Major developments in the first half of 2009
· The net result for the first six months of 2009 increased by 2.8% to EUR 112.4 million (first half of 2008: EUR 109.3 million).

· Revenue in the first half of 2009 increased by 4.3% to EUR 1,035.3 million (first half of 2008: EUR 992.9 million).

· The acquisition strategy continued by way of acquisitions with a combined annual revenue of EUR 18.6 million. The total purchase price for the acquisitions up to 30 June 2009 was EUR 23.2 million.

· Thanks to a good utilisation, the company’s position in the market and a number of cost-saving measures, net result was maintained. There is price pressure in a few market segments.

· Agreement was reached for the prolongation of the bank credit lines (EUR 300 million) up to April 2012.


Outlook

· Barring unforeseen circumstances, and assuming reasonably stable exchange rates, Fugro expects that the revenue for the full year 2009 will be approximately the same as last year (2008: EUR 2,154.5 million) with a net result of around EUR 260 million (2008: EUR 283.4 million).

· Activities related to exploration are experiencing the greatest pressure on prices.

· Positive effects from stimulus packages are expected in the coming period.

· The already initiated investment programme, which includes, among others, the refitting and renewal of the vessel fleet, continues.

· The order backlog for the coming six months amounts to EUR 931 million (end June 2008: EUR 969 million).

Results first half of 2009

The worldwide recession resulting from the financial crisis also resulted in rapid and significant changes in market conditions for Fugro. After several years of strong growth and a shortage of capacity to meet the increased demand for our services, we note that there is now sufficient capacity in several market segments, resulting in pressure on prices. The most significant decrease in the demand for exploration services is in the oil, gas and mining sectors.

As a result, revenue increased only moderately during the first half of 2009. Thanks to good utilisation, the company’s position in the market and a number of cost-saving measures, net result was maintained.

Revenue for the first six months of 2009 amounted to EUR 1,035.3 million (first half of 2008: EUR 992.9 million), an increase of 4.3%. Of this increase 0.7% was the result of organic growth and 1.1% the result of acquisitions. The exchange rate effect was 2.5% positive.

The net result for the first six months of 2009 was EUR 112.4 million – 2.8% higher than the EUR 109.3 million achieved in the first half of 2008. The effective tax rate over the first half of 2009 was 26.3%, equal to the first half of 2008.

As a result of the above, the net profit margin remained almost at the same level as in 2008 at 10.9% (first half of 2008: 11.0%).

All three divisions contributed towards the result.

Basic earnings per share over the first half of 2009 amounted to EUR 1.49 (first half of 2008: EUR 1.54).