Smit Intl. Profit Nearly Doubles

Smit International reported that its profit for 2006 will amount to approximately EUR 75 million, almost twice the net profit compared to the year 2005 (EUR 38.3 million).

During the second half of last year the harbor towage activities in Rotterdam and Antwerp exceeded expectations. This was mainly due to strong winds. The Salvage division also experienced an extensive workload during the second half of last year. In addition a number of settlements have been reached. The Salvage division’s results were substantially higher than the historic average. The projects ‘Thunderhorse’ and ‘Artic I’ have not been settled yet. In the second half of 2006 the Transport & Heavy Lift division experienced a high utilisation, mainly due to the high workload from the Salvage division.