Fugro Wins Offshore China Gas Hydrate Contract

Fugro said that it has won two new contracts for offshore investigations in China and Brazil.

China

Fugro Hong Kong has been awarded a contract by the Guangzhou Marine Geological Survey (GMGS) of the Ministry of Land and Resources, Peoples Republic of China, to provide drilling and sampling services for the gas hydrate research being conducted by the Ministry. The total contract value is estimated to be between USD 9 million (EUR 7 million) and USD 14 million (EUR 11 million). The work will be conducted in the second quarter of 2007.

GMGS is expecting the South China Sea to contain gas hydrates, a potential new source of energy. In order to assess the presence of gas hydrates, GMGS requires data on the nature of subseafloor geology. Fugro will use its geotechnical investigation vessel M/V Bavenit for this contract. The Bavenit is equipped with a dynamic positioning system for work in deep water.

Brazil

Fugro OceansatPEG SA, Brazil, has been awarded a three year plus three year option contract by Petrobras Geodesia for a ROV (Remotely Operated Vehicle) to perform survey acquisition works using a wide range of acoustic measurement equipment. In addition the project requires a full array of seabed transponders in water depths up to 3,000 m.

The mobilization date is May 2007 and the approximate value of the contract is equivalent to USD 17 million (EUR 13 million) for the first three years.

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