Smit Reports Growth

In the first half of 2007 the Division won two major long-term contracts. A 25-year contract will be carried out in a joint venture involving the provision of 4 tugs for an LNG terminal in Italy. This contract will start contributing in the second half of 2008. In addition, a long-term contract was acquired in Angola. This contract will start contributing towards the end of 2007. Part of the activities in Gabon, which were carried out with an (aged) river fleet, were divested. The sale of these activities generated one-time income of EUR 1.4 million after deducting reorganisation costs. Against this, the result of the Terminals Division includes a one-time expense of approximately EUR 1.0 million in relation to employee benefits in Nigeria. A new contract was started in Equatorial Guinea. This concerns the deployment of two tugs for an LNG terminal. The growth target for the net profit is 50% over a 5-year period (starting in 2003).