Dutch marine services group Fugro has announced that it doesn't pay a dividend this year.
Today Fugro, member of the Dutch AEX-index, warned for a second half results that are significantly below analyst expectations due to a rapidly deteriorating market for oil services.
As aspected Fugro said it wouldn't maintain its annual dividend of €1.50. However not many analysts had expected Fugro to eliminate its dividend.
It's the first time Fugro won't pay a dividend in more than 20 years. As a result of the announcement Fugro's stock lost more than 20% in Amsterdam trading on Wednesday.
