debt_leverage_profile
Net debt ~€200M, net debt/EBITDA ~1.0x; 20% rate rise adds ~€4M annual interest cost, manageable given ~€400M EBITDA
Inferred
Agent_Inference
interest_rate_sensitivity
Floating-rate exposure moderate; 20% rise in rates increases annual interest burden by ~€3-5M, ~1-2% EBIT impact
Inferred
Agent_Inference
geopolitical_supply_exposure
Medium intensity; US-China trade tariffs on metals and components disrupt supply chains.
Medium
GICS-commodity-overlay-v1
supply_chain_dependency
1) South China Sea vessel routing; 2) Strait of Hormuz for offshore energy survey project access in Middle East
Inferred
Agent_Inference
international_expansion_readiness
Top markets: Americas (USD), Australia (AUD), Middle East (USD-pegged); AUD devaluation is primary sovereign FX risk
Inferred
Agent_Inference
geographic_footprint
Operations in 60+ countries; revenue split ~35% Americas, ~30% APAC, ~25% Europe, ~10% Middle East/Africa
Inferred
Agent_Inference
commodity_exposure_profile
Medium intensity; commodities: Steel, Aluminum, Copper, Crude Oil (fuel), Rare Earth Elements, Plastics/Resins; geopolitical: US-China trade tariffs on metals and components disrupt supply chains.
Medium
GICS-commodity-overlay-v1
vendor_lock_dependency_score
No single vendor exceeds 30%; vessel charter and equipment suppliers diversified, though specialist ROV parts sourced from few vendors
Inferred
Agent_Inference
business_model_type_primary
Minimal cloud dependency; proprietary marine and geotechnical data systems are largely on-premise and vessel-based
Inferred
Agent_Inference
business_model_type_secondary
Cloud disruption risk low; core operations rely on physical assets and proprietary software, not third-party cloud platforms
Inferred
Agent_Inference
switching_cost_profile
Low API coupling risk; Fugro uses proprietary geo-data platforms with limited third-party API dependencies in revenue-critical systems
Inferred
Agent_Inference
howey_test_risk_index
Not applicable; revenue model is professional geotechnical/survey services, not investment contracts — Howey Test risk is negligible
Inferred
Agent_Inference
regulatory_burden_tier
Medium
Medium
GICS-regulatory-overlay-v1
data_sovereignty_risk
Moderate GDPR exposure; handles geospatial and subsea data across EU jurisdictions; CCPA exposure limited given B2B client base
Inferred
Agent_Inference
antitrust_exposure_flag
Low antitrust risk; market fragmented with competitors including TechnipFMC, Bureau Veritas, and DOF; no dominant market share
Inferred
Agent_Inference
regulatory_exposure_profile
Medium burden; regimes: FAA, DOT, OSHA, EPA, ITAR, FTC; Export controls and defense procurement rules create contract concentration risk.
Medium
GICS-regulatory-overlay-v1
revenue_model_type
~60-65% project/transactional, ~35-40% long-term frame agreements and retainers; recurring base growing with energy transition contracts
Inferred
Agent_Inference
monetization_vector
Project-based fees for marine surveys, geotechnical investigations, and asset integrity services; increasingly multi-year framework agreements
Inferred
Agent_Inference
pricing_architecture
Day-rate and lump-sum project pricing; day-rates tied to vessel and equipment costs; inflation pass-through clauses in ~50% of contracts
Inferred
Agent_Inference
pricing_power_rating
Moderate; specialized capabilities in deepwater and offshore wind support pricing, but competitive tendering limits premium capture
Inferred
Agent_Inference
target_gross_margin_bracket
Gross margin ~25-30%; EBITDA margin targeting ~15-18% as fleet optimization and offshore wind demand improve utilization
Inferred
Agent_Inference
churn_vulnerability_index
No significant free-rider leakage; proprietary data and specialized equipment create natural access controls; low churn risk
Inferred
Agent_Inference
headcount_cost_structure
Revenue growth is largely headcount-linear; marine survey operations require proportional specialist crews and vessel personnel
Inferred
Agent_Inference
marginal_cost_of_growth
Growth requires additional vessels and crews; sublinear only in data analytics segment; capital and headcount scale roughly with revenue
Inferred
Agent_Inference
franchise_compliance_risk
Not a franchise model; not applicable
Inferred
Agent_Inference
customer_acquisition_metric
At 10x scale, CAC likely rises as addressable projects become more complex; sales cycle remains long (6-18 months) for major contracts
Inferred
Agent_Inference
network_effect_present
Minimal network effects; proprietary geo-data libraries provide weak data moat but no true network effect dynamic
Inferred
Agent_Inference
asset_efficiency_ratio
AI displacement risk moderate in data interpretation roles; vessel operations and physical survey work are AI-resistant near-term
Inferred
Agent_Inference
recession_resistance_tier
Cyclical; strongly tied to oil & gas capex and offshore wind investment; partial hedge from government infrastructure contracts
Inferred
Agent_Inference
customer_segment_primary
Oil & gas majors and NOCs (Shell, BP, Saudi Aramco) representing ~50% of revenue; high concentration risk
Inferred
Agent_Inference
customer_segment_secondary
Offshore wind developers and utilities (~20-25% of revenue, growing); government/infrastructure clients ~15%
Inferred
Agent_Inference
characteristic_occupations
["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "17-0000 Architecture and Engineering Occupations", "23-0000 Legal Occupations", "33-0000 Protective Service Occupations", "37-0000 Building and Grounds Cleaning and Maintenance Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "47-0000 Construction and Extraction Occupations", "49-0000 Installation, Maintenance, and Repair Occupations", "51-0000 Production Occupations", "53-0000 Transportation and Material Moving Occupations"]
High
SOC-2018/GICS-overlay
agent_automatable_labor_share
0.3 (HIL — ~30% of characteristic roles agent-automatable)
Medium
SOC-2018 + agentic-exposure-v1
capital_expenditure_profile
Capex rebalancing underway; fleet modernization and remote sensing technology investment signals transition from legacy seismic to geo-data services
Inferred
Agent_Inference
sec_cik
null
Inferred
Agent_Inference
ticker
FUR (Euronext Amsterdam); trades at ~8-10x EV/EBITDA, modest discount reflecting O&G cyclicality and geopolitical vessel deployment risk
Inferred
Agent_Inference