Fugro has finalized an agreement to acquire two platform supply vessels, namely Sea Goldcrest and Sea Gull, to be utilized as geotechnical assets. This strategic move reflects the company’s anticipation of expanding opportunities in the offshore wind sector.
The offshore wind market is set to experience robust growth, propelled by the recent commitment made at the UN Climate Summit COP28 to triple the world’s renewable energy capacity by 2030, with a significant portion expected from offshore wind sources. Fugro’s acquisition aligns with its strategic intent to capitalize on the unfolding opportunities in this expanding market.
Key strategic assets
Vessels are key strategic assets for maintaining Fugro’s market-leading position. As communicated during the Capital Markets Day in November, part of Fugro’s strategy for the coming four years is to secure long-term vessel capacity, especially for the global offshore wind market, which has a particularly large need for mapping of soil composition and its associated properties via the extraction and testing of soil samples. These activities cannot be executed with smaller and/or uncrewed platforms for the foreseeable future.
The addition of these two recent vessels (built in 2019 and 2020 respectively) to its owned fleet will further strengthen Fugro’s ability to address the market demands and shortage in geotechnical-capable vessels. With the purchase of these strategic assets, Fugro will operate a balanced fleet of owned and chartered vessels, maintaining flexibility towards the future.
Upon delivery of Sea Goldcrest in the course of 2024, Fugro will start the conversion to a geotechnical vessel, which is expected to be operational in early 2025. Sea Gull, which is already under charter with Fugro and fully operational, will be delivered in late 2024 or early 2025.
The purchase of these vessels also supports Fugro’s net zero 2035 roadmap as both vessels are fuel-efficient and suitable for conversion to low-carbon fuels. In addition, Fugro continues to invest in remote and digital solutions, for example by further growing its fleet of uncrewed surface vessels.