Scoggin-Dickey Parts Center Southern SportMod standings determine claim engine recipi­ents of 500 cfm carburetors or crate engine recipi­ents of 650 cfm carburetors.Runners-up receive $175 cer­tificates, with $125 for third and $50 for both fourth and fifth.Both the national IMCA Late Model rookie of the year and the Deery Brothers Summer Series rookie of the year get 4150 series gas carburetors.Drivers in all five divisions must compete with Holley-manufactured carburetors to be eligible and proof of pur­chase may be required. Modified, Stock Car and SportMod drivers must return a sign-up form to the IMCA home of­fice by Aug. 1.Awards will be presented during the national banquet in November or mailed beginning the following week from the IMCA home office.Information about Holley-manufactured products is available by calling 866 464-6553, on Facebook and at the www.holley.com web­site.“IMCA really values our relationship with Holley Performance and we’ll continue to require quality Holley carburetors as we have in previous seasons,” emphasized IMCA Marketing Director Kevin Yoder. “They manufacture the best carburetors in the industry and at this time we see no reason to deviate from that plan.”last_img read more

Thurston County Health Officer’s COVID-19 Update: Letter to the Community

first_imgFacebook191Tweet0Pin0Submitted by Thurston CountyLast Wednesday, Thurston County entered Phase 3 of the Governor’s Safe Start plan. The Governor and the State Secretary of Health issued a masking directive that took effect Friday 6/26. This replaces our local masking directive for residents and is in addition to the Governor’s issued mandate about masking in workplaces. Our long-term care outbreak is under control and we continue monitoring. Over the past few weeks, we have received 5-9 positive reports almost every day. Some recent cases are travel associated (to areas with a rapid rise in cases, like Arizona). There are some household contacts of confirmed cases, some exposed from meeting up with friends, some are work related (not in healthcare) and the rest have been exposed in the community. In general, cases are affecting younger folks. The danger is that the disease continues to spread in our community.As restrictions ease up, we are going out more, doing more activities, visiting and gathering in larger groups. The risk of exposure increases with every action we take. If you are at high risk and vulnerable, limit outings, keep your distance, maintain your hand hygiene and wear your face covering. These are the best ways to keep you safe. For all others – PLEASE KEEP YOUR DISTANCE AND WEAR YOUR FACE COVER WHEN YOU ARE IN PUBLIC. For younger folks in the workforce and engaging in more social interactions – YOU can become infected and YOU can pass on COVID-19 two days before you even know you are sick. We need to all work together to keep the case numbers low and to protect our most vulnerable folks who are at risk of hospitalization and death.Why should I worry? I am young and healthy, and I will get over it.Anybody can get infected. When you become infected, it takes a few days for symptoms to show up. You are contagious for up to two days before you show any signs and for 7-10 days after. You can pass this on if you are not careful with handwashing, covering your nose and mouth, or keeping your distance from others. If you happen to be one of the unlucky younger folks that gets severely affected, you may end up with lung impairment, kidney failure as well as other organ damage. You could pass this on to some of your friends that might have asthma or diabetes.I will be leaving this temporary position to resume my status as a retired public health professional. It has been a challenging and rewarding past 4 months. I hope I have been able to make a difference. As a member of the community, I will continue to listen to advice from our local public health professionals. Since I am in the vulnerable age group, I plan to continue to limit my outings and group gatherings to places where I can see physical distancing and face coverings encouraged. I need to protect myself too.Your new Health Officer is Dr. Dimyana Abdelmalek. She holds a medical degree from Albert Einstein College of Medicine in the Bronx, New York. She completed an Emergency Medicine residency at Washington University in Saint Louis, Missouri and a Master in Public Health degree from Case Western University in Cleveland, Ohio. Over the years, she has been able to spend time doing international public health work in the Middle East. Her grandmother lives on Vashon Island, so she is excited to be closer to family.For the past three years, she has worked as an Emergency Physician at Kaiser Permanente Redwood City Medical Center in California. For the past year and half, she led the HEDSUP group. The HEDSUP group uses a multidisciplinary approach to connect patients with complex medical and social needs with resources which include: primary care, psychiatry, patient care coordination, and intensive case management. She is excited to be joining the Thurston County Public Health and Social Services Department. She brings a well-rounded background, fresh ideas and a comprehensive approach to community health. I am looking forward to her advocating for the health of Thurston County residents. Welcome!!Stay healthy everyone and protect yourself from COVID-19. Our future generations will be talking about this pandemic the way we talk about the 1918 Flu pandemic. Learn from the lessons of the past. We have had 100 years of improvement in disease control due to public health measures. We continue to learn more about COVID-19 and refine recommendations to better protect you and me. Bottom line, KEEP YOUR DISTANCE, WASH YOUR HANDS AND WEAR A FACE COVER WHEN OUT IN PUBLIC.See you around town, from a distance. Take care. Thank you for caring about our community and each other.Diana. T. Yu, MD, MSPHActing Health Officer, Thurston County (until 6/30/2020)last_img read more

