SBM OFFSHORE PROVIDES 2014 YEAR END UPDATE
(Thomson Reuters ONE) -
December 17, 2014
As the Company nears its fiscal year end, the Management Board confidently
confirms its FY2014 Directional[1] revenue guidance of at least US$3.3 billion.
Bruno Chabas, CEO of SBM Offshore, commented:
"Management recognizes the anxiety caused in the markets by the sharp decline in
the price of oil. At the same time Management would like to emphasize that 90%
of the Company's US$21.8 billion backlog, as of the end of September 2014,
consists of future lease and operate income with dayrates that are not dependent
on oil prices or on production levels, which will continue to generate income
and liquidity for many years to come."
Ahead of the scheduled FY2014 earnings announcement[2], SBM Offshore further
announces[3]:
HIGHLIGHTS
* Revolving Credit Facility renewal completed increasing facility to US$1
billion
* Reversal of US$109 million impairment charge on Thunder Hawk platform
* Non-cash charge of US$56 million related to Deep Panuke production facility
* Impairment of approximately US$50 million related to contractual dispute
* DSCV SBM Installer sale and leaseback transaction closed and US$150 million
received
* One-off extra US$40 million provision for the Warranty Fund
Revolving Credit Facility
SBM Offshore is pleased to announce that on December 16, 2014 it signed the
renewal of its Revolving Credit Facility (RCF) which will mature January
30, 2020 with two additional one year extension options. The new US$1 billion
facility has been secured with a select group of 12 core relationship banks and
replaces the existing facility of US$750 million that was due to expire in mid-
2015.
Under the new facility, the terms and conditions have been significantly
improved. This should allow the Company to stay firmly within its financial
covenants in the coming years despite the ongoing investments in 3(rd)
generation projects under construction.
The following financial institutions are syndicate participants:
Bookrunning Mandated Lead Arrangers: Rabobank (Documentation Agent), ING Bank
N.V. (Facility Agent), ABN AMRO Bank N.V., The Bank of Tokyo-Mitsubishi UFJ
N.V., Mizuho Bank N.V., Natixis S.A. and Societe Generale CIB.
Mandated Lead Arrangers: DNB Bank ASA, Citibank N.A., Credit Agricole CIB, The
Royal Bank of Scotland PLC, and Barclays Bank PLC.
--------------------------------------------------------------------------------
[1] Directional view is a non-IFRS disclosure, which treats all leases as
operating leases and consolidates the vessel joint ventures proportionally
[2] All numbers unaudited
[3] Updates reflect recent events and insights acquired since the publication of
the 1H14 results
Thunder Hawk
Following the September 16, 2014 announced signing of a Production Handling
Agreement with Noble Energy, SBM Offshore has reversed the previously taken
US$109 million write downs incurred on the semisubmersible facility in the US
Gulf of Mexico.
Deep Panuke
SBM Offshore has reduced the useful life of the Deep Panuke Production Field
Centre to eight years in line with the fixed contract period. This adjustment
results in a non-cash impairment charge of approximately US$56 million. The
eight year firm contract revenue will not be affected by today's announcement.
Financial Asset Impairment
The Company is taking a one-off impairment charge (non-cash) of approximately
US$50 million related to a financial asset following a dispute with a US-based
client.
Warranty Fund
SBM Offshore has taken the decision to make an additional provision for
warranties at year-end of US$40 million.
SBM Installer
On December 1, 2014 SBM Offshore announced the US$150 million all cash sale of
the Diving Support and Construction Vessel (DSCV) SBM Installer to OS Installer
AS. The Company is pleased to confirm that OS Installer AS, a new established
Joint Venture between Ocean Yield (75%) and SBM Offshore (25%), has secured bank
financing and the transaction has closed. Net of the retained equity interest
in the Joint Venture, the Company has received US$140 million in proceeds.
Cidade de Ilhabela
On November 24, 2014 SBM Offshore announced that FPSO Cidade de Ilhabela was
officially on hire after achieving first oil and completing a 72 hour continuous
production test leading to Production Acceptance Notice. Following the
notification of our Joint Venture partner, Queiroz Galvão Óleo e Gás S.A (QGOG),
not to exercise a call option on a further 12.75% equity participation stake in
the project, SBM Offshore is pleased to retain a 62.25% share in the Joint
Venture.
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, operation and the life
extension 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 10,500 people worldwide, who are spread over five
execution centres, eleven operational shore bases, the joint ventures with
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 Management Board
Schiedam, The Netherlands, December 17, 2014
+----------------------------------------+-------------+------+
| Financial Calendar | Date | Year |
+----------------------------------------+-------------+------+
| Full-Year 2014 Results - Press Release | February 5 | 2015 |
+----------------------------------------+-------------+------+
| Publication of AGM Agenda | March 3 | 2015 |
+----------------------------------------+-------------+------+
| Annual General Meeting of Shareholders | April 15 | 2015 |
+----------------------------------------+-------------+------+
| Trading Update Q1 2015 - Press Release | May 8 | 2015 |
+----------------------------------------+-------------+------+
| Half-Year 2015 Results - Press Release | August 6 | 2015 |
+----------------------------------------+-------------+------+
| Trading Update Q3 2015 - Press Release | November 12 | 2015 |
+----------------------------------------+-------------+------+
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
Disclaimer
Some of the statements contained in this release that are not historical facts
are statements of future expectations and other forward-looking statements based
on management's current views and assumptions and involve known and unknown
risks and uncertainties that could cause actual results, performance, or events
to differ materially from those in such statements. Such forward-looking
statements are subject to various risks and uncertainties, which may cause
actual results and performance of the Company's business to differ materially
and adversely from the forward-looking statements. Certain such forward-looking
statements can be identified by the use of forward-looking terminology such as
"believes", "may", "will", "should", "would be", "expects" or "anticipates" or
similar expressions, or the negative thereof, or other variations thereof, or
comparable terminology, or by discussions of strategy, plans, or intentions.
Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those described in this release as anticipated, believed, or expected. SBM
Offshore NV does not intend, and does not assume any obligation, to update any
industry information or forward-looking statements set forth in this release to
reflect subsequent events or circumstances.
To see the complete version of this Press Release, please click on the link
below
SBM Offshore Press Release:
http://hugin.info/130754/R/1880954/663460.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1880954]
Unternehmensinformation / Kurzprofil:
Datum: 17.12.2014 - 07:00 Uhr
Sprache: Deutsch
News-ID 359973
Anzahl Zeichen: 11619
contact information:
Town:
Schiedam
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 173 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"SBM OFFSHORE PROVIDES 2014 YEAR END UPDATE"
steht unter der journalistisch-redaktionellen Verantwortung von
SBM Offshore N.V. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
