SBM OFFSHORE 2016 HALF-YEAR EARNINGS
(Thomson Reuters ONE) -
Solid Turnkey Performance; Cost Savings Ahead of Plan; Positive Free Cash Flow
Generation; EUR 150 Million Share Repurchase
August 10, 2016
SBM Offshore is pleased to report revenue in line with expectations, a
Settlement Agreement with Petrobras and Brazilian authorities, the delivery of
two of three vessels under construction and FPSO Turritella approaching Ready
for Start-Up leading to first oil. The revenue contribution from the new
additions to the Lease & Operate fleet has allowed the Company to commence
generating positive free cash flow in the first half of the current fiscal year,
which is expected to be continued over the remainder of 2016. While the oil and
gas industry continues to face headwinds, SBM Offshore is playing its part to
lower the cost of deepwater development. These advances have led to increased
client engagement and positive signs for the medium term outlook of the offshore
industry. The Company reiterates its 2016 guidance and announces the initiation
of a EUR 150 million share repurchase program.
Bruno Chabas, CEO of SBM Offshore, commented:
"Industry challenges persisted in the first half of 2016 although more
productive discussions with some clients to find economic solutions for
deepwater development are taking place. We are making significant progress in
aligning our business to the realities of today's market. In addition, we are
building on our proven track record of on time delivery through investments in
our Fast4ward initiative actively positioning the Company to remain the provider
of choice in the floating solutions business. The importance of experienced and
reliable contractors takes center stage. SBM Offshore remains disciplined in
its commercial approach to new projects in order to mitigate risks which could
adversely impact the Company in the years ahead."
Financial Highlights
* Share repurchase program of EUR 150 million announced
* Cost savings of US$270 million, well ahead of plan
* New Chief Financial Officer nominated
* Settlement Agreement reached in Brazil
* Directional[1] revenue in line with expectations at US$939 million
* Underlying Directional(1) EBITDA of US$349 million and underlying EPS of
$0.31 per share
* Proportional net debt at the end of June reduced by US$68 million to US$3.1
billion
* Cash dividend of US$0.21 per share paid on May 3, 2016
FIRST HALF 2016 RESULTS
Guidance
The Company reiterates its 2016 Directional(1) revenue guidance of at least
US$2.0 billion, of which US$0.6-0.7 billion is expected in the Turnkey segment
and US$1.3-1.4 billion in the Lease and Operate segment. The Company also
reconfirms the 2016 Directional(1) EBITDA guidance of around US$750 million.
Overview
Directional(1) revenue for the first half of 2016 declined by 40% to US$939
million versus US$1,572 million in the year-ago period, reflecting the expected
slowdown in Turnkey activity levels due to continued difficult oil and gas
market conditions.
Directional(1) Turnkey revenue decreased by US$692 million from the year-ago
period to US$338 million for the first half of 2016. This reflects lower
activity on the construction of the FPSOs Cidade de Maricá, Cidade de Saquarema
and Turritella, the finalization of the remaining turret projects, the positive
effect in 2015 of the divestment of a 45% stake in the Turritella project to
joint venture partners and the lack of significant order intake over the
periods.
Directional(1) Lease and Operate revenue increased by 11% versus the first half
of 2015 mainly due to the commencement of production of FPSO Cidade de Maricá
which was on hire commencing February 7, 2016 and the contribution of the
Production Handling Agreement signed in September 2015 with Noble to connect the
Big Bend and Dantzler fields to the Thunder Hawk Deepdraft(TM) Semi in the U.S.
Gulf of Mexico.
HSSE
The Company has continued to improve its safety performance in the first half of
2016. Reported Total Recordable Injury Frequency Rate (TRIFR) was on target at
0.26, reflecting the lower number of incidents and manhours due to project
construction completion.
Process Safety Management activities continued, including strengthening
Management of Change controls and improving the information requirements for
Process Safety for each operating unit.
As it relates to environmental performance, the volume of oil discharged through
produced water has continued to be consistently better than the industry
benchmark. Flaring under the Company's control increased above target due to
the flaring on new units in Brazil as well as one in Angola. In the latter
case, remedial work on that unit is being scheduled.
