SBM OFFSHORE Q1 TRADING UPDATE
(Thomson Reuters ONE) -
23 May 2013
Turnover on track, two FPSOs for Petrobras, rights issue successfully completed
Highlights
· Q1 2013 consolidated revenues up 35% to US$ 1 billion, in line with
guidance
· Agreement to decommission the Yme platform and terminate the contract
at a cost of US$ 470 million
· Letters of Intent for lease and operate contracts for two FPSOs for
Lula field from Petrobras
· The order portfolio increased by 49% to record level of US$ 21 billion
· Post period, a successful 10% rights offering at ?10.07 per share
raised US$ 244 million
"During the last few months we have completed a number of the issues we intended
to address including the resolution of Yme and strengthening of the balance
sheet. We are now fully focused on delivering reliable and sustainable value in
line with our strategy, as the two FPSOs for the Lula field demonstrate", says
Bruno Chabas, SBM Offshore's CEO. "Our on-going projects are on track, as is
turnover and we continue to pursue new prospects to take full advantage of the
opportunities within the industry, while at the same time continuing our
transformation activities".
Financial Highlights
+------------------------------------------------------------------+
| in US$ million YTD Q1'13 YTD Q1'12* Change |
+------------------------------------------------------------------+
| Turnover Total 1,001 739 35.5% |
+------------------------------ |
| Turnkey 765 524 46.0% |
+------------------------------ |
| Lease and operate 236 215 10.3% |
+------------------------------ |
| Order intake 7,851 564 14x |
+------------------------------------------------------------------+
+------------------------------------------------------------------+
| 31-Mar-13 31-Dec-12* Change |
+------------------------------------------------------------------+
| Total order portfolio 21,110 14,480 45.8% |
+------------------------------ |
| Contracted 13,470 14,480 n/a |
+------------------------------ |
| Petrobras Letters of Intent 7,640 n/a n/a |
+------------------------------ |
| Net Debt 2,319 1,816 27.7% |
+------------------------------------------------------------------+
*) Restated for comparison purposes: Paenal yard changed from proportional
consolidation to equity method, following implementation of new
IFRS 10 & 11 consolidation rules.
For the first three months of 2013, consolidated turnover totalled US$ 1,001
million (2012 US$ 739 million). Both Lease & Operate and Turnkey segments showed
improved results compared to 2012.
Net debt at 31 March 2013 amounted to US$ 2,319 million (31 December 2012: US$
1,816 million), with cash and cash equivalent balances of US$ 389 million (31
December 2012: US$ 715 million) and committed, undrawn credit facilities of US$
280 million (31 December 2012: US$ 750 million). Net Debt reflects payment of
US$ 470 million settlement costs on Yme in cash, but excludes the proceeds from
the April rights issue.
The Company fully repaid the US$ 221 million Deep Panuke loan.
Capital expenditure and investments on finance lease contracts in the first
three months of 2013 amounted to a combined total of US$ 226 million.
The Company is pleased to report that the Project Loan Facility for FPSO Cidade
de Ilhabela was finalised at the targeted US$ 1.2 billion during the first
quarter.
Order Portfolio
First quarter order intake came to US$ 7,851 million including Petrobras LOIs
resulting in a total order portfolio at 31 March 2013 of US$ 21,110 million.
FPSO Cidade de Maricá and FPSO Cidade de Saquarema (Brazil)
Order intake was significantly boosted by the LOIs received for the twenty year
charter and operation of two FPSOs (FPSO Cidade de Maricá and FPSO Cidade de
Saquarema) from BM-S-11 subsidiary Tupi BV on 22 March 2013. The FPSOs will be
deployed at the Lula field in the pre-salt province, offshore Brazil. The FPSOs
will be owned and operated by a Joint Venture company held 70% by SBM Offshore
with other partners including Mitsubishi and Queiroz Galvão Óleo e Gás
S.A.(QGOG). SBM Offshore will take overall charge of the construction of the two
FPSOs, with delivery planned respectively by end 2015 and in early 2016.
Extended order portfolio disclosure
The aggregate reported IFRS order portfolio of US$ 21.1 billion is understated
by US$ 2.1 billion if compared with the portfolio value of US$ 23.2 billion
which is calculated as if all lease contracts were classified as operating
leases.
Legacy Issues
Yme
SBM Offshore and Talisman Energy Norge AS ("Talisman"), on behalf of its joint
venture partners, reached an agreement to terminate the Yme MOPUstor project for
a settlement contribution by SBM Offshore of US$ 470 million, as announced in a
separate joint statement issued on 12 March 2013. The settlement includes the
termination of the existing agreements and arbitration procedures and the
decommissioning of the MOPU.
As SBM Offshore had already made a provision of US$ 200 million for estimated
decommissioning costs in December 2012, the Company will charge the difference
of US$ 270 million to its 2013 results. The Company has paid the total
settlement value of US$ 470 million to Talisman during Q1.
Compliance
Further to the update on 28 March 2013 regarding the internal investigation into
potentially improper sales practices, the investigation continues. At this stage
no further statement can be made as to the outcome of the investigation,
financial or otherwise.
