FUGRO: GROWTH IN REVENUE WITH IMPROVING MARKET CONDITIONS

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Algemeen advies 18/05/2012 18:19
Course of business
The year 2012 started with improved performance compared to the same period in 2011. The oil price remained on average around USD 120 per barrel (Brent). The sustained high levels of exploration and production spending by the oil and gas industry result in continued improvement of Fugro’s related activities.

Geoscience
Fugro has built good backlog for marine seismic data acquisition for the second and third quarter with improved day rates, following a challenging first quarter resulting from continued overcapacity in the global fleet. In the first months of the year multi-client sales were strong. Drilling in the Gulf of Mexico is almost back to normal and the interest in the mid-year lease round confirms that also the exploration activity should recover. The Arctic, East Africa, Angola, Brazil, Australia and India are developing as areas of high interest for exploration. Following the announcement of a series of marine seismic awards earlier this year, around EUR 20 million of subsequent projects were awarded. In the first part of the year the mining market is turning out weaker than last year leading to some project delays and price pressure.

Survey
The market for offshore survey is particularly strong in the North Sea, West Africa and the Gulf of Mexico (deep water), with the latter coming almost back to near pre-Macondo levels. The shale-oil and gas related land survey business continues to grow in North America. The market in the Middle East is picking up which is supported by the award of two offshore survey multi-year framework agreements with large offshore construction contractors with a total value of EUR 50 million. The slower than expected recovery of the subsea services market continues to impact performance predominantly as a result of challenging market conditions in Asia Pacific and the Middle East. Recent subsea services awards, totalling EUR 45 million, include the Nord Stream pipeline system in the Baltic Sea, inspection and intervention projects in the UK sector for Chevron and contracts from Technip in the North Sea. These projects are contributing to a good backlog for the year in this region.








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