Compliance
On July 16, 2016 SBM Offshore announced the signing of a Settlement Agreement
totaling US$273 million with the Brazilian Ministry of Transparency, Oversight
and Control (Ministério da Transparência, Fiscalização e Controle - "MTFC"), the
Public Prosecutor's Office (Ministério Público Federal - "MPF"), the General
Counsel for the Republic (Advocacia Geral da União - "AGU"), Petróleo
Brasileiro S.A. - Petrobras ("Petrobras") closing out the inquiries of the MPF,
the MTFC and Petrobras into potentially improper sales practices in Brazil.
Under the terms of the Settlement Agreement the MTFC, the MPF, the AGU and
Petrobras fully discharge and exempt SBM Offshore from legal actions for all
matters related to or arising from any acts relating to its then main Brazilian
agent and his companies over the period 1996 - 2012 and all related
investigations conducted by Petrobras, the MPF and the MTFC.
The terms of the Settlement Agreement consist of the following items:
* cash payment by SBM Offshore totalling US$162.8 million, of which US$149.2
million will go to Petrobras, US$6.8 million to the MPF and US$6.8 million
to the Council of Control of Financial Activities (Conselho de Controle de
Atividades Financeiras - "COAF"). This amount will be paid in three
installments. The first installment of US$142.8 million will be payable as
of the effective date of the Settlement Agreement. The two further
installments of US$10 million in nominal value each will be due respectively
one and two years following the effective date of the Settlement Agreement
* a fixed reduction in lease income based on relinquishing 95% in future
performance bonus payments related to FPSOs Cidade de Anchieta and Capixaba
lease and operate contracts, representing a nominal value of approximately
US$179 million over the period 2016 to 2030, or a present value for SBM
Offshore of approximately US$112 million
* SBM Offshore further remains under the obligation to cooperate with the
procedures that may be conducted by the MTFC and the MPF against third
parties
* the implementation by SBM Offshore of improvements of its internal
compliance program in relation to Brazil, in consultation with the MTFC, to
whom SBM for three years following the effective date of the Settlement
Agreement, will periodically report on matters addressed in the agreement.
The Public Prosecutor's Office submitted the Settlement Agreement for approval
of the Fifth Chamber for Coordination and Review and Anti-Corruption of the
Federal Prosecutor Service. Upon receiving approval the Settlement Agreement
will become binding upon the parties which will trigger the payment of the first
installment of US$142.8 million to Petrobras, the MPF and the COAF. The MTFC has
also sent the Settlement Agreement to the Federal Court of Accounts (Tribunal de
Contas da União - "TCU").
The Company continues to cooperate with the United States Department of Justice
following the reopening of its investigation in January 2016.
Operational Update
First half 2016 Lease & Operate fleet uptime performance was 95%. Operational
uptime for the period was mainly impacted by downtime associated with the Deep
Panuke production facility and FPSO Cidade de Paraty.
In the Company's first quarter trading update of May 11, 2016 it was highlighted
that the Deep Panuke production facility experienced a malfunctioning of its
flarestack on March 20, 2016. The facility was shutdown for repairs which were
completed on May 26, 2016, within the 120 day contractual allowance. While
there was no impact to the contractual dayrate related to the shutdown, the
downtime impacted the fleet uptime average by 3.1%.
Also during the period, FPSO Cidade de Paraty experienced a temporary production
interruption due to a compressor malfunction. Contingencies, including a spare
compressor, have been put in place to mitigate future impact. Downtime impacted
the fleet average by 0.9%.
Furthermore, on June 28, 2016, at an onshore third party natural gas processing
facility in Pascagoula, Mississippi, an explosion occurred which led to required
intermittent shutdowns of the Thunder Hawk DeepDraft(TM) Semi in the U.S. Gulf
of Mexico due to pipeline capacity constraints. Given the unique nature of the
Production Handling Agreement, fees associated with produced volumes could lead
to a loss of income.
Project Review
FPSO Cidade de Maricá (Brazil)
On February 16, 2016 SBM Offshore announced that Cidade de Maricá was formally
on hire as of February 7, 2016 after achieving first oil and the completion of a
72-hour continuous production test leading to final acceptance.
FPSO Cidade de Saquarema (Brazil)
On July 12, 2016 SBM Offshore announced that Cidade de Saquarema was formally on
hire as of July 8, 2016 after achieving first oil and the completion of a 72-
hour continuous production test leading to final acceptance.
FPSO Turritella (US Gulf of Mexico)
The vessel is on location in the US Gulf of Mexico and the United States Coast
Guard's Certificate of Compliance was issued on July 29, 2016. Ready for Start-
up is the next necessary step in supporting well operations before commercial
production and first oil. The charter contract includes an initial period of
10 years with extension options up to a total of 20 years.
