Annual Report
2021
Unlocking insights from Geo-data, for a safe and liveable world
■
Fugro Annual Report 2021
Through integrated acquisition and analysis of Geo-data and related advice, we unlock insights to help
our clients design, build and operate their assets in a safe, sustainable and e cient manner.
Population growth and urbanisation combined with the need for decarbonisation are
driving increased spending on renewable energy, electricity networks and infrastructure in
general. In addition, even with a successful transition to green energy, climate change is
expected to lead to sea level rise and extreme weather, necessitating a ention for coastal
zone management and ﬂ ood protection.
As a result, our purpose to create a safe and liveable world is becoming ever more relevant:
Geo-data is essential for the safe and sustainable development and operation of our
client’s assets. With our leading market positions, global footprint, versatile asset base,
specialist workforce, innovative digital solutions and resilient operating model, we are well
positioned to benefi t from these opportunities, and thus further diversify across multiple
markets.
You can fi nd relevant examples of Fugro’s solutions in the areas of energy transition, climate change adaptation and sustainable infrastructure throughout this report.
Ca u t i o n a r y s t a t em en t
T h i s a n n u a l r ep or t m a y c on t a i n f or w a r d-lo ok i n g s t a t em en t s. F or w a r d-lo ok i n g s t a t em en t s a r e s t a t em en t s th a t a r e no t
h i s t o r i c a l f a c t s, i n c l u d i n g (b u t n ot l i mit e d t o) s t a t e m e n t s e x p r e s s i n g o r i mp l y i n g F u gr o’s b e l i e f s, e x p e c t a t i o n s,
i n t en tion s, f or e ca s t s, e s ti m a t e s, t a r g e t s, p r o j e c tion s or p r e d i c tion s (a nd th e a s s u m p tion s u nder l y i n g th em). F or w a r d-
lo ok i n g s t a t em en t s n e c e s s a r i l y i n v o l v e k no w n a nd u n k no w n r i s k s a nd u nc er t a i n tie s a s th e y dep end on f u t u r e e v en t s
a n d c i r c u m s t a n c e s. F o r w a r d-l o o k i n g s t a t e m e n t s d o n ot g u a r a n t e e f u t u r e r e s u l t s o r d e ve l o p m e n t a n d t h e a c t u a l f u t u r e
r e s u l t s a n d s it u a t i o n s m a y t h e r e f o r e d i e r m a t e r i a l l y f r o m t h o s e e x p r e s s e d o r i mp l i e d i n a n y f o r w a r d-l o o k i n g
s t a t e m e n t s. Su c h d i e r e n c e s m a y b e c a u s e d b y v a r i o u s f a c t o r s i n c l u d i n g, b u t n ot l i mit e d t o, d e ve l o p m e n t s i n t h e o i l
a nd g a s i nd u s tr y a nd r e l a t e d m a r k e t s, c u r r enc y r i s k s a nd u n e x p e c t e d op er a tion a l s e tb ac k s. A n y f or w a r d-lo ok i n g
s t a t em en t s c on t a i n e d i n th i s a n nou nc em en t a r e b a s e d on i n f or m a tion c u r r en tl y a v a i l a b le t o F u g r o’s m a n a g em en t.
F u gr o a s s u m e s n o o b l i g a t i o n t o m a k e a p u b l i c a n n o u n c e m e n t i n e a c h c a s e w h e r e t h e r e a r e c h a n g e s i n t h a t
i n f o r m a t i o n o r i f t h e r e a r e ot h e r w i s e c h a n g e s o r d e ve l o p m e n t s i n r e s p e c t o f t h e f o r w a r d-l o o k i n g s t a t e m e n t s i n t h i s
r ep or t.
I n t h i s a n n u a l r e p o r t, F u gr o N.V. i s a l s o r e f e r r e d t o a s ‘t h e c o mp a n y’ o r ‘F u gr o’. F u gr o N.V. a n d it s s u b s i d i a r y c o mp a n i e s
a r e t o g e t h e r r e f e r r e d t o a s ‘t h e G r o u p’.
Site investigation services for o shore wind developments Creating Digital Twins’ of clients’ assets Solutions for ﬂ ood protection
C O L O P H O N
F u g r o N.V.
V e u r s e A c h t e r w e g 1 0
2 2 6 4 S G L e i d s c he n d a m
T h e N e t he r l an d s
i r@f u g r o.c o m
R e a l i s a t i o n
D o ma n i B.V., T h e H a g u e
P h ot o g ra p h y a n d i m a g e s
F u g r o (em p l o y e e s)
M i c h e l C a m p f e n s
K a re n K ap e r
S op h i e R u i g r o k
F u g r o h a s e nd e a v o u re d t o f u l fi l a l l l e g a l
re q ui re m e n t s re l a t e d t o c o p y ri g h t. A n y o n e w h o,
d e sp i t e th i s, i s of th e o pi n i o n th a t o t he r c o p y ri g h t
re g ul a t i o n s c o u l d b e a p p l i c a b l e s ho u l d co n t a c t
F u g r o.
 FUGRO ANNUAL REPORT 
 Report of the Supervisory Board
 Supervisory Board report
 Remuneration report 
 Financial statements
 Other information
 Additional information
 At a glance
 CEO Message
 Profile
 Purpose
 Values
 Business lines
 Key markets
 Key strengths
 Organisation
 Strategy
 Global developments
 Key trends in our markets
 Path to Profitable Growth strategy
 Stakeholder engagement
 Long-term value creation
 Group performance
 Financial
 Social
 Environmental
 Compliance
 Sustainability reporting principles
 Governance
 Board of Management
 Executive Leadership Team
 Risk management
 Corporate governance
 Fugro on the capital markets
 Management statements
Contents
 F U G R O A N N U A L R E P O R T 
At a glance
F u g r o i s t h e w o r l d’s l e a d i n g G e o-d a t a s p e c i a l i s t
T h r o u g h int e g r a t e d a c q u i s i t i o n, a n a l ys i s a n d
a dv i c e, w e u n l o c k i n s i g h t s fr o m G e o-d a t a t o
h e l p o u r c l ien t s de s i g n, b u i l d a n d o p er a t e t h e i r
a s s et s i n a s a f e, s u s t a i n a bl e a n d ec ien t
ma nn e r
W e de l iv er s o l u t i o n s i n s u p p o r t o f t h e en erg y
t r a n s i t i o n, clim a t e ch a n g e a d a p t a t i o n a n d
s u s t a i n a bl e i n fr a s t r u c t u r e de v e l o p men t s

employees
worldwide

countries
>
Research and
development engineers

years exploring
the Earth
Revenue by region (in %)2021 Revenue by market segment Revenue by business line (in %)
M iddle East and I ndia
A sia P acic
A mer icas
E ur ope A fr ica
10
45
24
21
Middle
East &
India
Asia
Pacific
Europe
Africa
Americas
Land asset in t eg r it y
Land sit e char ac t er isa tion
M ar ine asset in t eg r it y
M ar ine sit e char ac t er isa tion
Land asset
integrity
Land site
characterisation
Marine asset
integrity
Marine site
characterisation
42
22
7
29
Oil & gas
O ther
Nautical
Infrastruc ture
R enewables
InfrastructureRenewables
Nautical Other Oil & gas
2017 2018 2019 2020 2021
24%
7%
4%
8%
57%
24%
11%
6%
5%
54%
23%
14%
7%
4%
52%
23%
21%
8%
3%
45%
23%
24%
8%
6%
39%
 FUGRO ANNUAL REPORT 
Results from continuing operations. Refer to glossary for definitions of financial terms and to reconciliation of non-IFRS performance measures in the additional information section.
PERFORMANCE HIGHLIGHTS
Women in senior
management
%
: %
Create a diverse and inclusive
organisation
EBIT margin
.%
: .%
Ensure healthy financial
performance
Free cash ﬂow aer lease
payments as % of revenue
.%
: .%
Ensure healthy financial
performance
Return on capital employed
.%
: .%
Ensure healthy financial
performance
Renewables, infrastructure
and water as % of revenue
%
: %
Deliver innovative, digital &
sustainable solutions
Net promotor score

: NA
Deliver innovative, digital &
sustainable solutions
CO

emission intensity
vessels (tonnes per
operational day)
.
: .
Minimise environmental
footprint
Lost time injury frequency
(per million hours)
.
: .
Maintain the highest health &
safety standards
CDP rating
B-
: C
Minimise environmental
footprint
 FUGRO ANNUAL REPORT 
to lead to sea level rise, changing weather paerns and
extreme weather conditions. This results in an
increasing need for coastal zone management and
ﬂood protection measures.
As a result, our purpose to create a safe and liveable
world is becoming ever more relevant: Geo-data is
essential for the safe and sustainable development and
operation of our client’s assets. We are uniquely posi
-
tioned to assist our clients with solutions in support of
the energy transition, sustainable infrastructure and
climate change adaptation. With our leading market
positions, global footprint, versatile asset base,
specialist workforce and innovative digital solutions we
are further diversifying towards structural growth
areas. In , we already generated  of our
revenue in wind, infra and water, and we target a
further growth to at least .
COMPLEX ENERGY TRANSITION
A transition towards low carbon energy generation is
vital for the future of our planet. This year, our renewa
-
bles revenue grew by  to  of group total. Initially
a mostly European market, oshore wind parks are
now being developed all over the world. In ,
this was demonstrated by numerous projects, such as
multiple site characterisations in the US, Vietnam,
South Korea and Japan. We are also involved in the
In a rapidly changing world with an increasing need for insightful Geo-data, our services are
more relevant than ever. We support the energy transition with our market leading, innovative
services for the development of oshore wind resources. Our ﬂexibility to shi assets to strategic
growth markets, digital solutions and strong reputation also enable us to contribute to climate
change adaptation and sustainable infrastructure developments. With our increasingly balanced
market exposure and resilient operating model, we are well positioned to deliver on our Path to
Profitable Growth strategy.
CEO Message
In , the Covid- pandemic has proven to be more
persistent than anticipated by all. Our business
continued to be impacted, in particular through opera
-
tional complexities of cross border projects. Since the
outbreak in , Fugro’s project teams have been
pro-active, ﬂexible and resourceful in meeting the
quickly changing and locally varying circumstances,
focusing on business continuity while maintaining
health and safety as a key priority. All in all,
we delivered a clear improvement in our results: the
EBIT margin increased to ., and we generated a
free cash ﬂow of EUR . million and a positive net
result. The resilient performance was a combination of
strict cost management, operational delivery, and early
signs of improved pricing, particularly driven by a
tightening supply market and new digital Geo-data
solutions.
GEODATA MORE RELEVANT THAN EVER
The pandemic has accelerated the aention for other
disruptive global challenges, most notably climate
change. Huge investments are needed to rewire and
replace the Earth’s energy systems. Population growth
and urbanisation combined with the need for decar
-
bonisation are driving increased spending on
renewable energy, electricity networks and infrastruc
-
ture in general. In addition, even with a successful
transition to green energy, climate change is expected
 FUGRO ANNUAL REPORT 
world’s first artificial energy island, for Energinet in the
North Sea, which will act as a hub connecting hundreds
of surrounding wind turbines. We expect the strong
growth in this market to continue. At the same time,
transmission and distribution networks are increasingly
overburdened due to ongoing electrification. Fugro’s
Roames digital asset management solutions drive
future proof grids by supporting modernisation and
resilience. In , we successfully completed projects
for power utilities in the US, UK, Europe, New Zealand
and Australia.
In the lead-up to COP in Glasgow in November ,
many studies were published showing that world is not
yet on track to meet the ambitions of the  Paris
agreement. Although new commitments were made
and the transition is gathering pace, it is important to
acknowledge that this is a very complex process that
will take time. At this moment, only around  of the
worldwide primary energy use is generated from
renewable sources. There is a large discrepancy
between governments’ carbon reduction ambitions
and current reality: fossil fuels, in particular natural gas,
will remain an important part of the energy mix for
years to come. The world’s energy system is complex
and requires long term planning and huge investments
for example in hydrogen technologies. An uncoordi
-
nated transition will cause imbalance in availability and
accessibility of energy. In , the world was already
confronted with unprecedented gas prices, due to
strong demand coupled with delivery issues and very
low investment levels, and an increasing usage of coal.
Therefore, while our Geo-data plays a key role in this
transition, we also contribute to responsible operations
in the traditional energy markets. The existing maritime
infrastructure is ageing and needs to be well main
-
tained to ensure that no harm is caused to the environ-
ment. It is the world’s obligation to assure that our
oceans are kept clean and coastlines free from
exposure to pollution from any man-made structure or
system. Regular and continuous inspection of infra
-
structure at sea is therefore essential. A large part of
Fugro’s revenue in the traditional energy markets is
related to keeping these assets safe and sound, and we
are radically changing the way inspections at sea are
done. New Geo-data acquisition platforms, remotely
operated and complemented by underwater robots
that require significantly less supervision and mainte
-
nance, allow us to drive CO

