Major developments in the first half year of 2007
Net result for the first six months of 2007 increases by 58.8% to EUR 85.9 million (first half year of 2006: EUR 54.1 million).

Revenue in the first half of 2007 increases by 26.7% to EUR 826.3 million (first half year of 2006: EUR 652.4 million).
The acquisition policy was continued with the take-over of seven companies with a combined annual revenue of EUR 73 million. The purchase price for the acquisitions up to the end of July amounts to EUR 59 million.

Market conditions continue to be good for all divisions.

The backlog remains good, with an increase of 38% compared to mid 2006.

The number of employees rose to 10,879 - a 10.6% increase in the first six months of the year (at year end 2006: 9,837).

The size of the fleet increased further with the purchase of three vessels for survey and geotechnical work.

As of 1 January 2007 the Onshore Survey and Positioning activities have been combined in the business line Geospatial Services. The acquired companies EarthData and MAPS have also been included in this business line.
Outlook
The 2007 revenue is expected to be around EUR 1,800 million (2006: EUR 1,434.3 million). Barring unforeseen circumstances and with reasonably stable exchange rates, the net result for the whole of 2007 is expected to be approximately EUR 200 million (2006: EUR 141.0 million).

The long-term prospects for further growth continue to be favourable.

At the beginning of the second half of the year three seismic vessels will become operational (this is part of the earlier announced fleet expansion)

The capacity expansion investment programme, initiated in 2006 on the basis of the good market prospects, will amount to EUR 315 million investments in 2007 (of which around EUR 100 million are replacement investments).

Key figures 30 June 2007 30 June 2007 compared to 30 June 2006
30 June 2006

Financial data (EUR x million)
Net result 85.9 58.8% 54.1

Revenue 826.3 26.7% 652.4
Result from operating activities (EBIT) 134.2 55.7% 86.2
Cash flow 140.7 53.4% 91.7

Investments 93.5 16.3% 80.4

Assets under construction 67.6 9.9

Per share (in EUR)
Basic earnings 1.24 57.0% 0.79

Diluted earnings* 1.15 55.4% 0.74

Cash flow 2.03 50.4% 1.35

Number of employees 10,879 18.8% 9,161

* After dilution effect of the convertible loan and share option plan.


Results first half year of 2007
Revenue for the first six months of 2007 amounts to EUR 826.3 million (first half year of 2006: EUR 652.4 million), an increase of 26.7%. The increase is comprised of 24.4% through organic growth and 6.0% through acquisitions. The effects of exchange rates are 3.7% negative. All three divisions contributed to the strong revenue growth.

The net result for the first six months of 2007 is EUR 85.9 million, an increase of 58.8% compared with the first half year of 2006 (first half year of 2006: EUR 54.1 million). The tax charge for the first six months is 26.2% (first half year of 2006: 26.4%).

The above results in an increased net profit margin of 10.4% (first half year of 2006: 8.3%).

Earnings per share over the first half of 2007 amount to EUR 1.24 (first half year of 2006: EUR 0.79).

The very strong global demand for oil and gas related services remains high, especially for those offshore. The fleet expansion and additional capacity are in line with the strategy to be able to meet the continuing high demand for our services.

The trend for the infrastructure related activities is also upwards. The number of large projects is increasing in both the United States and the Middle East. Several other regions, such as Central Europe, India, and China, offer good possibilities for further growth.

Mining related services are also in high demand.
Developments in the first half of 2007
The additional 2006 investments are now contributing to revenue and result. Investment in capacity expansion will continue in 2007. In addition to maintenance capex of around EUR 100 million, the expansion of the capacity of all business lines, will involve an extra investment of around EUR 215 million in 2007. This is about EUR 65 million more than was estimated for 2007, in response to the further growth possibilities. A major part of the investments was already initiated in 2006.

Due to the later than originally scheduled launch of the Geo Barents, the work for this vessel is now moving into the second half of the year. The re-scheduled work for the Geo Barents has been more than compensated by the high utilisation of the available seismic capacity. Also the activities in the other business lines have contributed well, supported by the additional assets that have become available from the in 2006 initiated investments.

The Geo Barents and the Seisquest are now operational and started to work on projects in July 2007.

The Geo Celtic will begin sea trials at the end of August 2007 and will become operational in September 2007.

Construction of the new vessels Geo Caribbean, Fugro Saltire and Fugro Synergy is on schedule.

During the first half year of 2007 the following companies were acquired:

In January: the geotechnical company GECO Umwelttechnik GmbH (Austria).
Annual revenue EUR 1 million, fourteen employees.

In January: LGU (Germany) with annual revenue of EUR 1 million and nine employees.
LGU is a geotechnical company.

In April: the EarthData group of companies (United States) with annual revenue of around EUR 40 million and 340 employees. Earthdata provides innovative airborne mapping, remote sensing and geographical information services.