Deep Panuke (Canada)
The MOPU's path to production continues on track. Commissioning is currently
proceeding and production is expected to commence before end June 2013.
Post Period events
FPSO Cidade de Paraty (Brazil)
FPSO Cidade de Paraty departed the BrasFELS shipyard in Brazil on 16 April 2013
following mechanical completion and is now secured to the anchor lines at the
field location offshore. When the subsea risers and umbilicals are connected,
testing with hydrocarbons can commence as the final stage before systems
acceptance which will, in turn, allow the vessel to be declared on hire.
Share Issue
In April, the Company strengthened its financial position through a 1 for 10
rights offering of 18,914,221 new ordinary shares, which was taken up for 97.7%
by existing shareholders and the remaining 406,776 Offer Shares subscribed and
paid for by HAL Investment B.V. (HAL) at ? 10.07 per share, raising US$ 244
million.
In the first quarter the Company received an additional payment of US$ 27
million from HAL as a result of the announced settlement with Talisman. HAL has
paid this additional amount in cash as a share premium contribution on the 17.1
million new ordinary shares it acquired through a private placement on 20
December 2012.
Upon completion of the Rights Offering on 22 April 2013, we were informed that
HAL held 28,074,871 ordinary shares in SBM Offshore, representing 13.5% of the
issued share capital of the Company.
Sanha LPG FPSO (Angola)
Ownership of Sanha LPG FPSO has been transferred to the client on 2 May 2013, at
the end of the lease period as per contract.
Outlook and Guidance 2013
The Company confirms its outlook to generate turnover growth of approximately
8%, to US$ 4 billion in 2013, of which US$ 3 billion for the Turnkey and US$ 1
billion for the Lease and Operate segments respectively.
Conference Call
Management of SBM Offshore will be available to discuss the contents of this
press release in a conference call at 8:30 hrs (CET) on Thursday 23 May 2013.
Dial-in number: + 31 (0) 20 531 58 71
Replay number: + 31 (0) 10 29 44 210 (available for 48 hours)
Replay Conference ID Code: 1197815 #
The call will be hosted by Bruno Chabas, CEO, Peter van Rossum, CFO and Sietze
Hepkema, CGCO.
| Financial Calendar | Date | Year |
+------------------------------------------------------------+--------+------+
| Half-year Results 2013 - Press Release (18.00 CET) | 07-Aug | 2013 |
+------------------------------------------------------------+--------+------+
| Half-year Results 2013 - Analysts Presentation (19:00 CET) | 07-Aug | 2013 |
+------------------------------------------------------------+--------+------+
| Trading Update Q3 2013 - Press Release (07.30 CET) | 14-Nov | 2013 |
+------------------------------------------------------------+--------+------+
Corporate Profile
SBM Offshore N.V. is a listed holding company that is headquartered in Schiedam.
It holds direct and indirect interests in other companies that collectively with
SBM Offshore N.V. form the SBM Offshore group ("the Company").
SBM Offshore provides floating production solutions to the offshore energy
industry, over the full product life-cycle. The Company is market leading in
leased floating production systems with multiple units currently in operation,
and has unrivalled operational experience in this field. The Company's main
activities are the design, supply, installation and operation of Floating
Production, Storage and Offloading (FPSO) vessels. These are either owned and
operated by SBM Offshore and leased to its clients or supplied on a turnkey sale
basis.
Group companies employ over 7,400 people worldwide, who are spread over five
execution centres, eleven operational shore bases, several construction yards
and the offshore fleet of vessels. Please visit our website at
www.sbmoffshore.com.
The companies in which SBM Offshore N.V. directly and indirectly owns
investments are separate entities. In this communication "SBM Offshore" is
sometimes used for convenience where references are made to SBM Offshore N.V.
and its subsidiaries in general, or where no useful purpose is served by
identifying the particular company or companies.
The Board of Management
Schiedam, 23 May 2013
For further information, please contact:
Investor Relations
Sebastiaan de Ronde Bresser
Investor Relations Officer
Telephone: (+377) 92 05 85 15
Mobile: (+33) 643 919 312
E-mail: sebastiaan.derondebresser(at)sbmoffshore.com
Website: www.sbmoffshore.com
Media Relations
Anne Guerin-Moens
Group Communications Director
Telephone: (+377) 92 05 30 83
Mobile: (+377) 680 863 691
E-mail: anne.guerin-moens(at)sbmoffshore.com
Website: www.sbmoffshore.com
To see the complete version of this press release, please click on the link
below.
SBM Offshore Press Release:
http://hugin.info/130754/R/1703914/563300.pdf
SBM Offshore Press Release:
http://hugin.info/130754/R/1703914/563298.pdf
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: SBM Offshore N.V. via Thomson Reuters ONE
[HUG#1703914]
Unternehmensinformation / Kurzprofil:
Datum: 23.05.2013 - 07:31 Uhr
Sprache: Deutsch
News-ID 262770
Anzahl Zeichen: 13119
contact information:
Town:
Schiedam
Kategorie:
Business News
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