emissions of inspections
down by over .
CLIMATE CHANGE ADAPTATION AND SUSTAINABLE
INFRASTRUCTURE
There also is a growing need to future proof existing
infrastructure on land and in nearshore environments.
Governments’ programmes support a positive market
outlook, with growing repair and maintenance and
refurbishment budgets, because a significant part of
existing infrastructure is ageing. In addition to massive
investments in electricity networks in light of the
energy transition, there is an increasing need for more
sophisticated cabled network infrastructure to support
connectivity. During this year, we completed for
example route surveys for Alcatel’s new fibre-optic
cable system connecting North America to Asia,
and site investigations for the installation of undersea
power cables between the Italian peninsula and Sicily
and Sardinia.
Governments around the world are investing in coastal
zone management and ﬂood protection. Fugro
provides coastline mapping and related data-interpre
-
tation and advice. In , we provided nautical and
coastline mapping solutions for the Cayman Islands,
Alaska and Ireland’s southern and western coastline.
In addition, we were involved in dike reinforcement
projects in the Netherlands and we completed an
earthquake hazard and vulnerability assessment for
the Port of San Francisco waterfront resilience
programme.
The world’s oceans cover  of the Earth’s surface
and support nearly every aspect of our lives. Fugro is
leading the industry in support of several initiatives
that aim to fill the sizeable data gaps that currently
exist in our ocean knowledge. Fugro is commied to
help build a digital ecosystem, encompassing all
sources and types of ocean science data. In ,
we signed a strategic partnership with the Intergov
-
ernmental Oceanographic Commission of the
UNESCO. Having been involved in UN’s Ocean Decade
planning since , we were invited to join the Ocean
Decade Alliance. These initiatives, focused on reversing
the cycle of decline in ocean health, fit perfectly with
our purpose.
DIGITALISATION AND TRANSFORMATION
We are commied to remain the most innovative
Geo-data company across our markets. Our digitalisa
-
tion and innovation agenda is aimed at integrated
Geo-data solutions to increase project eciency and
reduced CO

footprints. It revolves around four
themes: robotics, remote, analytics and insights.
Collection and interpretation
of Geo-data is fundamental
to designing, building and
operating any structure
on this planet
 FUGRO ANNUAL REPORT 
Through our remote operations centres and deploy-
ment of lightly crewed or uncrewed vessels, we are
im
proving the safety and eciency of our operations
and significantly reducing our CO

footprint. In ,
we executed projects in Europe and Asia Pacific with
our next generation uncrewed surface vessels,
from which we can deploy remotely operated vehicles
for asset inspections. We operate a global network of
remote operations centres. By now, we have recorded
over , remote project hours, puing us clearly
ahead of competition. The pandemic has only height
-
ened the relevance of these solutions.
I
n our land business, clients are exposed to increasing
volumes of data on which they base complex decisions.
Fugro is providing clients with ‘digital twins’ of their
assets: a digital, four-dimensional model combining all
Geo-data acquired throughout the lifetime of the
asset, artificial intelligence-driven analytics and related
decision making. Fugro is connecting the commonly
used surface based digital twins to sub-surface
Geo-data models, resulting in unique insights in
long-term planning and asset maintenance, with the
ultimate goal of reducing overall costs of development
and long-term operation of their assets.
ENGAGED EMPLOYEES
Ultimately it is not our technology or equipment that
determines our long-term success, it is our people.
Sixty years of valuable experience and expertise comes
together in Fugro’s workforce and forms the collective
know-how of the company. Fugro people are
passionate and feel strongly connected to our purpose
of creating a safe and liveable world, together. Fugro is
a company with a strong identity and culture. We live
by our company values: we build trust, we do what is
right, we are determined to deliver and we prepare for
tomorrow.
Fugro aspires to be an inclusive company where people
can be their best self, are allowed to speak-up,
have impact and develop themselves professionally
and personally. People from over  nationalities work
together seamlessly, creating a truly international
working environment. We foster such a strongly diverse
working environment with a particular strong focus on
increasing gender diversity throughout the whole
organisation. Like for most companies, the pandemic
has led to higher arition. It is however great to see
that we continue to aract talented people who want
to contribute to our transformation agenda.
We recently launched our new ‘S Together’ safety
programme, focused on underpinning our safety
culture. The challenging environment of some of our
operations puts health and safety at the heart of every
-
thing we do, and continues to be a key area of
a
ention. In the year under review, three colleagues
sadly lost their lives during two separate extreme
weather incidents, while supporting client operations
on third party vessels. One incident occurred in April in
the USA Gulf of Mexico and the second in May oshore
West-India. Our thoughts and support continue to be
with family, friends and colleagues that have been
aected by these tragic events.
OUTLOOK AND MANAGEMENT PRIORITIES
Even though there clearly still is a gap between current
performance and these mid-term targets, I am
confident that we are on track to reach our mid-term
targets of an EBIT margin of - and free cash ﬂow
of - of revenue by -. This is underpinned
by the following drivers: volume growth, in particular in
renewables, infrastructure and water; value-based
pricing; disciplined cost management; operational
excellence and digital transformation to increase
eciency.
O
n the trajectory towards our mid-term targets,
our  management agenda is focused on the
following topics: further implementation of our digital
transformation, innovation and sustainability agenda,
excellence in commercial and operational delivery and
another step-change in safety and employee engage
-
ment. To reach our net zero carbon emission target by

