Fugro expects, barring unforeseen circumstances, that the net result after tax for the full year 2012 will be around EUR 280 million (2011: EUR 287.6 million). This net result does not includethe profit accruing from the divestment of the majority of the Geoscience division.

The net profit after tax outlook for the full year 2012 takes into account the profit on the sale of Fugro’s shareholding in Electromagnetic Geoservices ASA (EMGS) of EUR 10 million.

The revenue for the year is expected to increase to around EUR 2,900 million (2011: EUR 2,577.8 million).

Of the revenue growth of about 12%, some 2% is expected to come from organic growth. The contribution from acquisitions is expected to be around 4%, with the remaining 6%coming from positive currency effects.

Impact of the divestment of the majority of the Geoscience division

The main event in the third quarter was the announcement of the transaction with CGGVeritas involving the divestment of the majority of the Geoscience Division. This transaction is the conclusion of the strategic review of the marine streamer seismic data acquisition business and associated activities that was started in May 2012.

The key points of the transaction are:

- CGGVeritas will acquire Fugro’s Geoscience division, excluding the multi-client library and the ocean bottom nodes business, for a total cash consideration of EUR 1.2 billion.

- Fugro and CGGVeritas are contributing their seabed (including ocean bottom nodes) businesses to a Seabed Geophysics joint venture. In addition Fugro is making a EUR 225 million cash payment to CGGVeritas to take a 60% controlling stake in the joint venture.

- Fugro continues to own its seismic multi-client data library, with staff transferring to CGGVeritas. CGGVeritas will support sales from the library under a non-exclusive sales and marketing agreement.

- Formation of a strategic partnership involving the inter-company supply of products and services and the pursuit of new business opportunities.

Fugro and CGGVeritas are making good progress on completing the transaction. Closing is expected around year end. CGGVeritas undertook a rights issue to raise funds for the transaction, and has confirmed its successful completion. Hence Fugro will not need to provide the vendor loan for the transaction and will receive the full consideration of EUR 1.2 billion in cash.

Within the Geoscience division, the announcement of the divestment has led to some client concern, in particular in the marine streamer seismic data acquisition business. This has resulted in a drop in backlog for this activity, and weak fleet utilisation is expected over the fourth quarter. This is a key reason for the reduced outlook on net profit after tax for the full year 2012. At the same time the company is maintaining discipline with the planned expansion of its multi-client library, where with the usual level of sales for the last part of the year and barring strong exchange rate fluctuations, the net book value will end around EUR 500 million. No further investments in the data base are foreseen post closing the transaction with CGGVeritas, except to honour existing commitments and reprocessing to improve the data in the multi-client seismic data base to support further sales. To date for this year, multi-client sales are ahead of expectations.

The delayed award of work for the newly acquired seabed node business also negatively impacts profitability in the Geoscience division for this year. For this activity, the future is positive, with around 20 months of backlog secured in the third quarter and the first project underway with a good contribution to profit. The seabed node business will form part of Fugro’s contribution to the seabed JV with CGGVeritas.

Course of business Survey and Geotechnical business

The offshore survey business continues to perform well. This business is experiencing a positive impact of the modernisation of the fleet, with the addition of new, state-of-the-art purpose built marine survey vessels.

In subsea, the second business line in the Survey division, earlier signs of improvement have not yet materialised and the business line is experiencing a difficult year. Brazil is proving to be a difficult market. We are facing operational issues and project start-up delays which are taking time to resolve. In other areas of the world, notably the Middle East and Asia-Pacific, we are experiencing a slower than expected market recovery. This is leading to underutilisation of assets in these areas. These ongoing issues are compounded by a number of recent one-time incidents in operations and the write-off of a minority participation in a technology development company that went into receivership. The latter reduces the net profit after tax by around EUR 14 million.

The offshore geotechnical business is generally performing as expected, with results held back somewhat by vessel performance issues, in particular with the older vessels in the fleet. This will be resolved over the next two years as the previously ordered replacement vessels are launched.

