Geotechnical survey group Fugro announced on Monday it is reducing its 2025 financial outlook and cutting a further 300 jobs, citing “significant changes in market conditions.”

In a press release, the Leidschendam-based company said that “a wide range of projects has been affected”, in particular the offshore wind and oil and gas sector.

Delays and cut backs on projects will have a €100 million impact on the company’s bottom line, the statement said.

The company’s stock price plummeted 13% on Monday after the new revenue warning.

The company has more than 1,700 employees in the Netherlands and approximately 11,000 employees worldwide. Earlier this year, it announced cuts of 750 jobs.

Fugro also said it was cutting back on investments, in an effort to protect cash flow.