FPSO Marlim Sul (Brazil)
Decommissioning activities were completed in April 2016. The vessel received a
decommissioning dayrate through the end of the first quarter of 2016.
Sea Lion FPSO FEED (Falkland Islands)
On January 13, 2016 SBM Offshore announced the award of the Front-End
Engineering and Design (FEED) contract, by Premier Oil plc, for an FPSO for
Phase 1 of its Sea Lion development in the North Falkland Basin. FEED activity
continues to progress on the 18-month contract with final investment decision
targeted for the second half of 2017.
Browse FLNG FEED (Australia)
On March 23, 2016, participants in the Browse Floating Liquified Natural Gas
(FLNG) project in Australia decided not to proceed with the development. As a
result, SBM Offshore's FEED activities related to the project have ceased.
Turrets & Mooring Systems
Commissioning continues in accordance with client's schedules and contractual
planning for the two large, complex turrets for Prelude FLNG and FPSO Ichthys.
Main Projects Overview
Contract SBM Capacity, Size POC Expected Notes
Project Share Delivery
--------------+----------+-------+----------------+---+----------+-------------
Prelude, | Turnkey | 100% | 95m height, | | 2016 |Delivered to
Turret | sale | | 11,000 tons | | |the client.
--------------+----------+-------+----------------+---+----------+-------------
| | | | | |Final
Ichthys, | Turnkey | | 60m height, | | |integration
Turret | sale | 100% | 7,000 tons | | 2016 |phase with
| | | | | |the vessel
| | | | | |ongoing.
--------------+----------+-------+----------------+---+----------+-------------
| 20 year | | | | |Producing and
Cidade de | finance | 56% | 150,000 bpd | | 2016 |on hire as of
Maricá, FPSO | lease | | | | |February
| | | | | |7, 2016.
--------------+----------+-------+----------------+---+----------+-------------
Cidade de | 20 year | | | | |Producing and
Saquarema, | finance | 56% | 150,000 bpd | | 2016 |on hire as of
FPSO | lease | | | | |July 8, 2016.
--------------+----------+-------+----------------+---+----------+-------------
| | | | | |US Coast
Turritella, | 10 year | | 60,000 bpd, | | |Guard
FPSO | finance | 55% | disconnectable | | 2016 |Certificate
| lease | | | | |of Compliance
| | | | | |received
--------------+----------+-------+----------------+---+----------+-------------
Legend, Percentage of Completion (POC)
-------------------------------------------------------------------------------
<25% 25%-50% 50%-75% >75% 100%
-------------------------------------------------------------------------------
Directional1 Backlog
Directional(1) backlog at the end of June 2016 came in at US$18.0 billion
compared to US$18.9 billion at the end of 2015. While this reflects US$939
million of revenue generated in the first half of 2016 and the low level of
order intake for the Turnkey segment, it also emphasizes the resilience and
excellent long-term visibility of the Lease and Operate portfolio revenue.
Directional(1) Turnkey backlog decreased to US$0.3 billion compared to US$0.5
billion at the end of 2015 as no major Turnkey orders were signed in the first
half of 2016.
While the price of oil appears to be stabilizing, order intake continued to be
impacted by delays in client final investment decisions. New orders during the
first half of 2016 amounted to US$48 million. Backlog as of June 30, 2016 is
expected to be executed as per the below table:
-------------------- ----------- ------------------- ---------
(in billion US$) Turnkey Lease & Operate Total
-------------------- ----------- ------------------- ---------
2H 2016 0.3 0.8 1.1
2017 - 1.5 1.5
2018 - 1.5 1.5
Beyond 2018 - 13.9 13.9
Total Backlog 0.3 17.7 18.0
--------------------------------------------------------------------
Funding
As of June 30, 2016, SBM Offshore had cash and undrawn committed credit
facilities totaling US$2,122 million compared to US$2,681 million at year-end
2015 on an IFRS basis. On a Proportional basis the period ended at US$2,060
million versus US$2,155 million at the end of 2015.
Proportional net debt as of June 30, 2016 amounted to US$3,079 million versus
US$3,147 million at the end of 2015. The improvement over the period is mostly
attributable to cash flow generation in the Lease & Operate segment. This was
partially offset by ongoing investments in the three FPSOs under construction
and the reinstatement of a dividend at US$0.21 per ordinary share.