, we have a roadmap in place, centred around
decarbonisation of vessels and other equipment
through uncrewed, modular and remote solutions,
electrification and use of emission free fuels, and the
procurement of green energy.
Clearly  has been another challenging year in
which we have asked the utmost from everyone in
Fugro. Considering the impact of the pandemic
throughout the year, I am particularly thankful for the
unwavering commitment and ﬂexibility of Fugro’s
employees to delivering high quality services to our
clients. I want to thank all my colleagues for a job well
done.
Mark Heine
Chief Executive Ocer
We deliver solutions in support
of the energy transition,
climate change adaptation and
sustainable infrastructure
 FUGRO ANNUAL REPORT 
uncertainty and client exposure to subsurface risk.
We provide site characterisation solutions to facilitate
the safe, sustainable and cost-eective design and
construction of buildings, industrial facilities and
infrastructure. In addition, to optimise reliability,
utilisation and longevity, we provide asset integrity
solutions during the construction and operational
phases of the asset life cycle.
Employing approximately  talented people in 
countries, Fugro works both on land and in marine
environments. With our team of dedicated experts,
specialised assets and cuing-edge digital
technologies, we oer our services to a broad spectrum
of clients, predominantly in energy, infrastructure and
water markets. In ,  of our revenue was
generated in wind, infra and water.
Our planet is a complex and dynamic system which is
continuously moving and evolving. Understanding this
complexity is essential for designing, building and
maintaining assets in a responsible manner. It requires
a comprehensive understanding of Geo-data:
information related to the Earth’s surface, subsurface
and the built environment. Civil engineers recognise
that much of the risk associated with major
infrastructure projects actually lies below ground.
Therefore, accurate collection and interpretation of
Geo-data is fundamental to designing, building and
operating any structure on this planet.
Fugro is the world’s leading Geo-data specialist. Fugro,
an abbreviation of the Dutch words for foundation and
ground mechanics, was founded in . Over the past
sixty years, we have developed a deep understanding of
Geo-data. With our ‘triple A’ approach, we add value
throughout the complete asset life cycle by reducing
Unlocking insights from Geo-data: the key to designing, building and operating any structure
Profile
Fugro i s the world’s leadi ng Geo-da t a
speci al ist. We un lock ins ights from
Ge o-dat a. T hrough integr ated dat a
acq ui sitio n, analysi s and advice, Fugro
su ppor ts clien t s i n miti gatin g ris k s d uri ng
desi gn, con struction and operation of
thei r as sets, b ot h on la nd an d at se a.
We c ontrib ut e to a sa fe and li vea ble
world by delivering sol ution s in s uppor t
of the energy transi tion, sus taina ble
infr astr uc ture and climate c hang e
adap tation.
 FUGRO ANNUAL REPORT 
OUR PURPOSE
The world is changing faster than ever before. Over the coming decades, population
growth and urbanisation will lead to an increasing demand for energy, water, food,
minerals, metals, buildings, industrial facilities and infrastructure. In particular,
the potentially devastating impacts of climate change, such as rising sea-level,
severe weather conditions and drought, have become increasingly pressing topics,
underlining the necessity of a transition towards low carbon energy generation.
The energy mix, infrastructure and built environments have to evolve if tomorrow’s
problems are to be tackled successfully. As Fugro, we have an important role to play
by supporting clients to realise and operate their construction projects and
infrastructure in a safe, sustainable and ecient manner. We sometimes play a small
role in a client’s project, but it is always essential in making our planet a beer place.
Our purpose is to create a safe and liveable world together. It is our ambition to
support our clients to achieve net zero carbon emissions, enable the development
of sustainable infrastructure and strengthen climate resilience. This ambition is
demonstrated by for example our site characterisation work for wind parks at sea,
installation of permanent monitoring systems on vital infrastructure such as bridges
and rail tracks, and our coastline mapping for ﬂood defense programmes. For our
own operations, we target carbon neutrality by , amongst others by investing in
decarbonisation of our vessels and equipment.
Together we
create a safe and
liveable world
 FUGRO ANNUAL REPORT 
OUR VALUES
Our values guide us in fulfilling our purpose. Whilst each value has a
distinct role to play, they are linked and equally important. Together we
own our values, their sum is our collective strength as a company.
We are determined to deliver
We work together to understand what’s needed and deliver results. We have high
expectations and set goals which enable us to reliably meet those high expectations.
We’re proud of our track record and use communication and teamwork to consistently
deliver the quality that defines our reputation. We’re united in our global drive to
succeed, we take ownership and, above all, we celebrate achievements when the job is
done.
We prepare for tomorrow
Our changing world is an opportunity for a beer world. We’re doing our best work
today while investing in tomorrow through our passion for learning and constant
curiosity. With our eyes on the future, we welcome change as a catalyst for innovation
and for finding new and more sustainable solutions and ways of working. More than
ever, on our shared planet, preparing for tomorrow means taking the lead, improving
every day, anticipating changes and proactively evolving now.
We do what’s right
Doing what’s right isn’t always easy, but it’s the Fugro way. We create a safe and
respectful environment where everyone feels able to speak up, be heard and make
Fugro a safe place to work. We respect and value dierences and listen to alternative
viewpoints, and we encourage a cross section of perspectives by taking active measures
to realise a diverse, equal and inclusive workforce. Essential for growth and
development, doing what’s right allows everyone the integrity and authenticity to be
their best self and to go home safely at the end of every working day.
We build trust
Trust begins with open communication: we are trusted because we do what we say.
We deliver on our promises and build relationships through honesty, transparency and
respect. Trust is key to our success and gives us the confidence to work together to solve
challenges with integrity and ingenuity. We follow up our words with actions that
demonstrate our dependability and reliability; in this way, we can count on our
colleagues and are trusted partners to whom clients keep coming back to achieve our
mutual goal of a safe and liveable world.
We are determined to deliver We do what’s rightWe prepare for tomorrow We build trust
 FUGRO ANNUAL REPORT 
Fugro is unique in its capabilities to provide clients with both site
characterisation and asset integrity solutions in marine and land
environments. Even though the land and marine environments are
very dierent with regards to projects and clients, we fundamentally
oer the same services, using the same expertise, technology,
laboratory facilities and support organisation.
BUSINESS LINES
Site characterisation
We carry out technical studies, surveys and investigations to establish the characteristics
of sites and routes to be developed. With geophysical surveys we map the Earth’s
surface and subsurface, and through geotechnical investigations we determine the
composition, characteristics and properties of the soil. Using our expertise, technology,
equipment and world-class laboratory facilities, we transform the acquired data into
valuable information and related advice on the best way (eg, location, foundation
advice) to use a site for safe, sustainable and ecient design and construction of the
asset. This enables the client to make informed decisions, reducing construction costs
and installation and operational risks on technically demanding projects.
Asset integrity
As assets are being built, we support construction projects with precise positioning,
monitoring and visualisation services. Once the asset becomes operational, we support
our clients’ asset management programmes in order to optimise reliability, utilisation
and longevity. We use innovative and increasingly remote and (near) real-time
scanning, monitoring, analytics and data management techniques to assess and report
on structural behaviour and integrity and regulatory compliance, and to identify
vulnerabilities before they pose a risk.
MARINE SITE CHARACTERISATION
LAND SITE CHARACTERISATION MARINE ASSET INTEGRITY LAND ASSET INTEGRITY
Land asset in t eg r it y
Land sit e char ac t er isa tion
M ar ine asset in t eg r it y
M ar ine sit e char ac t er isa tion
Marine site
characterisation
Marine
asset integrity
Land site
characterisation
Land
asset integrity
Revenue 2021 by business line (in %)
42
29
22
7
 FUGRO ANNUAL REPORT 
We provide client solutions throughout the full lifecycle of oshore wind farms, platforms, high-rise buildings, industrial facilities,
airports, roads, bridges, tunnels, power line grids, railways tracks or pipelines.
We add value by reducing uncertainty and client exposure to subsurface risk.
Assessing the condition of marine assets by acquiring and analysin g
inspection data, and executing light repair or maintenanc e task s
Geotechnical investigation determining soil composition
via extraction of samples and laboratory/in-situ testing
Geophysical surve y mapping of seabed’s (sub)surfac e
Hydrography sea-boom mapping/charting
Geoconsulting including ground modelling and geohazard risk assessmen t
Real-time monitoring & forecasting of weather, currents and environmental conditions impacting the structural health of assets
Positioning providing subscription-based signals as well as positioning services
Construction suppor t providing survey
systems and related expertise
Construction suppor t during decommissionin g
Acquisition of geospatial data to map, inspect, and advice on the integrity of
■
Rail infrastructure
■
Road infrastructur e
■
Power transmission and distribution
■
Pipelines and industrial facilities
FUGRO’S MARINE SITE CHARACTERISATION SERVICE S
F UGRO’S MARINE ASSET INTEGRITY SERVICES
Geophysical survey s mapping of subterranean soil characteristics
Monitoring of (sub)surface, new and existing asset s
during the construction phase and operational phas e
Geotechnical investigation determining soil composition
via extraction of samples or cone penetration testing
Testing of rock and soil samples, foundation and construction materials testin g
Geoconsulting including geohazard risk assessments, foundation advice, water resource management and ﬂood control
FUGRO’S LAND SITE CHARACTERISATION SERVICES
FUGRO’S LAND ASSET INTEGRITY SERVICES
Site apprai sa l
“How do the ground conditions vary
and what are the key risks?”
“How will the ground and the asset
respond to loads?”
“How well is the asset
b eing built?”
“How well is the asset
p erforming?”
Design & contracting Construction
O peration & main te nanc e
Decommissionin g
Fugro’s four business lines address the full life cycle of clients’ assets
 FUGRO ANNUAL REPORT 
KEY MARKETS
With our market agnostic asset base, expertise and client solutions we are able to serve
clients across dierent end markets and geographies, oering the most up-to-date
innovations and experience to our clients. It allows us to optimise utilisation, pricing
and costs across multiple projects and further diversify towards structural growth
markets.
ENERGY  OIL AND GAS ENERGY  RENEWABLES
As of : Figures from continuing operations (excl. Seabed)
Revenue development by market segment (in %)
Oil & gas
O ther
Nautical
Infrastruc ture
R enewables
InfrastructureRenewables
Nautical Other Oil & gas
2017 2018 2019 2020 2021
24%
7%
4%
8%
57%
24%
11%
6%
5%
54%
23%
14%
7%
4%
52%
23%
21%
8%
3%
45%
23%
24%
8%
6%
39%
Energy - renewables
The market for renewable energy sources consists of wind, solar, hydrogen and
geothermal. While at the moment only around  of global primary energy use is
generated from renewable sources, by , the share of renewables is expected to
nearly double with the demand growth in global energy expected to be fully absorbed
by various renewable sources (EIA  World Energy Outlook).
A major growth market is wind at sea, where we support both ‘pure play’ renewable
energy and traditional energy companies. We oer a wide range of site characterisation
and asset integrity services such as metocean surveys, soil investigations for wind
turbine foundations, cable routing and various accurate positioning services.
This market, in which Fugro has a prominent position, has become increasingly global.
We are redirecting our market agnostic assets, expertise, products and solutions
towards this structural growth market, leveraging our long-standing relationships with
traditional energy clients as they grow their renewables business.
 FUGRO ANNUAL REPORT 
Energy - oil and gas
The transition to sustainable energy is vital for the future of our planet. At the same
time, this process will take time. While the world shis to more renewable energy,
natural gas is expected to gain importance in the medium term as a vital resource
during this process. Our asset integrity solutions enable clients to keep their existing
infrastructure at sea safe and reliable by inspection and corrosion detection work,
to protect our oceans and keep coastlines free from exposure to pollution.
Infrastructure
Infrastructure is the backbone of our society, and there is a growing need to future
proof existing infrastructure, compounded by the necessity to massively invest in
electricity networks to support the energy transition. Sustainability in infrastructure is
about life-time extensions, repair and replacement of ageing assets. We support our
clients with investigations of construction sites to facilitate the safe, cost eective and
sustainable design and construction of buildings, industrial facilities and infrastructure
such as bridges, airports, roads, rail, and electricity networks. We also provide condition
monitoring during the lifetime of the asset to optimise maintenance, reliability,
utilisation and longevity. Climate impact and ageing assets compound the challenges
owners of these critical assets and networks face.
Nautical
This market relates to all maritime activities for national and local governments,
port and harbour facilities, research, travel and shipping agencies. They use our
integrated data collection, analysis, monitoring and consultancy services to enhance
the safety and eciency of maritime activities globally. We perform site investigations
through airborne mapping, hydrographic, metocean and environmental surveys;
weather forecasting, mapping the oceans for scientific purposes and positioning
services for these companies.
In , the ‘nautical’ market will change to ‘water’ market. This will also encompass
water infrastructure and water resource management services, which are currently
included in the infrastructure market segment. Climate change adaptation and global
water security necessitate significant investments in water infrastructure and water
resource management. Fugro assists local and intergovernmental organisations in
mitigating the risks of climate change through for example site investigation of coastal
areas.
NAUTICALINFRASTRUCTURE
 FUGRO ANNUAL REPORT 
KEY STRENGTHS
World’s leading Geo-data specialist
We are the world’s leading Geo-data specialist with the widest breadth of client
solutions amongst companies oering Geo-data services. In the key services that we
oer, we are oen the number  or  player, both in the marine and the land
environment. The breadth of our services provides a key competitive advantage as we
are able to provide our customers with integrated solutions.
The marine market is a global market with large, internationally active clients. We are
leading in site characterisation services that provide the Geo-data insights that are
required for anything to be built at sea, which is increasingly related to renewable
energy, natural gas and nearshore developments. In asset integrity, we are a worldwide
top  player in all of our services.
In the fragmented onshore landscape, we are one of only a few companies to oer
integrated Geo-data services globally. In markets with mostly local competition,
our site characterisation services achieve solid market share on complex, high-profile
projects such as high-rise buildings, airports, tunnels, bridges and pipeline routes.
In asset integrity, we have leadership positions in specific market segments in selected
countries.
Fugro’s competitive position
1
MARINE LAND
Hydrography

Global
Geotechnical
investigation

Global
Geophysical survey

Global
Geotechnical investigation

Global
Rail inspection
and advice

Europe
Metocean

Global
Satellite positioning

Global
Road inspection
and advice

USA
Inspection services

Global
Positioning and
construction support

Global
Power line inspection
and advice

Australia

Company estimates.
ADVICE ANALYTICS
ACQUISITION
Fugro provides Geo-data solutions through the integration of data acquisition, analysis and advice
 FUGRO ANNUAL REPORT 
Diversified and commied client base
We have a wide and diversified client base. In the
energy markets, we provide our services to both energy
companies and services providers, such as construction
and installation contractors and design and engineering
companies. For wind developments at sea, we support
both ‘pure play’ renewable energy players and
traditional energy companies that are helping to shape
the energy transition. In the infrastructure market our
main client groups are government agencies,
construction project developers, railroad operators,
design and engineering contractors, construction and
installation contractors and industrial companies. In the
water market, Fugro’s key clients are government
agencies, port and harbour facilities, research institutes,
technology and internet companies and shipping
agencies.
We have over  employees from over 
nationalities. Fugro is the largest employer of
Geo-specialists in the world, employing the best and
the brightest in several specific expert disciplines
including  research and development engineers.
Their skills, experience and specialist knowledge are key
for our ability to oer the best quality of work and
service delivery to clients today, while developing the
best solutions for tomorrow.
In order to engage our employees, it is key to support
their professional and personal development. Fugro’s
leadership teams and the human resources
department(s) spend time and energy on an ongoing
basis to develop talent management processes and
practises. We are dedicated to further advance our
people through our technical, project management,
commercial excellence, health and safety and
leadership training curriculum, amongst others via
Fugro Academy. This is particularly important as Fugro
aims to recruit the majority of its managers internally.
Much of our operations take place in challenging
environments, hence safety is a key priority. Over the
last decade, we have further developed and improved
our equipment, systems and procedures and made
significant improvements to our safety culture and
performance. Fugro continuously puts safety first by
understanding the risks associated with the work and
taking a proactive approach embedding appropriate
standards and practices in its operations and workforce
behaviour. We continuously review potential areas for
improvement and ensure, by thoroughly evaluating and
learning from every incident and promoting visible
leadership, a sense of responsibility throughout the
organisation.
The combination of acquisition, analytics and advisory
services is reﬂected in our integrated “triple-A”
approach and, together with our presence in both site
characterisation and asset integrity, it dierentiates us
from the competition of global and local participants
who are fragmented both across services and
geographically.
Highly skilled and engaged workforce
People are at the heart of our business and they are the
foundation of Fugro, while we remain commied to
being the best Geo-data company to work for.
Our success depends entirely on the strength of our
people and our ability to identify, develop and retain
key talent. Fugro’s set of company values is the
foundation of our culture, guiding everyone to think
and act with these values in mind.
Through integrated acquisition,
analysis and advice we unlock key
insights from Geo-data, helping
our clients develop and manage
their assets safely, sustainably
and eciently
oil & gas
other
nautical
infr astruc tur e
r enew ables
Renewables
Infrastructure
Nautical
Other
Oil & gas
Revenue by market segment (2021, in %)
24
23
8
6
39
 FUGRO ANNUAL REPORT 
This wide and diversified client base results in the
absence of significant client concentration, with only
around  clients representing  or more of total
revenues each and typically no client representing more
than  of total revenues in a single year. Our top
clients vary from year-to-year, but typically include blue
chip companies, such as Alcatel-Lucent, ENI, Equinor,
Government of Hong Kong, Ørsted, Petrobras, Shell,
TechnipFMC, TotalEnergies and Woodside.
Fugro has long-standing relationships with many of its
clients, some relationships going back decades.
Our clients especially appreciate our know-how,
experience, technology, quality of services, integrated
service delivery (“triple-A” approach) around the globe
and strong safety performance. Early engagement with
clients enables us to beer understand their needs,
resulting in an alignment between those needs and the
services Fugro provides.
O ther
(P ublic) ser vic es c ompanies
Non oil and gas industr ies
D esig n & eng ineer ing r ms
C on tr ac t ors
G o v er nmen ts
Na tional oil c ompanies
I n t er na tional ener gy c ompanies - I ndependen ts
I n t er na tional ener gy c ompanies - M ajors
O ther
(P ublic) ser vic es c ompanies
Non oil and gas industr ies
D esig n & eng ineer ing r ms
C on tr ac t ors
G o v er nmen ts
Na tional oil c ompanies
I n t er na tional ener gy c ompanies - I ndependen ts
I n t er na tional ener gy c ompanies - M ajors
International energy
companies –
majors
International energy
companies –
Independents
National energy
companies
Governments
Contractors
Design &
engineering
firms
Non-oil and gas
industries
(Public) services
companies
Other
Revenue by client type (2021, in %)
13
13
6
10
25
3
13
12
5
Innovation led by digitalisation
One of our key dierentiating strengths is that we
combine innovations in technology into integrated
digital solutions for our clients. We are fully leveraging
technology developments in the field of robotics,
remote operations and analytics & cloud automation in
order to oer safer, faster, more ecient and higher
quality services; all in a more sustainable way.
The combination of robotics and remote technology
drives the evolution towards an agile and more
sustainable operating model, supported by modular,
lightly crewed and uncrewed vessels. As a result, we are
supporting our customers on their own digitalisation
evolution; a strategic priority for most of our clients.
Fugro is at the forefront of the industry and a first mover
in the field of uncrewed operations. This plays an
important role in the future of the maritime sector by
oering clients a low-carbon, safe and more ecient
solution. Uncrewed operations remove personnel from
a high-risk environment to an onshore remote
operations centre and reduce carbon footprint by over
 compared to traditional survey methods. The safe,
onshore environment, stimulated by ﬂexible shis,
results in improved work-life balance, beer career
opportunities and increased diversity. Cloud-based
data processing allows near real-time data delivery,
leading to faster and more informed decision making.
By now, Fugro has a global network of remote
operations centres to deliver fast, safe and sustainable
inspection, survey and positioning services.
To give our clients faster insights we leverage advanced
analytics, deep learning algorithms and artificial
intelligence that will be embedded in all operating
routines. To support the growth of our business beyond
traditional data acquisition we focus on structural
monitoring of our client’s assets during the operation
phase, where we use analytics and cloud automation
services for fast and reliable data delivery. We provide
real-time insights via modular client portals and digital
twins of assets, subsurface and environment, ensuring
cost eective and safe operation of these assets.
We are investing in innovations that have a proven
potential for increased eciency and adapting our
business to provide higher margins, for example,
by combining data acquired in site characterisation
projects with data from asset integrity projects.
Such innovations can oen be deployed across multiple
end markets. Finally, novel applications of core technical
competencies may result in oering our existing
services to potentially large new markets (for example,
visual monitoring of bridges to assess the safety of the
structure).
We are leveraging
technology developments
in the field of robotics,
remote operations and
analytics & cloud
automation in order to
oer safer, more ecient
and higher quality services;
all in a more sustainable
way
 FUGRO ANNUAL REPORT 
We have developed a customised go-to-market process
focused on value-based contracts realising the full
value of innovation and bringing to market innovations
within two to three years. We are also safeguarding the
products of our innovation with patents and trade
secret protection, wherever possible.
Market agnostic assets
Fugro is the only company with purpose-built
geophysical and geotechnical vessels, and our ﬂeet is
amongst the youngest in the industry. With our market
agnostic asset base, expertise and client solutions we
are able to serve clients across dierent end markets
and geographies, providing ﬂexibility to optimise
utilisation, pricing and costs across multiple projects.
In particular, it allows us to diversify towards structural
growth markets, such as wind parks at sea. The same
applies for our land-based assets.
We have further improved the ﬂexibility of our ﬂeet by
focusing on a more balanced mix of paid working days
between fully owned plus long-term charters on the
one hand and short-term charters on the other hand,
enabling us to meet demand variations and quickly
relocate assets to meet opportunities as required.
In order to reduce carbon emissions and increase safety
of our operations, we are increasingly deploying lightly,
sometimes uncrewed, vessels and smaller,
more modular and mobile solutions.
Global player with local presence
We have a global reach, with major hubs in each key
region (Europe and Africa: Leidschendam,
the Netherlands and Aberdeen and Wallingford,
the United Kingdom; Americas: Houston, US and Macaé,
Brazil; Asia Pacific: Hong Kong, Singapore and Perth,
Australia; Middle East and India: Dubai and Abu Dhabi,
UAE and a local presence in  countries in total.
Although Europe still makes up a substantial part of our
total revenue, we have a well-balanced presence in each
of our four regions. Moreover, as an organisation
benefiing from a global reach, we are able to oer client
solutions throughout the year across geographies and
seasons, reducing earnings volatility due to our presence
in diversified regional markets and economies,
with standardisation of our solutions enabling us to
deliver the same quality of integrated solutions to clients
all over the world.
Fugro combines its global reach with a local presence,
with local oces being predominantly staed and
managed by local employees. Oen, large integrated
projects can be fully resourced within the relevant
regions. This ensures that we understand local business
procedures, culture and traditions and allows us to
compete against local participants, while, at the same
time, drawing on our global reach, resources and
expertise and the strength of company-wide cooperation.
Operational assets
(per year-end )
25 vessels (plus 5 long-term charters)
6 uncrewed surface vessels (USVs)
7 autonomous underwater vehicles (AUVs)
67 remotely operated vehicles (ROVs)
113 cone penetration testing systems (CPTs)
211 onshore and 12 oshore geotechnical drilling rigs
32 jack-up platforms
36 laboratories
global network of remote operations centres
With our market agnostic asset
base, expertise and client
solutions are able to serve
clients across dierent end
markets and geographies
 FUGRO ANNUAL REPORT 
Global player with local presence
Employees

