Extension to Fugro's seismic fleet

Fugro has signed a three year charter agreement with the Norwegian shipping company Uksnoy & Co A/S for the vessel Geo Barents.

Fugro has signed a three year charter agreement with the Norwegian shipping company Uksnoy & Co A/S for the vessel Geo Barents. This new-build 77 meter long vessel will be equipped for 3D seismic acquisition and will be able to tow six streamers. The ship will be ready for deployment in November 2006 and Fugro will obtain ownership in November 2009. With the above mentioned charter further modernization of the fleet will be realised and Fugro will have six seismic vessels (of which five are 3D) at its disposal. To retain flexibility two or three additional vessels will be chartered on a project basis and/or shorter term to be able to operate in the seismic market with the desired fleet capacity of approximately eight vessels.

Fugro-Geoteam AS has recently been awarded two contracts by the Norwegian oil company Norsk Hydro for two seismic surveys in the Norwegian sector of the North Sea. One survey is a 3D exploration survey covering approximately 300 km2. The second contract is a 4D survey of the Oseberg field. The total contract value is approximately USD 8 million. Both surveys will be performed by Fugro’s high capacity 3D/4D vessel Geo Pacific. The work is scheduled to start in March 2006, directly following completion of another ongoing survey for Norsk Hydro.