UPDATE 1-Fugro sees lower H1 sales as 2009 profit drops

* 2009 net profit down 7 pct to 263 mln euros

* Keeps dividend at 1.5 euros per share

* Says sales and net profit margin to decline in H1

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AMSTERDAM, March 5 (Reuters) - Dutch engineering consultancy Fugro NV (FUGRc.AS) posted a 7 percent drop in 2009 net profit and warned that a lower backlog and tight pricing would lead to lower sales and net profit margin in the first half of 2010.

Fugro, which offers survey services to the oil and gas industry, diversified into such projects as offshore windmills and infrastructure supported by stimulus packages to compensate for the lack of energy investment when oil prices were low.

The company said the current economic situation had not changed the need for its clients to continue to invest in oil and gas production capacity.

Furgro's share price has increased steadily throughout 2009, doubling in value since January 2009.

The oil and gas industry still accounts for 75 percent of Fugro's revenue and the company said it expected revenue and net profit margin would be somewhat lower over the first half of 2010 compared with 2009. It added just 34.8 million euros in revenues as a result of its 2009 takeovers.

The company also noted that more realistic company valuations than has been the case in some sectors in recent years may enhance opportunities for acquisitions.

Fugro posted a 2009 net profit of 263.4 million euros on revenue that dropped 4.7 percent to 2.05 billion. Six analysts in a Reuters poll have a mean estimate of for net profit of 257 million euros on revenues of 2.06 billion euros.

The company proposed a 2009 dividend of 1.5 euros per share, the same as last year. Analysts in a Reuters poll were expecting a dividend of 1.45 euros per share. (Reporting by Greg Roumeliotis; editing by Karen Foster)