Revenue*

Employees

Employees

Revenue*

Employees

Revenue*

Revenue*

Americas
Europe
Africa
Middle
East &
India
Asia
Pacific
Major oce locations
Oce locations
*  revenue in EUR million
 FUGRO ANNUAL REPORT 
ORGANISATION
Fugro N.V. is a public limited liability company managed
by a Board of Management under supervision of an
independent Supervisory Board; a so-called two-tier
board system. The company is organised in four
regions, which all operate the same four business lines:
marine site characterisation, marine asset integrity,
land site characterisation and land asset integrity.
The Executive Leadership Team (ELT) assists the Board
of Management in managing the company, and is
collectively responsible for the performance of the
company and its business, the implementation of the
strategy and group wide policies, systems and
processes. Apart from the members of the Board of
Management, this team consists of the four Regional
Group Directors, a Group Director Development &
Digital Transformation, the Group Director Human
Resources and the General Counsel/Chief Compliance
Ocer. CEO Mark Heine is chairman of both the Board
of Management and the ELT.
We have an eective organisation in place, supporting
the implementation of groupwide agendas in key areas
such as key account management and value based
pricing, integrated digital solutions, disciplined cost
management, operational excellence, human resources,
IT and digital transformation.
At group level, the company has corporate departments
in place for quality, safety and sustainability; accounting
and control; treasury; tax; insurance; procurement;
internal audit; legal; human resources; IT and strategy
and communication. Within the regions, support
functions for human resources; finance; quality, safety
and sustainability; strategic sales & marketing;
operational excellence; communication and IT are
increasingly organised as shared services.
At Board of Management level, sustainability is part of
the portfolio of the CEO. The Global Director Safety &
Sustainability, who directly reports to the CEO,
coordinates the groupwide development and
implementation of the sustainability agenda.
The relevant topics are managed and monitored by the
appropriate corporate directors; primarily Global
Director Human Resources, Global Director Safety &
Sustainability, General Counsel/Chief Compliance
Ocer, and Global Procurement Director. Fugro’s
business entities are responsible for local
implementation of relevant practices within the policy
framework set by the Executive Leadership Team.
Organisational structure
Board of Management
Executive leadership team
Marine asset integrity Land site characterisation Land asset integrity Marine site characterisation
Americas
Europe
Africa
Middle
East &
India
Asia
Pacific
Energinet has awarded Fugro various contracts for the
Danish Energy Island project in the North Sea.
The purpose-built artifi cial island will be situated  km
o shore in the North Sea and will act as a hub
connecting hundreds of surrounding wind turbines.
Fugro has been contracted to perform geophysical,
geotechnical, unexploded ordnance and cable route
surveys, which will be used to prepare an integrated soil
model on which wind farm developers will base future
tenders for this megaproject. In addition, Fugro will
provide ﬂ oating wind lidar measurements.
These projects underline Fugro’s commitment to
supporting the renewable o shore wind industry in the
global energy transition and shows that quality and
technical innovation wins contracts. Our innovative ultra
high resolution sub-soil Geo-data solutions will help
future wind farm owners de-risk the development and
deliver cost-e ective renewable energy to up to 
million European households.
 
Fugro’s involvement in construction
of the world’s fi rst energy island
 FUGRO ANNUAL REPORT 
Fugro fulfi ls an important role in the ongoing energy
transition, mostly through its wide range of site
characterisation services from multiple vessels for the
safe, e cient and sustainable development of o shore
wind parks. Fugro’s Geo-data enhance the client’s
understanding of the ground risks associated with the
project, optimising and de-risking the decision-making
and design process.
Over the last couple of years, Fugro has been awarded
numerous work scopes for the Atlantic Shores
development o the coast of New Jersey in the US,
a joint venture between Shell New Energies US and EDF
Renewables North America. To achieve streamlined
decision making and an accelerated project schedule,
Fugro is building and managing a centralised, cloud
hosted data repository to provide the client and other
stakeholders with a single source of updated Geo-data
and documentation. In addition, during the coming
years Fugro will also provide real-time wind and
metocean measurements to optimise wind turbine
design, installation, operations and maintenance.
 
