SBM OFFSHORE HALF-YEAR RESULTS 2013
(Thomson Reuters ONE) -
Good core performance; record backlog; outlook improved
August 7, 2013
SBM Offshore has made good operational progress, with underlying financial
results ahead of our expectations. The Company continues to be on track in
resolving its legacy issues. Directional(1) Backlog reached a record level of
US$22.4 billion including contracts for FPSOs Cidade de Maricá and Cidade de
Saquarema for Petrobras, the Company's largest orders to-date. Oil production
commenced on FPSO Cidade de Paraty in Brazil, and a US$600 million project loan
was secured for FPSO N'Goma. Post-period, the Company announced it had been
awarded the FPSO Stones by Shell for delivery to the Gulf of Mexico in 2016.
Bruno Chabas, CEO of SBM Offshore commented:
"I am strongly encouraged by the headway we have made in the first half. We have
secured several outstanding contract awards and are on a much stronger footing,
having both remedied a significant legacy issue and strengthened our balance
sheet. Our management team can now concentrate on running the business and
progressing our strategic transformation. Our focus on FPSOs is at the heart of
this and our prospects give me confidence in our performance for the full year."
Financial Highlights
SBM Offshore is seeking to provide its shareholders and other stakeholders with
clarity on business performance above and beyond the regular IFRS based
disclosures. One complexity is that the Group's business model combines turnkey
sales with construction projects for its own lease and operate portfolio. SBM
Offshore's FPSO construction and lease and operate contracts are increasingly
classified as 'finance leases' which adds further complexity by accelerating
revenue recognition into the construction phase, well before rents are invoiced
to and paid by the client. In this context, the Company is introducing
'Directional(1') reporting alongside IFRS. Directional(1) reporting seeks to
present revenue and results in line with operating cash flows. This extended
reporting includes a Directional(1) Income Statement and Directional(1) Backlog
as part of the Financial Review.
* On a Directional(1) basis, revenues were up 24% to US$1,669 million in
H1'13, and underlying EBIT increased by 69% to US$297 million
* Letters of Intent for lease and operate contracts for two FPSOs from
Petrobras (contracts executed post-period)
* Directional(1) Backlog up by 36% to a record level of US$22.4 billion
* Cash at the end of the period was US$253 million; undrawn credit facilities
of US$857 million
* Net debt at the end of June was US$2,300 million
* Agreement to decommission the Yme platform and settle outstanding issues
with Talisman for US$470 million
* Successful 10% Rights Issue at ?10.07 per share raised US$247 million
Guidance
In light of recent operational progress, management is raising 2013 IFRS revenue
guidance from US$4 billion to US$4.3 billion.
(1)Directional view is a non-IFRS disclosure, which corrects the non-cash
effects on revenue and earnings introduced by IFRS finance lease accounting.
Analyst Presentation
SBM Offshore has scheduled a webcast of its Analyst Presentation and a
conference call followed by a Q&A session at 19:00 Central European Time on
Wednesday, August 7, 2013.
The presentation will be hosted by Bruno Chabas (CEO), Peter van Rossum (CFO)
and Sietze Hepkema (CGCO).
Interested parties are invited to listen to the call by dialing +31 20 794 8484
in the Netherlands or +44 207 190 1590 in the UK. Interested parties may also
listen to the presentation via webcast through a link posted on the Investor
Relations section of the Company's website.
A replay of the conference call will be available on Wednesday, August 7, 2013,
beginning at 22:30 Central European Time for one week. The phone number for the
conference call replay is +31 45 799 0028, using access code 4630686#. The
webcast replay will also be available on the Company's website.
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 centers, 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, August 7, 2013
For further information, please contact:
Investor Relations
Nicolas D. Robert
Head of Investor Relations
Telephone: +377 92 05 18 98
Mobile: +33 (0) 6 40 62 44 79
E-mail: nicolas.robert(at)sbmoffshore.com
Website: www.sbmoffshore.com
Media Relations
Anne Guerin-Moens
Group Communications Director
Telephone: +377 92 05 30 83
Mobile: +33 (0) 6 80 86 36 91
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/1721777/573509.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(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#1721777]
Unternehmensinformation / Kurzprofil:
Datum: 07.08.2013 - 18:00 Uhr
Sprache: Deutsch
News-ID 285670
Anzahl Zeichen: 7776
contact information:
Town:
Schiedam
Kategorie:
Business News
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