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Marine Log

March 6, 2008

Record year for Smit Internationale

Rotterdam-headuartered Smit Internationale N.V. (AMS: SMIT) reports record results for 2007 with net profit increasing more than 40 percent from EUR 75 million to EUR 105.6 million and net earnings per share increasing 37 percent from EUR 4.86 to EUR 6.68.

Ben Vree, Smit CEO, comments: "The strategy pursued so far continues to prove its worth across all four Divisions. The activities' mutual synergy made a substantial contribution to this. The Salvage and Transport & Heavy Lift Divisions have seen an exceptionally high volume of work. The Terminals Division reaped commercial success with the renewal and increase of its long-term contracts. In order to continue SMIT's growth in a stable manner, significant investments as part of a new construction program are being made. This will lead to a reduction of the average age of the vessels and expansion of the fleet. Our associated companies and a number of acquisitions completed during 2007 made worthy contributions to the result as well. The future is looking bright!"

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