High performance site investigation
services for o shore wind parks
 FUGRO ANNUAL REPORT 
 FUGRO ANNUAL REPORT 
Strategy
We have become a more diversified and
resilient company, with increasing exposure
to growth markets such as renewables,
infrastructure and water. Our position
as the leading Geo-data specialist oers
great opportunities in a rapidly changing
world.
The positive market outlook reinforces our
Path to Profitable Growth strategy,
supported by our increasingly balanced
market exposure, less capital-intensive
asset base and resilient operating model.
With our key strengths, we are well positioned to
support our clients with the energy transition,
development of sustainable infrastructure and climate
change adaptation. Our Path to Profitable Growth
strategy is based on three strategic objectives: capture
the growth in energy and infrastructure, leverage core
expertise in new growth markets and dierentiate by
integrated digital solutions.
We believe in sustainable development as a driver to
create a safe and liveable world together. This requires
balancing the short- and long-term interests of our
stakeholders and integrating social and environmental
factors into our decision making to ensure our
long-term success.
GLOBAL DEVELOPMENTS
The world is in a period of intense and accelerating
transformation, including population growth,
urbanisation and climate change. By , the
population will have grown by approximately . billion,
or , in comparison with today, while around .
billion people will have moved to urban areas. This will
lead to further increasing demands for energy, fresh
water, food, minerals, metals, buildings, industrial
plants and infrastructure, leading to massive and
potentially disruptive challenges for the world. The
impact of climate change is becoming increasingly
visible by the day, with rising sea levels puing coastal
systems and low-lying areas at risk, increasing pressure
on ecosystems and biodiversity and decreasing diversity
in marine ecosystems. Over the coming decades these
key global developments are expected to drive an
increase in demand for energy, water, food, roads, rail,
 FUGRO ANNUAL REPORT 
buildings, airports and ﬂood protection. The energy
mix, infrastructure and built environments have to
evolve if tomorrow’s problems are to be solved in a
sustainable manner, rendering Fugro’s services more
critical than ever.
Moreover, technology is changing faster than ever
before, impacting most industries including Fugro’s
end-markets, opening up opportunities for dierent
and more eective ways of working. Rapidly developing
technologies with connected devices and robotics
enable more remote solutions, which can deliver
sustainable operations. In addition, active engagement
by diverse stakeholder groups with an organisation’s
environmental, social and governance performance,
is clearly on the rise. As a result, companies are
expected to demonstrate accountability and thus
transparency over sustainability maers.
Covid-19 pandemic
In , the pandemic continued to have a far-reaching
impact on almost all aspects of our lives. Fugro’s
business operations were hampered by travel
restrictions, quarantine requirements and lockdown
measures, leading to operational complexities for cross
border projects and stang, and project delays.
In addition, subdued travel and economic activity levels
resulted in low oil and gas activity levels.
Throughout the year we continuously reviewed,
updated and where needed strengthened our Covid-
management protocols, aimed at business continuity
while maintaining the health, safety and wellbeing of
employees, with a specific focus on sta on remote
projects and vessels. Our increased remote operations
capabilities facilitated continued operations for our
clients.
The pandemic has had a tremendous eect on the
energy markets. Aer low global economic activity,
and consequently lower energy demand in ,
the year under review saw a recovery in demand of
around  (BP Statistical Review). The world has been
adapting to living with the virus. While the pandemic
clearly is yet not over, with recent surges in infections
due to the omicron variant, economic agencies expect
the global economy to continue to rebound despite
multiple challenges, such as higher than expected
inﬂation rate. According to the IMF, the global economy
is expected to grow by . and . in  and 
respectively.
While the impact of the pandemic is significant on the
dynamics in the oil and gas markets, it has been limited
on the renewables, infrastructure and water markets,
due to the continued growth in wind developments at
sea and aggressive governmental incentive
programmes.
KEY TRENDS IN OUR MARKETS
The pandemic has laid bare fundamental deficiencies in
our global system, accelerating the aention for other
disruptive global challenges. The global developments
of population growth, urbanisation, and climate change
are resulting in three key trends in our markets: the
energy transition, sustainable infrastructure and climate
change adaptation.
Energy transition
Despite an expected increase in the total global energy
demand during the coming years, businesses are
adapting to a transformation of the global energy
sector from fossil-based systems to renewable energy
sources. The switch from sources like coal oil and natural
gas to renewable energy is enabled by technological
advancements and a societal push toward sustainability,
driven by the urgent need to limit the impact of climate
change.
This requires a fundamental shi in the global energy
system. The demand growth in global energy in the
upcoming decades is envisioned to be fully absorbed by
a variety of renewable sources, such as wind, solar,
hydrogen and geothermal. To date, Fugro in particular
oers solutions for wind developments at sea, while
hydrogen and carbon capture storage are rapidly
developing markets that will oer commercial
opportunities in the future. At the same time,
the energy transition is a very complex process that will
take time. Currently, only around  of the worldwide
primary energy use is generated from renewable
sources. Therefore, there is a large discrepancy between
governments’ carbon reduction ambitions and current
reality. In , the world was already confronted with
unprecedented gas prices, due to strong demand
coupled with delivery issues and very low investment
The world we live in is
changing faster than ever
before, driven by population
growth, urbanisation, climate
change, accelerating
technological developments
and an increasingly engaged
society
 FUGRO ANNUAL REPORT 
levels. The transition will require a balanced approach,
where fossil fuels will remain an important part of the
energy mix for years to come, with oil and coal being
consistently phased out and natural gas serving as a
transition fuel.
Renewables
The transition to low carbon energy resources will result
in a fundamental shi in the global energy system.
The demand growth in global energy in the upcoming
decades is envisioned to be fully absorbed by a variety
of renewable sources. Wind developments at sea play a
role of increasing important role in this market.
According to the IEA  World Energy Outlook,
renewable energy, led by wind and solar power, will be
the fastest growing source of energy over the next 
years. The majority of the turbines has been so far
installed in north-west Europe, but this market is
becoming increasingly global.
C Oshore reports that over the next five years many
new wind projects are scheduled to be completed
around the world; installed capacity is expected to grow
from  GW to  GW between  and 
(excluding China). In line with global wind power
capacity increases, oshore wind capital expenditure is
projected to increase at a compounded annual growth
rate of approximately  over the next five years,
with the majority of the investments in Europe, followed
by Asia Pacific and Americas.
As the global oshore wind market grows, countries will
increase their reliance on power generated from this
source to meet demand. Activities such as inspections
of cables and foundation, as well as monitoring of
oshore wind farms once fully operational will become
increasingly important to prevent any issues that might
cause an interruption in power supply.
MEI
E&A
A PA C
Americas
Americas APAC Europe & Africa MEI
Oshore wind capex, USD billion
2020 2021 2022 2023 2024 2025
19
22
31
40
47
19
12
7
13
6
3
18
7
6
21
10
10
20
15
12
12
7
Source: 4C Oshore December 2021. (Note: data exclude China)
+20%
 FUGRO ANNUAL REPORT 
Oil and gas
Oil and natural gas are expected to be a key source of
energy in the medium to long term. Gas investments
are expected to continue to grow driven by increasing
energy demand and switching from higher carbon
emission sources (coal in particular) to gas.
Natural gas has aracted a lot of aention both as a
transition fuel to the greener future energy mix and due
to the recent unrest on the energy spot markets, which
set an all-time high gas prices in Europe and Asia.
Current forecasts show a steady growth of demand and
prices for natural gas, which may also shi the
investment focus of the oshore E&P industry towards
natural gas field development. In  there was a
strong imbalance in gas supply and demand which
caused gas prices to increase strongly partly caused by
geopolitical tensions and constraining supply by Russia.
It is expected that gas will gain further interest in the
near future as a transitional fuel.
According to Rystad Energy, the deviation from the
long-term due to the pandemic has resulted in a
short-term decline in investments and budgets cuts for
the industry, but investments are expected to return to
growth from  onwards. Looking ahead, mainly
natural gas investments are expected to gradually
increase across the full life cycle of oil and gas projects,
albeit to lower levels compared to -.
Sustainable infrastructure
Utility and transportation infrastructure is the backbone
of any economy. However, most infrastructure was built
decades ago and has gone past its original lifespan,
safety and design criteria. Climate impact and deferred
maintenance compound the challenges owners of these
critical assets and networks face. Sustainability in
infrastructure is about life-time extension, repair and
replacement of existing aging infrastructure,
and building smarter, cleaner and safer new
infrastructure. Data-driven decision making, on the
basis of high-tech sensors, with risk based expert
inspections and assessment will support beer
prioritisation of spending due to the onset of predictive
asset management. A good understanding of the
MEI
E&A
A PA C
Americas
Americas APAC Europe & Africa MEI
Infrastructure spend, USD billion
2020 2021 2022 2023 2024 2025
617
676
728
782
839
547
147
202
140
128
162
219
154
175
233
167
188
248
180
203
254
192
141
153
166
180
124
174
127
122
Source: Global Data Construction Intelligence Centre (January 2022);
Global infrastructure construction services spending estimates,
excl. China
+9%
MEI
E&A
A PA C
Americas
Americas APAC Europe & Africa MEI
Number of oshore project final investment decisions
2020 2021 2022 2023 2024 2025
74
88
147
187
154
81
14
30
20
10
16
37
21
27
68
35
36
83
40
33
67
35
14
17
28
19
5
38
24
14
Source: Rystad Energy (January 2022)
MEI
E&A
A PA C
Americas
Americas APAC Europe & Africa MEI
Oshore oil & gas market spend, USD billion
2020 2021 2022 2023 2024 2025
181
199
202
208
218
180
31
61
31
58
38
63
34
41
63
34
44
66
32
45
71
34
64
65
66
68
34
56
34
56
Source: Rystad Energy (January 2022)
+4%
 FUGRO ANNUAL REPORT 
renewed ambitions to reduce emissions prove to be
eective. Extreme weather and other climate change-
related events, resulting in coastal and inland ﬂoods as
well as droughts, will become more frequent and
intense. This leads to adverse impacts on ecosystems,
economic sectors, infrastructure and human health and
well-being, especially as around  of the world’s
population lives within  kilometres of the coast.
A strong growth is expected in investments in climate
change adaptation and related infrastructure.
Coastal protection and land reclamation activities
contribute to the sustainable growth of the water
management sector. National governments and
international organisations are taking measures to
current status of infrastructure assets and the
interaction with its surroundings and subsurface
environment, is essential to increase safety and reduce
operating risk and total cost of ownership.
The level of investments in infrastructure is directly
correlated to economic growth. Although in  global
GDP growth was negative due to the pandemic,
according to the IMF, GDP increased by . in .
IMF anticipates a . growth in . This will lead to
additional investments in development and
maintenance of infrastructure. According to the Global
Data Construction Intelligence Centre, global
infrastructure spend is expected to increase by
approximately  over the next five years.
As investments in roads and electricity networks are
expected to continue growing, there is an increasing
need for competent site investigation, quality data
collection and accurate interpretation and advice to
assist construction management companies through
condition monitoring and evaluation, contributing to
the feasibility, design, engineering, construction,
maintenance and decommissioning stages of buildings,
highways, railways, bridges, tunnels, ports and airports.
Climate change adaptation
In the lead-up to COP in Glasgow in November ,
many studies were published showing that world is not
yet on track to meet the ambitions of the Paris
agreement. Climate change will lead to more
challenges in the future, even if global eorts and
counter and mitigate risks related to the sea-level rise
by adequate coastal defence infrastructure and systems,
levee reinforcements and acquiring detailed knowledge
of the oceans to prevent ﬂooding. Harsh weather
paerns and natural disasters are increasingly
impacting high density population areas in river deltas
and low-lying areas At the same time, increasing cases
of drought result in low ground water levels, subsidence
risks and foundation issues. This leads to an increasing
need for innovative water sourcing and water
management solutions. Moreover, the protection of
ocean’s health is an increasingly important topic, as the
world’s oceans cover  of the Earth’s surface and
support nearly every aspect of our lives.
 FUGRO ANNUAL REPORT 
PATH TO PROFITABLE GROWTH STRATEGY
With our key strengths, we are uniquely positioned to
support our clients with the energy transition,
sustainable infrastructure and climate change
adaptation. While contributing to the UN Sustainable
Development Goals, it is Fugro’s ambition to deliver
solutions supporting our clients to overcome their
challenges in achieving net-zero carbon emissions,
to enable the development of safe infrastructure and to
strengthen climate resilience. Our strategy is based on
three objectives: capture the growth in energy and
infrastructure, leverage our core expertise in new
growth markets and dierentiate by integrated digital
solutions.
Capture the growth in energy and
infrastructure
The anticipated growth of the energy and infrastructure
markets is leading to increased spending on renewable
power and electricity networks, railways, roads, bridges,
tunnels, buildings and industrial facilities. Fugro will
increase its integrated oering of data acquisition,
analysis and advice, and further strengthen its key
account management and value-based bidding. We will
continue to improve asset utilisation and operational
excellence in order to drive client satisfaction and cost
eciencies.
The ongoing transformation of the global energy sector
from fossil-based systems to renewable energy sources
oers a lot of opportunities for Fugro. To date, Fugro in
particular oers solutions for wind developments at sea,
while hydrogen and carbon capture storage are rapidly
developing markets that will oer commercial
opportunities in the future. Initially a mostly European
market, oshore wind parks are now being developed
all over the world. We oer a wide range of site
characterisation and asset integrity services. We are
redirecting our market agnostic assets, expertise,
products and solutions towards this structural growth
market, leveraging our long-standing relationships with
traditional energy clients as they grow their renewables
business.
At the same time, we are well equipped to continue to
oer our site characterisation solutions to traditional
energy clients. In addition, our asset integrity solutions
enable clients to keep their existing infrastructure at sea
safe and reliable by inspection and corrosion detection
work, to protect our oceans and keep coastlines free
from exposure to pollution.
In the Land business lines, we will further grow our
share of large complex infrastructure projects as Fugro
is one of the few companies that can oer integrated
