KBC sees Fugro up for a new start, shares jump
17/12/2020 09:27
** Shares in Fugro FUGRc.AS rise more than 5% after KBC
Securities upgraded the Dutch deep-sea energy prospector to
"buy" from "hold", citing the completion of a refinancing
operation and improving margins
** The group now benefits from a revitalised balance sheet
which could drive a fresh start, according to the broker
** "The green shoots of improving margins will continue to
grow in the coming years", KBC also says and adds that Fugro is
now capturing a sizable part of a booming offshore wind market
** While the company has been hardly hit by the pandemic,
the broker sees an uptake in further potential support from
public infrastructure spend and offshore oil and gas recovery
after 2021
** Including Thursday's gains, shares are down about 46% so
far this year
((juliette.portala@thomsonreuters.com))