Investing in the Future
In previous announcements SBM Offshore stated that a planned multi-year
restructuring was expected to generate costs totaling US$87 million with
anticipated annualized savings of US$120 million as a result of workforce
reductions totaling 1,900 positions.
-------------------------------------------------------
Restructuring Costs Annualized Savings
-------------------------------------------
Planned Updated Planned Updated
-------------------------------------------------------
2014/2015 57 63 80 200
2016E 30 37 40 40
2017E 30
-------------------------------------------
Total 87 100 120 270
-------------------------------------------
-------------------------------------------------------
Updated figures show that the Company plans to realize US$270 million of
annualized Employee Benefits savings. Excluding the approximately US$80 million
in positive impact from foreign exchange rate fluctuations over the period 2014
- 2016, expected savings amount of US$190 million compared to anticipated
annualized cost savings of US$120 million. The additional savings include
approximately US$20 million due to natural attrition, approximately US$30
million due to increased expected reductions in headcount as a result of the
2016 restructuring plan and approximately US$20 million from various additional
cost saving measures.
Building on the good progress achieved on cost savings related to a reduced
workload in the Company's Engineering Centers, attention is now turning towards
overheads. Additional cost savings will be targeted through various means,
including a 10% voluntary cut in fixed income for the next twelve months by the
members of the Management Board and the Executive Committee. In addition, the
Management Board and the Executive Committee will reduce their potential 2016
short-term cash incentive by 50%.
The Management Board continues to view a full recovery as unlikely before 2018,
and as previously announced the Company will maintain a Turnkey overcapacity to
position itself for a future market upturn. This leads to
cumulative Directional(1 )Turnkey EBIT losses of approximately US$150 million
over 2016 and 2017, which is expected to be mostly back-end loaded. SBM
Offshore retains the capacity to make further adjustments to its cost based
should market conditions warrant.
Uses of Cash and Share Repurchase
The Company has reached the positive free cash flow inflexion point in the first
half of 2016. With the delivery of the last vessels under construction, the
release of pre-completion corporate guarantees associated with project
financings is a top priority. A recent Brazilian court ruling regarding the
enforceability of vessel mortgages under Bahamian flag has been cast in doubt.
As a result, SBM Offshore is in the process of re-flagging FPSOs Cidade de
Maricá and Cidade de Saquarema before the project loans are accepted by the
lenders as non-recourse to the parent. This process is expected to be completed
early in the fourth quarter of 2016.
Simultaneously, the Company has undertaken reviews of various uses of cash and
will continue evaluating the best opportunities for returns on capital and value
creation. A first step was taken on April 6, 2016 when the Annual General
Meeting of Shareholders voted in favor of the proposed US$0.21 per ordinary
share dividend distribution. The cash dividend was paid in Euros on May
3, 2016 using an exchange rate of 1.1368, equating to ?0.1847 per ordinary
share.
SBM Offshore is pleased to announce a share repurchase program effective August
11, 2016. The Company intends to repurchase shares up to EUR 150 million
predominantly for share capital reduction purposes and, to a lesser extent, for
employee share programs. The repurchase program is expected to be completed no
later than the end of 2016, and it will be accomplished under the authorization
granted by the Annual General Meeting of Shareholders of the Company held on
April 6, 2016. The execution of the share repurchase program will be done under
the terms of an engagement letter with a third party, performed in compliance
with the safe harbor provisions for share repurchases, and therefore
transactions may be carried out during closed periods. In accordance with
the European Market Abuse Regulation, the Company will inform the market on the
progress made in the execution of this program through weekly press releases and
updates on its website. The share repurchase program does not obligate the
Company to acquire any amount of shares, and it may be suspended at any time at
the Company's discretion.
Master Limited Partnership (MLP)
The contemplated initial public offering of common units is subject to market
conditions, which continue to be challenging in the current environment. The
Management Board regards the MLP as a key tool in support of funding future
awards, and expects the MLP market conditions to improve once the overall
confidence in the Oil and Gas market has returned and clients are committing to
new investments.