Geo-data acquisition, analysis and advice. By
strengthening our relationship with key clients in the
engineering, procurement and construction segment,
Fugro ensures that it is engaged from the very start of
their projects. To further leverage our consultancy
mindset, we have captured this approach in our
Geo-risk management framework concept.
This framework describes the subsurface risk
environment that we share with our clients and is based
upon Fugro’s ability to add value by reducing
uncertainty at all stages of the asset lifecycle to avoid or
solve engineering challenges and to help our clients
manage their ground-related risk exposure and beer
meet their ultimate business objectives.
Strategy framework
Purpose
Together we create a safe and liveable world
Support the transition towards net-zero carbon,
safe infrastructure and climate resilience
Be the world’s leading Geo-data specialist
Unlocking valuable insights from Geo-data to help our clients
design, build and operate their assets safely and sustainably
Capture the growth in
Energy & Infrastructure
Leverage core expertise
in new growth markets
Values
Vision
Strategy
Dierentiate by
integrated
digital solutions
We are determined
to deliver
We do
what’s right
We prepare
for tomorrow
We build
trust
 FUGRO ANNUAL REPORT 
Leverage core expertise in new growth
markets
While already strongly positioned in supporting clients
in the energy and infrastructure markets, Fugro is
leveraging its existing expertise to develop new
activities in adjacent and new markets.
In particular, we are expanding into the water market,
to capitalise on the global need to increase climate
resilience and global water security, and the resulting
significant investments in ﬂood protection, coastal
defence and water management. We are oering
integrated coastal resilience solutions for coastline
mapping, dike monitoring and design, freshwater
sourcing and transport, and ocean science. This helps
communities and asset owners to beer analyse their
climate related risks and design solutions.
In addition, Fugro is commied to support the growing
market of route surveys for fibre optic cables,
and further diversify its oering of positioning services,
for example for space assets.
Dierentiate by integrated digital
solutions
We are commied to maintain our dierentiated
position as the most innovative Geo-data company
across the markets in which we operate. Supported by
strong client involvement, our research and
development eorts are focused on less capital-
intensive solutions, such as the shi towards more lightly
and uncrewed vessels, that aim to reduce the overall cost
of development and operation of our clients’ assets.
This provides us with a competitive advantage,
compounded by the need to work remotely as a result of
the pandemic. We will accelerate the implementation of
robotics and analytics across all service lines.
Our integrated solutions are built on four pillars: mobile
autonomous robots and sensors, remote operation and
support services, analytics and cloud automation and
insights delivery through the Digital Foundation.
Our clients are exposed to large volumes of data on
which they base complex decisions. Fugro is increasingly
providing its clients with the Fugro’s Digital Foundation:
a digital, four-dimensional model combining all
Geo-data acquired throughout the lifetime of the asset,
artificial intelligence-driven analytics and related
decision making. The resulting comprehensive
web-based interface provides clients with (near) real-
time insight into location and design optimisation,
change detection and simulation. We aim for or our
digital twins and (subscription based) portals to become
the backbone of Geo-data based decisions throughout
the life cycle of the asset.
Geo-risk management framework
Uncertainty reduced & value increased
Feasibility planning Preliminary design Detailed design Construction Asset operation
Initial site screening Integrated digital site characterisation
Analytics design & advice
Design calibration Geo monitoring Asset monitoring
 FUGRO ANNUAL REPORT 
Our strategy capitalises on the market trendsOur strategy capitalises on the market trends of energy transition, sustainable infrastructure and climate change adoptation
St rategy
Capturet he
growth in Energy
&I nfrastructur e
Leverage core
exper tise in new
growth market s
Dierentiate by
integrated digital
solutions
Support net
carbon emissions
Enable safe
infrastructure
St rengthen climate
resilience
Stakeholder engagement
How we engaged in 2021 Exemplary topics discussed Impact on Fugro’s strategy and policies
Customers Client facing personnel engages with clients at all
levels: key account management with direct senior
leadership involvement, business development,
technical advice, proposal reviews, project
management and contract negotiations. Over 3,550
meetings were logged during 2021. We also engage via
client surveys.
Future client strategies, project performance and client
satisfaction, energy transition and other supply chain
challenges, innovation, understanding and advising on
work scopes, Covid-19 impacts, HSE, Fugro’s ESG
rating and ESG performance.
Client project feedback is continuously addressed to
improve our policies and client relationships. Client
strategies and innovation direction is highly valued in
developing commercialisation strategies, as well as
strategies with regard to emission reduction aecting
clients’ scope 3 profile.
Employees We conduct regular engagement surveys. Local
management organises town hall meetings to share
information and invite employees to ask questions and
share their thoughts. Daily news items, regular CEO
and other senior management videos on the corporate
intranet.
Our work environment, strategy and culture,
the activation of company values, Covid-19
management and the impact of the pandemic on
people’s work environment and wellbeing, with a
particular focus on sta working on remote locations.
Employee engagement enables management to
prioritise the topics that impact employees’ well-being
and professional development. We prioritise our
actions based on issues that are most relevant to
Fugro’s business and performance.
Suppliers In addition to Fugro’s global procurement team which
has regular meetings with global suppliers, local
procurement teams maintain regular contact with
other suppliers.
Covid-19 impacts, innovation, sustainability,
CO
2
footprint, potential supply chain risks,
cost optimisation opportunities, terms and conditions,
Fugro’s Code of Conduct, GDPR, legal compliance and
compliance with Fugro’s procedures.
To stimulate a responsible supply chain, we are in
discussion with suppliers about adherence to Fugro’s
Code of Conduct, Fugro’s supplier and partner code of
business principles, and impact on our scope 3
emissions. Joint development of innovative solutions or
assets.
 FUGRO ANNUAL REPORT 
STAKEHOLDER ENGAGEMENT
Fugro values engagement with its stakeholders,
supports them with relevant information on
performance and progress, and actively seeks their
opinions and ideas through regular discussions and
consultation. A good understanding of their legitimate
interests and expectations helps us to beer manage
the opportunities that could impact our ability to create
value in the long term. Stakeholders considered to be
most relevant to our success are customers, employees,
suppliers, investors, and society at large.
 FUGRO ANNUAL REPORT 
Stakeholder engagement
How we engaged in 2021 Exemplary topics discussed Impact on Fugro’s strategy and policies
Equity and debt investors
CEO, CFO, Director Investor Relations and Director
Safety & Sustainability regularly engage with investors
and other financial market participants, via results
meetings, webcasts and calls.
Operational performance, Covid-19 impacts, balance
sheet, mid-term targets, Fugro’s increasing
diversification towards renewables and climate
adaptation growth areas, ESG ratings and
performance.
Investor feedback is regularly discussed with the
Executive Leadership Team and Supervisory Board. It is
taken on board in the development of our strategy and
policies.
Society (eg, international
organisations,
governments and
intergovernmental
organisations, universities)
Fugro undertakes joint research & development
activities with universities and institutes, sponsors
scholarships, supports ocean science initiatives such as
UN Ocean Decade and Seabed 2030, engages with
various industry organisations, NGOs, cities and
municipalities.
Ocean science and conservation, climate change
mitigation and adaptation challenges and solutions,
mobilisation of the private sector for societal
challenges.
Development of sustainability targets and inclusion of
SDG related objectives in local planning and policies,
further contribution to various ocean science initiatives.
Partnerships to set and roll out industry standards.
Sponsoring of local community events.
Materiality assessment
In , Fugro decided to update its  materiality
assessment. The aim of this assessment was to identify
those topics that best align with Fugro’s strategy and
the latest sustainability developments in a rapidly
changing world.
Aer identifying and updating the relevant topics
considering Fugro’s strategy, international reporting
standards such as SASB and GRI, a peer review, sector
specific studies and media analysis, a short list of topics
was established. Using an anonymised online survey
tool, an internal and external consultation was
organised to determine the priorities in this shortlist.
For the internal survey Fugro’s top management was
invited to participate, for the external survey almost 
people were selected amongst Fugro’s key
stakeholders: clients, suppliers, investors, NGOs and 
randomly selected employees. The results of these
surveys were validated in sessions with a sounding
board, the Executive Leadership Team and the
Supervisory Board.
While no drastic changes resulted from this assessment
compared to the previous exercise in , the outcome
reﬂects the increased global aention for key topics
such as climate change mitigation and adaptation,
business resilience and biodiversity. The outcome of the
assessment informs Fugro’s (sustainability) strategy and
communication eorts.
The table below shows the link between our material
topics, key objectives,  performance, and mid-term
ambitions for our most important performance
indicators. To achieve our ambitious objectives, we have
to manage the relevant key risks. For more information
on our risk management approach, refer to the Risk
management chapter. For more information about 
performance, policies, and ambitions regarding the
material topics, refer to the Group performance
chapter.
 FUGRO ANNUAL REPORT 
Connectivity table
Material topic Fugro’s objective Performance indicator Ambition / Target
Performance
2021
Performance
2020 Related risks Page
PEOPLE
Health, safety,
security and
wellbeing
Maintain the highest health & safety
standards
Lost time injury frequency <0.5/million sta hours in 2023-2024 0.70 0.67 Health, safety &
security
44
Total recordable case frequency - 1.71 1.62 44
Total lost work days - 419 444 44
Talent araction,
learning &
development
Aract and retain talented employees Voluntary employee turnover rate 14% 8% Employees &
capacity
46
Invest in Fugro’s highly skilled and
engaged workforce
Number of completed courses at Fugro
Academy
- 80,873 101,193 46-47
Diversity &
inclusion
Provide equal opportunity & reward to all
sta, regardless of gender, age,
background, sexual orientation, religion or
disability
% female employees - 22% 21% Employees &
capacity
47-48
% women in senior management > 25% in 2025 20% 20% 47-48
PLANET
Climate change
mitigation &
adaptation
solutions
Deliver solutions to support the energy
transition, sustainable infrastructure,
and climate adaptation
Renewables, infra and water as % of total
revenue
>65% in 2023-2024 61% 55% Market exposure
Innovative
capability
50
GHG emissions Minimise environmental footprint of
Fugro’s operations
Absolute CO
2
emissions vessels
(kilotonnes)
Net zero by 2035
(scope 1 and scope 2)
184 180 Climate change
Project execution
Innovative
capability
51-52
CO
2
emission intensity vessels
(tonnes CO
2
/ operational day)
20% reduction by 2025
(baseline: 2020)
14.9 15.8 51-52
Share of energy consumption in Fugro
oces from renewable sources
80% by 2025 43% 31% 51-52
CDP rating B rating in 2023 (reporting year 2022) B– C 86
Biodiversity Minimise impact of Fugro’s operations on
biodiversity and actively contribute to
protection of marine biodiversity
Contribution to UN Decade
of Ocean Science for Sustainable
Development (2021-2030)
Activate partnership agreement with
IOC-UNESCO
Climate change 53
PROFIT
Business
resilience
Ensure healthy financial performance,
resilience and relevance of Fugro’s
business model
EBIT margin 8-12% in 2023-2024 4.3% 3.5% Market exposure
Innovative
capability
Project execution
Health, safety &
security
Company
financing
37
Free cash ﬂow 4-7% of revenue in 2023-2024 0.9% 4.2% 37
ROCE 10-15% in 2023-2024 8.8% 4.6% 40
High quality
solutions
Deliver innovative, digital and sustainable
solutions to clients
Net promotor score >40 (based on 1,200+ responses) 55 NA Innovative
capability
42
R&D spend as % of revenue _ 2.5% 2.6% 42
Protection of intellectual property Number of patents granted _ 29 35 43
Business ethics &
compliance
Conduct business in an ethical way and in
compliance with global and local
regulations
Number of alleged violations of
Code of Conduct
_ 9 34 Legal &
regulatory
compliance risk
54
Data privacy &
security
Ensure the privacy and security of our
employees’, contractors’, and clients’ data
55
 FUGRO ANNUAL REPORT 
employer and a responsible company managing our
impact on the society and world in which we operate
(‘how we do it’).
stakeholders. It also includes the United Nations
Sustainable Development Goals (SDGs) on which we
have an impact. The impact is related both to the
services we provide (‘what we do’), and to being a good
LONGTERM VALUE CREATION
Fugro’s value creation model, based on the ‘six capitals’
model of the International Integrated Reporting
Council, shows how we use the resources, capabilities
and expertise at our disposal to create value for our
Geophysical
data
Metocean
data
Geodynamic
data
Geotechnical
data
Geochemical
data
Geospatial
data
Geohazard
data
Global
positioning
data
Output per capital Outcomes for stakeholders
Impact on SDGs
Value creation process
Input
Population growth Urbanisation Technology Climate change
Engaged society
GLOBAL DEVELOPMENTS
FINANCIAL
■ Funding from shareholders,
banks and bondholders
HUMAN
■ Talented and diverse employees
■ Fugro Academy, training spend
KNOWLEDGE
■ Advanced methods
and technologies
■ R&D (spend and employees)
■ Knowledge partnerships
STAKEHOLDER RELATIONSHIPS
■ Stakeholder engagement
■ Code of Conduct
PROVISION OF SERVICES
■ Fixed asset resource base,
capital expenditure and supplier
spend
■ Project and risk management
tools
ENVIRONMENT
■ Energy use
■ Risk mitigation systems
CUSTOMERS
■ Innovative customer solutions
■ Safely built and operated assets
EMPLOYEES
■ Fair terms and conditions of
employment and equal
opportunity for all
■ Training and life-long learning
opportunities
■ Living wage
■ A healthy and safe working
environment
SUPPLIERS
■ Reliable customer
■ Fair payment terms
INVESTORS
■ Return on investment
SOCIETY
■ Solutions contributing to the
energy transition, sustainable
infrastructure and climate change
adaptation
■ Reduced carbon footprint
■ Protection of ecosystems through
sustainable levee designs and
water management consultancy
■ Participation in various ocean
science programmes
■ Ethical business conduct
■ Knowledge development through
academic partnerships
FINANCIAL
■ Wages,interest, taxes
and dividends
■ Share price performance
HUMAN
■ Engaged employees
with enhanced skills
■ Health and safety performance
KNOWLEDGE
■ Innovative site characterisation
and asset integrity solutions
■ Intellectual property (patents)
STAKEHOLDER RELATIONSHIPS
■ Ethical business conduct
■ Solutions advancing a
safe and liveable world
PROVISION OF SERVICES
■ Total value of acquisition,
analytics and advisory services
■ Safe and reliable delivery
ENVIRONMENT
■ Reduced environmental impact
■ Solutions contributing to the
energy transition, climate
change adaptation and
sustainable infrastructure
We unlock insights from Geo-data: information
related to the Earth’s surface, subsurface and
structures built on it. With our unique ‘triple-A’
approach (data acquisition, analysis and advice)
we help our clients design, build and operate their
assets in a safe, sustainable and e cient manner
F u t u r e Ve s s e l P l an - J a n 2022 1
Achieving emission-free shipping is not a straight-
forward ma er as most vessels still run on fossil fuels.
Although there are several routes to achieve CO