In many areas of the world, the continuing global economic uncertainty is resulting in reduced and delayed government spending. This continues to negatively impact profit generation in our airborne geospatial business and onshore, government related geotechnical businesses. In contrast, in the oil and gas sector, both Geotechnical and Survey continue to perform well.

Financial position

The financial position is healthy, with equity of about EUR 1.9 billion and net financial interest bearing debt of about EUR 1.6 billion.The debt position will be strongly reduced by the proceeds from the sale of the majority of the Geoscience division. In addition the proceeds will be used to grow the company, both via acquisitions and through investment in new and additional capacity to boost organic growth.

It is presently foreseen that the dividend over 2012 will be kept at EUR 1.50 per share. Fugro will publish its annual accounts for 2012 on Friday, 8 March 2013.

WIJZIGINGEN IN FUGRO’S TOPMANAGEMENT
De Raad van Commissarissen van Fugro N.V. heeft in zijn vergadering van 16 november 2012 besloten tot wijzigingen in Fugro’s topmanagement.
In goed onderling overleg hebben de Raad van Commissarissen en de heer ir. Arnold Steenbakker besloten dat de heer Steenbakker zijn functie van Voorzitter van de Raad van Bestuur van Fugro N.V. neerlegt en de onderneming
zal verlaten. Verschillen in visie over het te voeren beleid liggen ten grondslag aan dit besluit.
De Raad van Commissarissen spreekt zijn dank uit voor de door de heer Steenbakker bewezen diensten aan het
bedrijf.
Tot zijn opvolger is benoemd de heer ir. Paul van Riel, tot op heden vice-voorzitter van de Raad van Bestuur.
De heer Van Riel is werkzaam bij Fugro sinds 2001, het jaar dat Fugro Jason Geosystems overnam; destijds was
hij directeur van deze onderneming. Hij is sinds 2006 lid van Fugro’s Raad van Bestuur, vanaf begin 2012 als vicevoorzitter.
Als opvolgers van de per mei 2013 met pensioen gaande Jakob Rüegg (68) zijn benoemd de heren
Stephen (Steve) J. Thomson en ir. Mark Heine. De heer Thomson gaat leiding geven aan de Subsea Services
business line. De heer M. Heine gaat leiding geven aan de Survey business line. Een voorstel tot benoeming in de
Raad van Bestuur van Fugro N.V. van de heer Thomson zal aan de in mei 2013 te houden algemene vergadering
van aandeelhouders worden voorgelegd.
Na deze wijzigingen is Fugro’s topmanagement als volgt samengesteld:
‐ Paul van Riel (56) - voorzitter Raad van Bestuur/CEO
‐ Scott Rainey (58) - Geotechniek
‐ Steve Thomson (53) – Subsea Services
‐ Mark Heine (39) - Survey
‐ André Jonkman (58)- Financieel Directeur/CFO
Korte biografieën van de heren Van Riel, Thomson en Heine:
De heer Paul van Riel (56) is mede-oprichter van Fugro Geosystems B.V. (nu Fugro-Jason B.V.) en was werkzaam
bij Jason sinds 1986. Het bedrijf werd in 2001 door Fugro overgenomen. De heer Van Riel is in maart 2004
benoemd als lid van de directieraad en Chief Operating Officer van de Development & Production activiteiten van
de divisie Geoscience. In 2006 is hij door de algemene vergadering van aandeelhouders benoemd tot lid van de
directie/raad van bestuur. In 2010 is hij herbenoemd. In 2010 en 2011 was hij Chief Operating Officer voor de
Onshore Geotechniek activiteiten. Met ingang van januari 2012 is hij benoemd als vice-voorzitter van de Raad van
Bestuur, verantwoordelijk voor technologie en innovatie, en als divisiedirecteur verantwoordelijk voor de divisie
Geoscience. Hij heeft een ir. graad in de technische fysica van de Technische Universiteit Delft.