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Marine Log

February 9, 2007

Smit Internationale profits soar

Smit Internationale NV says its net profit for 2006 will amount to approximately EUR 75 million. This is almost twice the net profit earned in 2005 (EUR 38.3 million). It is also substantially ahead of the expected net profit of EUR 62 million that was announced on October 26, 2006.

Smit Internationale says that in the second half of last year harbor towage activities in Rotterdam and Antwerp exceeded expectations. This was mainly due to strong winds.

The Salvage division also experienced an extensive workload during the second half of last year and results were substantially higher than the historic average.

The second half of 2006 also saw high utilization in the Transport & Heavy Lift division--mainly due to the high workload from the Salvage division.