Report
Fugro Hamburg declaration on new OFW investment pact and FY25 preview
Yesterday at a North Sea summit the Hamburg Declaration was signed by energy ministers from Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands, Norway and the United Kingdom with Iceland joining as an observer. The governments agreed to work towards up to 100 GW of cross-border offshore wind capacity in the North Seas by 2050, while also advancing offshore renewable hydrogen as part of a more integrated regional energy system European governments committed to derisking offshore wind investments—mainly through two sided CfDs, enabling PPAs, and ensuring a steady rollout of 15?GW per year from 2031–2040 to support supply chain visibility. We hope the declaration will bear fruit with actual GW output in line with targets. However, we warn not to get too excited on Fugro too quickly (Hold, €11.5 TP). Arguably valuation is dirt cheap but we want to see proof of a stop in the topline decline before changing our view.
Underlying
FUGRO NV
Provider
KBC Securities
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Kristof Samoy
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