Management Board
Further to the announcement that Mr. P.M. van Rossum will retire as Management
Board member and Chief Financial Officer (CFO), the selection process for a
replacement has been successfully concluded. The Supervisory Board nominates
Mr. D.H.M. Wood as Management Board member and CFO. The Company will hold an
Extraordinary General Meeting of Shareholders on November 30, 2016 where it will
be proposed that Mr. Wood be appointed as a member of the Management Board for a
period of four years until the Annual General Meeting of Shareholders in 2021.
Further information regarding this nomination can be found in a separate press
release issued today.
Outlook and Guidance
Management's expectations for low order intake in 2016 and 2017 remain
unchanged. Industry challenges affecting the Turnkey segment since 2014 have
persisted in the first half of 2016 although green shoots are beginning to
appear resulting in more productive discussions with clients on deepwater
projects. A positive medium to long-term outlook is maintained as offshore
development remains a crucial component of the overall energy mix to meet future
demand.
The Company reiterates its 2016 Directional(1) revenue guidance of at least
US$2.0 billion, of which US$0.6-0.7 billion is expected in the Turnkey segment
and US$1.3-1.4 billion in the Lease and Operate segment. The Company also
reconfirms the 2016 Directional(1) EBITDA guidance of around US$750 million.
Full year 2016 Directional(1) capital expenditure for the three finance lease
vessels under construction has been revised from approximately US$90 million to
approximately US$70 million, in line with revised cost estimates on these
projects. Directional(1) capital expenditure excludes changes in net working
capital and is presented net of upfront payments for FPSOs Cidade de Maricá and
Cidade de Saquarema.
FINANCIAL REVIEW
Highlights - Directional1 Performance
Directional(1) revenue for the first half of 2016 declined by 40% to US$939
million versus US$1,572 million in the year-ago period, reflecting the strong
slowdown in Turnkey activity levels due to continued difficult oil and gas
market conditions.
Directional(1) revenue by segment was as follows:
* Directional(1) Turnkey revenue decreased by US$692 million from the year-ago
period to US$338 million for the first half of 2016, reflecting lower
activity on the construction of the FPSOs Cidade de Maricá, Cidade de
Saquarema and Turritella, as well as the finalization of the remaining
turret projects during the first half of 2016, the positive effect in 2015
of the divestment of a 45% stake in the Turritella project to joint venture
partners and the lack of significant order intake over the periods.
* Directional(1) Lease and Operate revenue increased by 11% versus the first
half of 2015 mainly due to FPSO Cidade de Maricá commencing production on
February 7, 2016 and the contribution of the Production Handling Agreement
signed in September 2015 with Noble to connect the Big Bend and Dantzler
fields to the Thunder Hawk Deepdraft(TM) Semi in the U.S. Gulf of Mexico.
Directional(1) Earnings Before Interest, Taxes, Depreciation and Amortization
(EBITDA) for the first half of 2016 decreased to US$327 million compared with
US$430 million in the year-ago period. This variance was primarily attributable
to:
* Directional(1) Turnkey EBITDA decreased by US$169 million due to the strong
drop off of activity on all main construction projects during the period and
despite the steady contribution of gross margin expressed as a percentage of
Turnkey revenue (29% in the period versus 27% in the first half of 2015).
* Directional(1) Lease and Operate EBITDA increased by 16% compared with the
year-ago period mostly due to FPSO Cidade de Maricá commencing production in
February 2016. First half 2016 Directional(1) Lease & Operate EBITDA margin
came in at 61% compared to 58% during the first half of 2015.
* As a result of the signing of the Settlement Agreement with Petrobras and
Brazilian authorities in July 2016, the provision booked in the full-year
2015 financials has been adjusted to reflect the present value of the
financial terms of the agreement at US$273 million. This impacts the 'Other
operating expense' and 'Net Financing Costs' lines of the consolidated
income statement by US$22 million and US$6 million respectively during the
period.
* As a result of the ongoing review of the Company's cost structure due to the
continued market downturn, the workforce reduction is now expected to amount
to at least 650 positions worldwide over the course of 2016 as a result of
the 2016 restructuring plan. This necessary adjustment of the Company's
structure was initiated at the end of 2014 allowing the Turnkey segment to
remain at breakeven during the first half of 2016 and to lower overheads
costs by 29% during the period. Restructuring costs accounted for as "Other
operating expense" over the period represent a charge of US$31 million. The
expected annualized savings are anticipated to reach at least US$70 million
as a result of the restructuring plan.
For the first half of 2016, Directional(1) EBIT decreased to US$124 million,
compared to US$255 million in 2015.