emission reductions in the maritime sector, there are only
a few possible alternatives to marine diesel that can be
deployed in the short to medium term. For large-scale
introduction the most viable option is methanol.
The Fugro-led consortium MENENS (Methanol as Energy
Step Towards Emission-free Dutch Shipping) has been
awarded a EUR  million grant from the Netherlands
Enterprise Agency for the development of methanol as a
low-carbon shipping fuel. Methanol is an alcohol with a
low carbon, high hydrogen content. Therefore it is also
suitable as a hydrogen carrier and can be used as a ship
fuel. The  partners in the consortium represent the
complete breadth of the Dutch maritime sector,
from equipment suppliers, designers, shipbuilders to ship
owners. This is a unique group of companies, looking to
develop methanol in fundamental research as well as the
practical live trials.
Fugro’s leading role in the consortium is to safely convert
the engine of the Fugro Pioneer survey vessel to run
emission-free on methanol by the beginning of .
Fugro will also contribute to the wider development of
the engine technology and energy management,
ship design, safety procedures and technology validation
of this emission-free fuel.
 
Development of low-carbon
shipping fuel
 FUGRO ANNUAL REPORT 
The  kilometres seawall was built more than  years
ago and forms the foundation of San Francisco’s
Northeast Waterfront, which houses a critical mix of
open spaces, tourist a ractions, businesses, utilities,
disaster response facilities, transportation networks,
and state and regional maritime assets. The seawall’s
age and proximity to two major active seismic faults
makes the waterfront especially vulnerable to e ects of
earthquakes and ﬂ ooding.
The work was conducted over a period of  years as part
of a multi-hazard risk assessment to identify immediate
and long-term hazards, such as those associated with
earthquakes, ﬂ ooding and sea-level rise. As the port’s
lead geotechnical engineer for future programme
phases, Fugro will use the MHRA inputs to develop and
design optimal retrofi t solutions for the port’s ageing
seawall.
Fugro’s approach to the MHRA emphasised two key
goals: reducing the uncertainty in the ground conditions
for improved safety and minimising potential
overengineering of seawall retrofi t solutions for
maximum cost e ciencies. These goals were
accomplished through a targeted, high-quality
geotechnical fi eld campaign, development of a robust
D ground model, and the use of innovative dynamic
soil structure interaction analyses to confi dently evaluate
the seawall’s seismic stability. The result was a reliable,
rather than conservative, vulnerability assessment which
will allow the port to make informed funding decisions
on retrofi t design and construction.
Fugro will be continuing its work with the port during the
next programme phases, helping to secure the city’s
coastal infrastructure for safe and sustainable operations
over the long-term.
  
Helping to secure San Francisco’s
coastal infrastructure
 FUGRO ANNUAL REPORT 
 FUGRO ANNUAL REPORT 
In , Fugro delivered a clear
improvement in its results. The margin
was up, in particular in Europe-Africa and
Americas, and the company generated a
positive free cash ﬂow and net result.
The resilient performance, in a year that
was still significantly impacted by the
pandemic, was a combination of strict
cost management, operational delivery,
and early signs of improved pricing.
Group
performance
Key figures
from continuing operations unless otherwise indicated
(x EUR million)
2021 2020
Revenue ,. ,.
comparable growth
1
5.8% (12.4%)
EBITDA
2
. .
EBITDA margin
2
.% .%
EBIT
2
. .
EBIT margin
2
.% .%
Net result
3
. (.)
Net result incl. discontinued operations
3
. (.)
Backlog next 12 months ,. .
comparable growth
1
11.6% (8.0%)
Cash ﬂow operating activities aer investing (free cash ﬂow)
4
. .
Net leverage
5
. .

Corrected for currency eect

Adjusted for specific items: onerous contract provisions, restructuring cost, impairment losses, and certain advisor/ other costs of EUR . million in 
(: EUR . million)

Aributable to the owners of the company

Incl discontinued operations;  free cash ﬂow includes EUR . million proceeds from the sale of Global Marine

Total debt (incl. subordinated debt) minus cash on balance sheet divided by last  months adjusted consolidated EBITDA for covenant purposes, including IFRS-
FINANCIAL
 FUGRO ANNUAL REPORT 
Full-year revenue increased by . on a currency
comparable basis. Revenue from renewables sustained
its growth trajectory with an increase of .
Infrastructure and water were up by  and 
respectively. In the fourth quarter, oil and gas related
revenue increased in all regions, whereas for the full
year, revenue declined versus .
EBITDA increased to EUR . million, driven by
improvements in Europe-Africa and Americas, resulting
in an EBIT margin of . compared to . in .
Results in the marine and land asset integrity business
lines were higher in all regions. Throughout the year,
operations were still impacted by the pandemic,
in particular operational complexities of cross border
projects in Asia Pacific in combination with lower
government cost compensation, and low activity levels
in Middle East & India. As a result, marine and
specifically land site characterisation margins declined.
Fugro generated a positive net result of EUR . million
driven by improved EBIT, net finance expense and
income tax.
Fugro’s backlog grew by . to EUR ,. million,
which represents the largest increase since the end of
, supported by all business lines in all regions.
Free cash ﬂow was EUR . million compared to
EUR . million in  excluding EUR . million
proceeds from the sale of Global Marine Group.
An increase in cash ﬂow from operating activities by
EUR . million was oset by higher working capital
related to the revenue growth in the second half of year.
Working capital as a percentage of -months rolling
revenue was . at the end of  compared to a
particularly low level of . a year ago. Days of revenue
outstanding was  days at the end of  compared to
 at year-end . Free cash ﬂow aer lease
payments as a percentage of revenue was .
compared to . in  excluding the proceeds from
Global Marine Group.
Capex amounted to EUR . million, in line with
EUR . million in the previous year.Net debt was
EUR . million as at  December .
REVIEW BY BUSINESS
Marine
Key figures, adjusted
1
(x EUR million)  

Revenue ,. .
comparable growth
3
5.8% (.%)
EBITDA . .
EBIT . .
EBIT margin .% .%
Backlog next 12 months . .
comparable growth
3
11.0% (.%)
Capital employed . .

EBIT(DA) adjusted for specific items

Adjusted for reclassification of nearshore infrastructure services in Europe-
Africa from Land to Marine (EUR . million revenue in )

Corrected for currency eect
■
Throughout the year, buoyant oshore wind activity
levels led to a  growth in renewables, with
projects executed in Europe-Africa, Americas and
Asia Pacific. Oil and gas was down everywhere
except in Europe-Africa. On balance, vessel
utilisation was  compared to  in .
■
EBIT margin improved driven by asset integrity in all
regions. Site characterisation margin was lower,
mostly related to subdued activity levels in Middle
East & India.
Land
Key figures, adjusted
1
(x EUR million)  
Revenue . .
comparable growth
3
5.7% (.%)
EBITDA . .
EBIT . .
EBIT margin .% .%
Backlog next 12 months . .
comparable growth
3
12.9% .%
Capital employed . .

EBIT(DA) adjusted for specific items

Adjusted for reclassification of nearshore infrastructure services in Europe-
Africa from Land to Marine (EUR . million revenue in )

Corrected for currency eect
■
Revenue increased by ., amongst others thanks
to a  growth in infrastructure revenue. Only in
Middle East & India, revenues were lower.
■
Operational performance improved, in particular in
asset integrity. However, this was oset by Covid
related operational challenges in combination with
lower cost compensation in Asia Pacific, and a
transaction result on a property sale in China in
. In Middle East & India, the margin declined as
a result of lower activity levels.
 FUGRO ANNUAL REPORT 
Asia Pacific
Key figures, adjusted
1
(x EUR million)  
Revenue  . .
comparable growth
2
5.9% (10.0%)
EBIT . .
EBIT margin .% .%
Backlog next 12 months . .
comparable growth
2
6.7% (22.3%)

EBIT (margin) adjusted for specific items

Corrected for currency eect
■
Revenues increased by .. The largest contributor
was marine site characterisation which, aer a slow
first quarter, reported a strong recovery, on the back
of renewable energy projects in Japan, South Korea,
Taiwan and Vietnam.
■
Asia Pacific was the region which sustained the
largest impact from higher Covid- related
mobilisation costs and delays, while the related
government cost compensation was significantly
below . This impacted in particular the site
characterisation business lines. In addition,
 included a positive transaction result on a
property sale in China. The marine and land asset
integrity businesses reported an improved EBIT.
■
The backlog increased by . with land site
characterisation showing the largest increase.
Americas
Key figures, adjusted
1
(x EUR million)  
Revenue . .
comparable growth
2
7.8% (12.6%)
EBIT . (.)
EBIT margin .% (.%)
Backlog next 12 months . .
comparable growth
2
13.8% (9.8%)

EBIT (margin) adjusted for specific items

Corrected for currency eect
■
Revenue increased . over last year, as a result of
strong utilisation of the geophysical vessel ﬂeet,
a higher number of ROV support contracts in Brazil,
increased positioning work in the Gulf of Mexico in
the aermath of hurricane Ida and more land asset
integrity work.
■
The region’s margin improved thanks to higher
marine asset integrity revenue and an improved
margin in land site characterisation.
■
The backlog increased substantially and is reﬂected
in all business lines.
REVIEW BY REGION
Europe-Africa
Key figures, adjusted
1
(x EUR million)  
Revenue . .
comparable growth
2
8.6% (11.1%)
EBIT . .
EBIT margin .% .%
Backlog next 12 months . .
comparable growth
2
12.0% 2.7%

EBIT (margin) adjusted for specific items

Corrected for currency eect
■
Europe-Africa reported . growth, backed by a
significant increase in the second and fourth quarter,
when the sustained expansion of the oshore wind
business was combined with recovery in the oil and
gas market.
■
The region’s EBIT improved, driven by marine asset
integrity, due to higher utilisation of vessels,
supported by an increased utilisation of remote
operations centres.
■
The backlog shows an upward trend, both in marine
and land. Growth was particularly strong in marine
asset integrity.
 FUGRO ANNUAL REPORT 
Middle East & India
Key figures, adjusted
1
(x EUR million)  
Revenue . .
comparable growth
2
(9.5%) (20.4%)
EBIT (.) .
EBIT margin (.%) .%
Backlog next 12 months . .
comparable growth
2
13.4% (11.2%)

EBIT (margin) adjusted for specific items

Corrected for currency eect
■
Full year revenue declined owing to low activity levels
during the first three quarters of the year impacting
all business lines in the Gulf region, particularly
marine and land site characterisation. Aer seven
quarters of decline, revenue increased strongly in
the fourth quarter, as several long-delayed contracts
finally started and utilisation of the marine ﬂeet
increased significantly.
■
EBIT declined as a result of lower revenue, mainly in
marine and land site characterisation. Land asset
integrity showed a significant improvement due to
increased activity and ecient operations for the
NEOM mega city development in Saudi Arabia.
■
Backlog was up by . mainly due to growth in the
fourth quarter, supported by all business lines.
HIGHLIGHTS INCOME STATEMENT
Result
(x EUR million)  
Adjusted EBITDA
1
. .
Depreciation (.) (.)
Amortisation (.) (.)
Adjusted EBIT
1
. .
Specific items on EBIT (.) (.)
EBIT . .
Net finance income / (costs) (.) (.)
Share of profit/ (loss) of equity accounted investees . .
Income tax gain / (expense) . (.)
(Gain)/ loss on non-controlling interests from continuing operations (.) (.)
Net result from continuing operations . (.)
Result from discontinued operations . (.)
Net result including discontinued operations . (.)

EBIT(DA) adjusted for specific items
 FUGRO ANNUAL REPORT 
Working capital as a percentage of -months rolling
revenue was . at the end of  compared to a
historically low . a year ago, reﬂecting good
collections despite a particularly busy fourth quarter.
Days of revenue outstanding was  days compared to
 at year-end .
Capital expenditure
(x EUR million)  
Maintenance capex . .
Other capex (including fixed
assets under construction) . .
Capex from continuing
operations . .
Capital expenditure was in line with last year; around
half was spent on maintenance of existing assets and
the other half on expansion and transformation
(investments in future technology & solutions,
digitalisation, conversion of vessels, USVs and remote
operations). In , a Fugro-led consortium secured a
grant from the Netherlands Enterprise Agency for the
development of methanol as a low-carbon shipping
fuel, which will be used to fund vessel conversion capex.
Return on capital employed
(x EUR million)  
Capital employed
1
,. .
Return on capital employed,
ROCE (%)
2
.% .%

Total equity plus loans and borrowings and bank overdras, minus cash and
cash equivalents.