In April: ImpROV Ltd. (United Kingdom), including the subsidiary ImpROV Inc. (United States). Annual revenue is around EUR 10 million. The company has 39 employees. ImpROV is supplier of specialised integrated tooling packages and tooling services to the offshore oil and gas industry

In May: ProFocus Systems (Norway) with annual revenue of over EUR 1 million and three employees. ProFocus develops data capture and data handling systems for marine seismic acquisition.

On 1 July 2007 Fugro has completed the acquisition of MAPS Geosystems (United Arab Emirates). MAPS specialises in aerial survey imagery and has over thirty years operating experience in the Middle East and Africa. MAPS has an annual revenue of around EUR 12 million and employs 200 people.

In early July the acquisition of Sobesol (France), with annual revenue of EUR 8 million and seventy employees, was completed. Sobesol specialises in geotechnical services and laboratory testing.

The total annual revenue of the acquired companies amounts to EUR 73 million. The total acquisition price amounts to EUR 59 million. Staff level has increased by 675 as a result of the acquisitions.

Although there is a clear shortage of experienced people in a number of sectors, during the first six months of 2007 we were able to considerably increase our workforce by 1,042 employees, partly through the completed acquisitions.

Major orders were acquired in:
Norway: 3D marine seismic surveys. Order value: EUR 40 million.

The Middle East: 2D and 3D marine seismic surveys. Order value: EUR 29 million.

United States: geotechnical site investigations for storm protection enhancements in the New Orleans district and in California. Order value EUR 40 million.

India: 3D marine seismic acquisition as well as the onboard processing services. Order value: EUR 106 million.

Mexico: 3D marine seismic survey in the Gulf of Mexico. Order value: EUR 62 million.

Nigeria: airborne geophysical survey over various regions of the country. Order value: EUR 17 million.

On 3 May 2007 the shareholders approved the proposed dividend of EUR 0.83 per share for 2006. Approximately 63% of the shareholders have chosen to receive the dividend in stock.

On 3 May 2007 Mr. J. A. Colligan was reappointed as a member of the Supervisory Board for a period of four years.

Market developments
Also in 2007 the international oil and gas companies and the national oil companies have increased their investments in order to be able to continue meeting high demand. In their mid 2007 updates third party reports indicate that oil and gas companies will increase their investments by around 13% in 2007. At the beginning of the year the expectation was an increase of around 9%. These surveys expect the trend of further increasing investment to continue in 2008. The strongest growth (15 to 20%) is expected in regions other than the United States and Canada.

The interest in finding and developing new fields is clearly shown by the demand for seismic surveys, geotechnical investigation and offshore construction support. A great deal of work is also being carried out to optimise and enhance production from existing fields. Oil and gas fields in deep water are continuing to see considerable interest. In order to assist our clients properly, our equipment is increasingly made suitable for deep water operations. Not only oil but also gas (LNG) remains a key area of interest. Offshore investigations to locate so-called gas hydrates are a new development.

There is a constant stream of major infrastructure projects. In addition to large-scale projects in the United States, such as the rebuilding of New Orleans and investigations for the protection of the Californian coastline, the Middle East remains a very active region. Not only Dubai, but also Abu Dhabi, Oman and Qatar are carrying out large prestigious projects to ensure a prominent presence in the region. Investigations for the foundations of wind farms and nuclear power plants are being carried out in a number of countries on a regular basis.

The global shortage of minerals is leading to high demand for mining related services. Clients include both mining companies and governments which, in certain regions, want to explore the possibilities for (future) mining operations.

These market developments result in a backlog of EUR 844 million at the end of June 2007 - an increase of
38% compared with mid 2006. This increase is spread across all business lines.

Outlook
Oil and gas prices are expected to remain high in the coming period due to the limited production capacity relative to the increasing global demand. This is also indicated by the fact that during the year the oil and gas sector’s investment budgets for both exploration and new field development have been increased.

The demand for minerals is also high and new mining prospects are being sought vigorously in a number of regions.

Global economic developments are leading to an increase of activities related to construction and infrastructure projects. The development of coastal areas and transport related projects in particular offer good opportunities for further growth.

With the three extra seismic vessels now coming into operation, the plan to triple the seismic activities in the period 2005-2008 is on schedule.

The vessels under construction (Fugro Synergy, Fugro Saltire and Geo Caribbean) will only start contributing in the course of 2008.

With an excellent backlog and the capacity expansion achieved through acquisitions and organic growth, we expect revenue and results will continue to increase in the second half of this year.

Barring unforeseen circumstances and with reasonably stable exchange rates, Fugro expects a revenue of around EUR 1,800 million (2006: EUR 1,434.3 million) and a net result of approximately EUR 200 million for the whole of 2007 (2006: EUR 141.0 million).
This will result in a net profit margin of around 11% for the whole year (2006: 9.8%)