Geotechnical survey group Fugro on Monday said it is awaiting investment from its clients in oil and gas exploration in order to grow.

The company made the remark during the presentation of its half year results which show a net loss of €267.7m against a year earlier profit of €109.4m, after write-offs of €346.6m.

Turnover rose slightly from €1.1bn to €1.19bn.

Following a profit warning in July, operating profit fell from 11.4% in the first half of 2013 to 2.1%.

Bad performance

This was the result of  ‘a bad performance by all divisions and continuing losses in Geoscience,’ CEO Paul van Riel said in a statement.

Last week, Fugro was selected as the main contractor in the search for the missing Malaysia Airlines flight MH370 which disappeared during a flight between Kuala Lumpur and Beijing on March 8.