Fugro’s Revenues Rise (The Netherlands)

Fugro 1H Revenues Rise (The Netherlands)

Fugro, world’s leading service provider for the collection and interpretation of data relating to the earth’s surface and sub-surface and for associated services, reports an increase of revenues in the first half of 2012 by 13.9% to EUR 1,338.8 million (first half of 2011: EUR 1,175.3 million).

The net result for the first six months of 2012 was EUR 115.4 million, which is some 15% higher than the result over the first six months of 2011 (EUR 100.4 million).

The company recorded an increased demand for marine seismic data acquisition which has led to some price recovery in the secondquarter of 2012.

Other major developments in the first half of 2012 were:

– Good sales of multi-client data.

– Pick up in the subsea market slower than expected.

Also, in May Fugro announced that it would undertake a review of all options for its marine streamer seismic data acquisition business and associated activities.

In the first six months Fugro acquired three companies and celebrated its 50 year anniversary.

Outlook

– Barring unforeseen circumstances, and assuming reasonably stable exchange rates, Fugro expects that the revenue for the whole of 2012 will be around EUR2,900 million (2011: EUR 2,578 million) with a net result of at least EUR 310 million (2011: EUR 287.6 million).

The net result for the full year 2011 was positively impacted by the change in fair value of the shareholding in EMGS (EUR 6 million after tax). For the outlook of the full year 2012 no change in fair value for Fugro’s participation in EMGS over the second half of 2012 has been included. The outlook does not include the impact (if any) as a result of the options review for the marine streamer seismic data acquisition business and associated activities. The above mentioned outlook results in a net profit margin of 10.7% for the whole of 2012 (2011: 11.2%).

– Most market segments related to the oil and gas market show continued growth leading to improved vessel utilisation across the fleet.

– Outlook for seabed seismic services (OBN) is solid for the second half of 2012 as a result of a large contract award.

– The mining and minerals market is recovering from reduced demand in the first half of 2012 with project volume improving.

– The subsea market is showing some what stronger signs of the start of recovery.

– The order backlog for the coming six months amounts to EUR 1,289 million (end June 2011:EUR 1,084 million).

Fugro’s activities are carried out across the world, onshore, offshore and from the air, and are primarily aimed at the oil and gas industry, construction industry, mining sector and governments.

Subsea World News Staff , August 10, 2012