Manchester City star Kyle Walker hosts ‘sex party’ amidst Coronavirus lockdown

first_imgImage Courtesy: REX/Louise McNamaraAdvertisement xdyuNBA Finals | Brooklyn Vs6jwlWingsuit rodeo📽Sindre Eay8cg( IG: @_aubreyfisher @imraino ) 7vdWould you ever consider trying this?😱o4iCan your students do this? 🌚1Roller skating! Powered by Firework All majorly affected countries due to the novel Coronavirus pandemic are undergoing lock downs, and citizens, celebrities and sportspersons alike- have been advised to maintain social distancing and self-isolation. However, Kyle Walker had other plans. The Manchester City superstar had organised a ‘sex party’, inviting over a sex worker and a model, along with his buddy in his apartment, which has him earning the wrath of fans and the club alike, and is also on the verge of a huge compensation for breaking the health guidelines as UK faces a complete lock down.Advertisement Image Courtesy: REX/Louise McNamaraKyle Walker, along with his friend in his apartment in Hale, Cheshire, invited Louise McNamara, a 21 year old escort, and another unnamed 24 year old Brazilian model for a three hour long ‘sex party’ last Tuesday, as it was revealed by McNamara herself, who also revealed some photos from Walker’s apartment.Following the publication of the incident in British tabloid The Sun, an official statement came from Manchester City on Walker’s violation of the pandemic rules.Advertisement “Manchester City are aware of a story in a tabloid newspaper regarding the private life of Kyle Walker in relation to a breach of the UK lock down and social distancing rules.” a spokesperson of the club said.As doctors, nurses and healthcare officials are battling out the deadly virus outbreak, Walker, being a poster boy of the Premier League elites, his irresponsible conduct has made the club disheartened.Advertisement The spokesperson added: “We are disappointed to hear the allegations, note Kyle’s swift statement and apology, and will be conducting an internal disciplinary procedure,” hinting that the England international will face a fine.However, the right back has come up with an apology for his behaviour, as he denounced his own behaviour in a statement last night.“I want to take this opportunity to issue a public apology for the choices I made last week which have resulted in a story today (Sunday) about my private life in a tabloid newspaper,” the 29 year old said.“I understand that my position as a professional footballer brings the responsibility of being a role model. As such, I want to apologise to my family, friends, football club, supporters and the public for letting them down,” Walker added.The player, who himself breached the lock down guidelines, had earlier made a tweet, urging his followers to remain indoors and follow the self-isolation procedure. Walker also added on this: “My actions in this matter are in direct contrast to what I should have been doing regarding the lockdown. And I want to re-iterate the message: Stay home, stay safe.”Over 47,000 positive cases have been confirmed in the UK till date, with 4,932 deaths.Also read-See which footballing superstar just donated Rs. 7,64,19,000 to fight Coronavirus!Massive update on U-17 Fifa World Cup scheduled to be held in India Advertisementlast_img read more