Smit International Expects Higher Net Profit

SMIT announced that it is expecting a growth in net profit of around 35 percent for 2007 compared to 2006. On July 27, SMIT announced that it was expecting a considerably higher profit over 2007 than the net profit of EUR 75 million over 2006. The company said all divisions performed well, in particular the Salvage Division due to a high activity level during the second half of this year. In addition a number of salvage jobs from previous years have been settled. Settlements for the “Thunder Horse”, “Development Driller 1” en “Arctic 1” have not yet been concluded and therefore have not been taken into account.