AMSTERDAM - Dutch engineering consultancy Fugro NV raised its full year sales and profit forecasts on Thursday as demand for its services to the oil industry continues to rise.
The company, which provides seismic services to the oil industry, said it expected 2008 net profit to be at least 275 million euros ($347 million) on revenue of more than 2.1 billion euros.
Previously Fugro had projected a net profit of about 270 million euros and revenue of 2.1 billion euros.
The company said order volumes increased by 20 percent during the past few months compared to a year ago as it benefits from high energy prices which make oil companies more willing to spend money on finding new resources.
Fugro said its most important clients have indicated they intend to continue with investments in new prospects targeted for future production, though it expects some smaller clients to cut back on investments if oil and minerals prices continue to decline.
Fugro shares joined the Amsterdam blue chip index .AEX in September. The shares have dropped more than 60 percent since June in line with a drop in oil prices from record highs.
The company, which provides seismic services to the oil industry, said it expected 2008 net profit to be at least 275 million euros ($347 million) on revenue of more than 2.1 billion euros.
Previously Fugro had projected a net profit of about 270 million euros and revenue of 2.1 billion euros.
The company said order volumes increased by 20 percent during the past few months compared to a year ago as it benefits from high energy prices which make oil companies more willing to spend money on finding new resources.
Fugro said its most important clients have indicated they intend to continue with investments in new prospects targeted for future production, though it expects some smaller clients to cut back on investments if oil and minerals prices continue to decline.
Fugro shares joined the Amsterdam blue chip index .AEX in September. The shares have dropped more than 60 percent since June in line with a drop in oil prices from record highs.
