en.Wedoany.com Reported - On July 31, Dutch geodata specialist Fugro said the offshore wind market downturn has not yet bottomed out and is not expected to recover before 2027.

Fugro said on Friday that the weak offshore wind market, coupled with the Middle East conflict, keeps operational uncertainty elevated. The company also noted that shorter order book visibility and intensifying competition will weigh on second-half results. Following the announcement, its shares fell about 10%.

Data show that Fugro's 12-month order book declined by 13.9%, with offshore wind orders plunging 47%. The company specializes in geotechnical, survey, subsea, and geoscience services. Hit by project delays and cancellations in the renewable energy sector, particularly in the U.S. market, the company recorded an annual loss of €21 million (approximately $24.2 million) entering 2026 and cut its dividend by 80%.

Despite the weak overall outlook, Fugro's first-half revenue still grew 4.3% to €920.5 million, driven by growth in the oil and gas, infrastructure, and water markets. Its earnings before interest and taxes (EBIT) margin improved to 4.1% from 2.3% in the same period last year.

Chief Executive Officer Mark Heine said the deterioration in the offshore wind market exceeded expectations. "We thought the market would be more stable and that we had hit the bottom this year, but now we see that the market clearly has further to fall before it picks up again."

Heine said Fugro now expects offshore wind activity to begin recovering in 2027, adding that governments are still working on the new contract structures needed to restart projects. He also said Middle East tensions have disrupted operations in parts of the Gulf region, with GPS signal interference preventing vessels from working on some days.