Fugro Offers Falcon Services, Snags Survey Contract in Peru

The conditions required for the completion of the contract to purchase the FalconTM airborne gravity gradiometry business from BHP Billiton have been met. Fugro is now able to offer Falcon services for oil and gas applications. Fugro will continue to provide mining applications exclusively to BHP Billiton until April 2010. FalconTM is capable of providing high resolution gravity information at high production rates compared to standard gravity technologies.

Petrobras Peru has awarded Fugro a contract for an airborne gravity gradient and magnetics survey in Peru. The contract includes data acquisition, processing and interpretation and will comprise about 70,000 kilometers of acquisition over the Peruvian Amazon basin. The value of the contract is estimated at US $10 million. The gravity data will be acquired using Fugro's unique FalconTM gravity gradiometry technology, recently acquired from BHP Billiton, and is expected to be completed mid-year 2009. Petrobras chose Fugro's FalconTM technology due to its ability to provide information on both shallow and deep structures based on measurement of the gravity field.