ROCE is calculated using NOPAT of the last  months as a percentage of a
three points average adjusted capital employed.
Income tax gain/ (expense)
There was an income tax gain of EUR . million
compared to an expense of EUR . million in .
The variance is the result of increased taxation due to
beer results in various geographies oset by higher
recognition of available deferred tax assets and the
utilisation of carry forward tax losses.
(Gain)/loss on non-controlling interests from
continuing operations
The EUR . million gain was aributable to
non-controlling interests, mainly from a subsidiary in
the Middle East.
Result from discontinued operations
Result from discontinued operations of EUR . million
was a combination of Seabed Geosolutions’ good
operational result on the project for Equinor in Brazil,
partly oset by charges related to the divestment on
 June (mainly related to EUR . million restructuring
costs and EUR . million impairment).
HIGHLIGHTS BALANCE SHEET AND
CASH FLOW
Working capital
(x EUR million)  
Working capital from continuing
operations . .
Working capital as % of last
12months revenue .% .%
Inventories . .
Trade and other receivables . .
Trade and other payables . .
Days revenue outstanding (DRO)  
Specific items
Specific items in  were composed of EUR . million
restructuring costs, EUR . million net asset
impairments and EUR . million other costs.
Net finance costs
Finance income / (costs)
(x EUR million)  
Interest income . .
Net foreign exchange gain .
-
Finance income . .
Interest expenses (.) (.)
Net foreign exchange loss
-
(.)
Finance expenses (.) (.)
Net finance costs (.) (.)
Interest income decreased by EUR . million to EUR .
million primarily as a result of lower interest income on
outstanding bank balances, while interest expenses
decreased by EUR . million as a result of lower loans
and borrowings. Net finance expenses decreased by
EUR . million to EUR . million mainly as a result of
a net foreign exchange gain of EUR . million
compared to a net foreign exchange loss of EUR .
million in . The exchange gain in  is primarily
the result of the appreciation of the US dollar.
Share of profit/ (loss) of equity accounted
investees
The share of profit of equity-accounted investees was
EUR . million compared to EUR .million in .
It mainly comprises the result of joint ventures,
including the joint venture China Oshore Fugro
Geosolutions and Fugro’s remaining interest in Global
Marine Holdings.
 FUGRO ANNUAL REPORT 
Cash ﬂow from discontinued operations
Cash ﬂow
(x EUR million)  
Cash ﬂow from operating
activities aer investing . (.)
Cash ﬂow from financing
activities (.) .
Net cash movement . (.)
Net cash movement from discontinued operations is at
breakeven as a result of Seabed Geosolutions’ good
operational performance and proceeds from the
divestment in June oset by changes in working capital
and debt repayment in the second half of the year.
OUTLOOK
For , Fugro expects an increase in revenue in
oshore wind, infrastructure and water markets,
plus modest growth in the oil and gas market, resulting
in overall continued revenue growth. In addition,
the company is focused on further margin expansion
towards its - mid-term targets of an EBIT
margin of - and a free cash ﬂow of -, on the
back of higher pricing, increasing asset utilisation,
disciplined cost management, operational excellence
and digital transformation. At the same time,
the company will continue to focus on actively
managing any impacts of the pandemic, inﬂationary
pressures and a tight labour market. To support the
anticipated growth and the company’s transformation
agenda, capex is estimated at around EUR  million.
Capital employed increased by EUR . million to
EUR ,. million, primarily due to an increase in
equity resulting from the positive net result and
contribution from other comprehensive income.
Cash ﬂow from continuing operations
Cash ﬂow
(x EUR million)  
Cash ﬂow from operating
activities before changes
in working capital . .
Changes in working capital (.) .
Cash ﬂow from operating
activities . .
Cash ﬂow from investing
activities (.) (.)
Cash ﬂow from operating
activities aer investing . .
Cash ﬂow from financing
activities (.) (.)
Net cash movement (.) .
Cash ﬂow from operating activities decreased as a result
of higher working capital due to a higher activity level
compared to a particularly low level at year-end .
The increase in cash ﬂow from investing activities was
primarily related to the one-o proceeds from the sale
of Global Marine (EUR . million) in . Cash ﬂow
from financing activities reﬂects amongst others,
the redemption of the  convertible bonds, of which
EUR  million was outstanding at the start of .
 FUGRO ANNUAL REPORT 
For oshore site investigations, also new robotic
solutions have been introduced, such as an automated,
portable system that is able to do cone penetration
tests and vibro core samples (Blue Snake) and a
portable shallow water unexploded ordnance
identification and clearance tool with safe operations
down to  metres water depth (SeaAuk).
In , Fugro will introduce a new version of its highly
portable and ecient rapid airborne multibeam
mapping system (RAMMS), that will work on unmanned
aerial vehicles. Other innovations such as mobile laser
mapping systems and electric cone penetration testing
operations will further reduce Fugro’s carbon footprint.
spent . (: .) of its revenue on R&D and
technology innovation, ensuring that clients receive the
most up to date available technologies and solutions.
Fugro is a leader in the operation of advanced, multi-
purpose uncrewed surface vehicles (USVs). Fugro’s
USVs consume over  less fuel than traditional
vessels, supporting Fugro’s target of net zero emission
operations by . Since , Fugro has been
deploying its -metre Blue Shadow USV ﬂeet for
medium- to large-scale hydrographic survey
applications. In  Fugro, together with its partner
SEA-KIT International, has delivered its first two
-metre Blue Essence USVs including fully electric Blue
Volta remotely operated vehicles (ROVs). These two
USVs have completed their first commercial inspection
jobs successfully. In , Fugro will continue to further
expand its ﬂeet of USVs in the range from  to 
metres which will have longer endurance and will be
able to deploy larger ROVs and towed equipment for
site investigation purposes.
High quality solutions
The NPS or net promoter score is a globally recognised
measurement of client loyalty and satisfaction, taken by
asking clients how likely they are to recommend a
company to someone else. Monitoring this metric is a
demonstration of Fugro’s intent to be fully client
focussed and relationship driven, where the extremely
valuable feedback allows the company to improve in
many areas. In recent years Fugro has established a
global client satisfaction survey tool, replacing the
various local tools. In , Fugro achieved an NPS of ,
although the number of responses in calculating this
score is below a reliable sample size.
In the mid-term (-), Fugro aims to achieve a
NPS of at least , calculated reliably from a sample size
of at least , responses. Fugro strives for
representative response rates from each region, country
and business line. This NPS score is a good indicator
that Fugro is doing well in looking aer clients and able
to generate and protect repeat business.
Fugro targets operational excellence through first time
right delivery of results that meet client requirements,
by adopting a ‘lessons-learned’ philosophy, coupled
with easy-to-use and high-quality event reporting.
One of Fugro’s key strengths is the translation of
technological innovations into integrated digital
solutions with a reduced CO

footprint. By leveraging
technology developments in the fields of robotics,
remote operations, cloud automation and machine
learning, Fugro oers safer, faster, more ecient,
and higher quality services and solutions, all in a more
sustainable way. Fugro’s portfolio of innovation is
managed through a global network of research and
development centres, where over  scientists, experts
and technicians develop innovations. In , Fugro
 FUGRO ANNUAL REPORT 
Since , Fugro funds the Chair in Geotechnics at the
Centre for Oshore Foundation Systems at the
University of Western Australia, whose research team
performs world leading research in oshore
geotechnical engineering. The relationship places the
research undertaken at the forefront of its field and
accelerates the dissemination of the outcomes into
industry practice to maximise impact. In ,
the academic partnership was renewed for a further five
years. Recent collaborations have been focussed on
oshore wind and have included a large research
project to optimise wind turbine foundations under
dynamic loadings. In addition, Fugro provides funding
for PhD scholarships to support high-quality graduates
in oshore geotechnics and engineering. Selected PhD
students are oered the opportunity to work for Fugro
where suitable opportunities exist. Fugro continues to
contribute extensively to technical and scientific
advancement through publications in technical and
scientific journals, as well as through posters and
presentations at events and seminars. In  Fugro
scientists, engineers and experts published close to
papers.
In ,  national and international patents/patent
applications were filed or validated. Additionally,
the amount of exclusive rights has also increased with
 new patents granted. In total, Fugro currently has 
pending and  granted patents.
Patent filings
   
Priority patent filing    
National/regional patent filings    
Granted patents    
A significant part of Fugro’s technology is developed in
close cooperation with its clients, and joint research and
development activities are carried out with local
universities and institutes throughout the countries in
which Fugro operates. Fugro maintains relationships
with over  universities and other knowledge institutes
across the globe. Examples include the University of
California at Berkeley, Davis, Los Angeles and San
Diego, Massachuses Institute of Technology, University
of Texas Austin and Texas A&M University, Louisiana
State University, Catholic University of Chile, University
of Oxford, Cambridge University, Imperial College in
London, University of Montpellier (France), Del
University of Technology (Netherlands), Universite
catholique de Louvain (Belgium), King Abdullah
University of Science and Technology (Saudi Arabia),
University of Western Australia, Queensland University
of Technology, Grith University (Australia) the Hong
Kong University of Science and Technology,
the University of Hong Kong, Eidgenoessische
Technische Hochschule Zurich (Switzerland), Politecnico
di Torino (Italy), Heriot-Wa University Edinburgh/
OrcaHub (Scotland), University of Twente (Netherlands),
TIAS Business School Tilburg and Universiteit Leiden.
 FUGRO ANNUAL REPORT 
organisation and across the industries in which Fugro
operates.
During this second pandemic year, health, safety and
wellbeing of employees was again central in our
Covid- management approach. While there were
individual infections in parts of the business, serious
vessel, project or oce outbreaks have been prevented.
Directed by a global task force, reporting to the
Executive Leadership Team, Fugro continued to manage
their groupwide response to the outbreak by ensuring
continued communication and engagement with
Fugro’s regional operations, clients and other external
stakeholders. Fugro’s management approach is guided
by regular interaction and advice from the medical
experts from international SOS. The approach includes
the constant development and review of regional and
local response plans, aligned with guidelines and
measures provided by local medical authorities. Fugro
has a risk-based approach and strict guidance for vessel
crew changes and project rotations.
Regular Covid- updates and guidance are shared with
all sta via continuously updated dedicated pages on
Fugro’s intranet. Mindful of the impact of the pandemic
on people’s personal and professional lives, Fugro is
actively promoting support for employees and their
families through its independent and confidential
global employee assistance programme, providing /
support for mental-health-related issues.
Fugro believes vaccination is the route out of this
pandemic, and encourages all employees to get
vaccinated through their local medical authorities’
vaccination plans or via other reputable vaccination
standards of practice. Centrally developed policies,
strategies, standards, performance indicators and
targets help manage risk and achieve the highest levels
of HSSE performance.
In , three colleagues sadly lost their lives during two
separate extreme weather events, while supporting
client operations on third party vessels. One incident
occurred in April  in the USA Gulf of Mexico where
two colleagues lost their lives when the third party
vessel they were on capsized due to extremely bad
weather that suddenly hit the area. In the same month,
another colleague lost his life when an accommodation
barge capsized during the cyclone Tauktae that hit the
coastal area oshore West India. Our thoughts and
support continue to be with family, friends and
colleagues that have been aected by these tragic
incidents. Fugro has re-assessed and strengthened its
procedures around seconding Fugro employees to third
party vessels. These tragic events demonstrate the
critical importance of high levels of HSSE management
and the continued emphasis on safety awareness,
management and performance at all levels in the
SOCIAL
Fugro is as good as the people it employs, and an
engaged and skilled workforce is crucial to its success.
Learning and development is an area of strong focus,
in order to aract, develop and retain skilled sta in a
competitive labour market. Fugro is an equal
opportunity employer that promotes diversity and
treats everyone with integrity and respect.
Health, safety, security and wellbeing
Safety is key to all of Fugro’s operations and is an
integral part of its operational management and
innovation eorts. Fugro is commied to providing a
safe working place to its employees, contractors and
clients, and firmly believes that incidents can be
prevented. Fugro recognises the importance of
implementing standards and practices that eliminate
risk exposure or control it to an acceptable level across
all its activities. To address these risks, Fugro has a
common approach to managing the health, safety,
security and environmental (HSSE) aspects of its
operations that requires all entities to meet the same
Safety performance
   
Lagging indicators
Lost time injury frequency (x million hours) . . . .
Total recordable case frequency (x million hours) . . . .
Total lost work days    
Leading indicators
Senior management project and site visits ,   
Completed ‘Managing Safely in Fugro’ courses 
* , 
Completed mandatory annual Life-saving rules’ e-learning % NA NA NA
*
The course had to be delayed to  due to the pandemic; in  the format was changed to online.