Fugro first half year 2008

Major developments in the first half of 2008

• The net result for the first six months of 2008 increased by 27.2% to EUR 109.3 million
  (first half of 2007: EUR 85.9 million).
• Revenue in the first half of 2008 increased by 20.2% to EUR 992.9 million
  (first half of 2007: EUR 826.3 million).
• The acquisition strategy was continued with the take-over of eight companies with a combined annual revenue of EUR 44 million as well as the remaining 38% interest in Fugro OceansatPEG S.A. The total purchase price for the acquisitions up to 30 June 2008 (including the interest in OceansatPEG) was EUR 52 million.
• Market conditions remain positive for all divisions.
• Very high backlog.
• Convertible loan of EUR 125 million fully converted into certificates of ordinary shares.
• The number of employees increased to 13,131 (end 2007: 11,472).
• The vessel fleet was expanded further with the addition of the Fugro Navigator and the Gargano.
• Fugro received the ‘Koning Willem I’ award 2008, a national prize for business excellence.

Outlook

• Barring unforeseen circumstances and assuming reasonably stable exchange rates, Fugro expects a revenue of more than EUR 2,100 million (2007: EUR 1.802,7 million) and a net result of approximately EUR 270 million for the whole of 2008 (2007: EUR 216.2 million).
• The long-term prospects for further growth continue to be favourable.
• In the second half of the year five more vessels will be added to the fleet, one of which (Geo Caribbean) will be owned by Fugro.
• The capacity expansion investment programme launched previously on the basis of good market prospects, leads to the investment of around EUR 400 million in 2008 (of which approximately EUR 110 million is maintenance capex).

Read the full press release below (pdf).