Directional(1) net financing costs totaled US$86 million in the first half of
2016, up from US$70 million in the year-ago period. The increase was primarily
due to interest costs related to the project financing of FPSO Cidade de Maricá,
which commenced production in early 2016, and the unwinding of the Brazil
provision settlement discount for US$6 million.
The 2016 effective tax rate came in at 7% compared to 9% in the year-ago
period.
SBM Offshore recorded a Directional(1) net profit of US$38 million in the first
half of 2016 or US$0.18 per share, compared with US$164 million or US$0.78 per
share for the first half of 2015.
Adjusted for the increase of the Brazilian settlement provision, underlying
Directional(1) net profit amounts to US$66 million or US$0.31 per share.
IFRS Performance
First half 2016 IFRS revenue amounted to US$1,066 million, a decrease of 27%
versus US$1,457 million in the year-ago period as a result of the slowdown of
construction activities despite the 14% year-on-year increase in Lease & Operate
revenue.
IFRS EBIT for the first half of 2016 remained stable to US$213 million compared
to US$204 million in the year ago period as the drop of Turnkey gross margin was
offset by the sharp decrease of overhead costs and additional Lease & Operate
gross margin.
IFRS net income attributable to shareholders came in at US$117 million compared
to US$106 million a year ago.
Statement of Financial Position
Total assets increased by US$0.5 billion to US$11.8 billion as of June 30, 2016
compared from US$11.3 billion at year-end 2015. This reflects the finalization
of the Company's investments in FPSOs Cidade de Maricá, Cidade de Saquarema and
Turritella during the period, the reduction of working capital and an increased
cash position.
As of June 30, 2016 IFRS net debt remained stable at US$5,227 million as a
result of strong cash-flow generation offset by a decrease in working capital,
investments in the ongoing Lease & Operate projects under construction and the
2016 dividend payment. Cash and cash equivalent balances came in at US$1,039
million and committed, undrawn, long-term bank facilities stood at US$1,082
million. The average cost of debt stood at 4.5%, compared to 4.0% at the end of
2015.
Total equity as of June 30, 2016 decreased slightly to US$3,372 million versus
December 31, 2015 under the negative impact of the mark to market revaluation of
financial derivatives due to lower interest rates. The Company's net debt to
total equity ratio remained stable at 150% at year-end 2015 compared to 155% at
the end of the first half of 2016.
The Company's solvency ratio stood at 32.7% while the leverage ratio came at
3.6x and the interest cover ratio came in at 6.9x, all firmly within covenant
requirements.
The Company, together with its core relationship banks, signed an amendment to
its Revolving Credit Facility (RCF) on April 18, 2016 providing headroom
improvements to the leverage and interest coverage ratios. The agreed upon
amendments, combined with a strong cash position, provide the Company with a
larger degree of flexibility given the current industry downturn.
Including cash outflows for finance leases under construction previously
reported as investing activities, cash from operating activities was positive
US$166 million for the period compared to negative US$394 million during the
first half of 2015. Cash outflows in finance leases under construction for the
first half of 2016 decreased significantly to US$51 million compared to US$394
million in the year-ago period taking into consideration the strong decreasing
investments in the fully consolidated FPSOs Cidade de Maricá, Cidade de
Saquarema, Cidade de Ilhabela and Turritella.
Directional(1 )capital expenditure through the first half of 2016 amounted to a
combined total of US$25 million, reflecting the advanced construction progress
of the Company's main projects which are expected to be completed over the next
twelve months. These amounts correspond to the SBM Offshore share in SBM Inc.
(the Company's construction subsidiary) costs as well as costs directly incurred
at the joint venture level.
Full year 2016 Directional(1) capital expenditure for the three finance lease
vessels under construction has been revised from approximately US$90 million to
approximately US$70 million, in line with revised cost estimates on these
projects. This is as a result of the accelerated delivery schedule of Cidade de
Maricá and Cidade de Saquarema. Directional(1) capital expenditure excludes
changes in net working capital and is presented net of upfront payments for
FPSOs Cidade de Maricá and Cidade de Saquarema.
Further financial information is provided in the consolidated interim financial
statements included in this press release.
Analyst Presentation & Conference Call
SBM Offshore has scheduled a conference call and webcast of its presentation to
the financial community followed by a Q&A session at 9.00 Central European
Summer Time on Thursday, August 11, 2016.
The presentation will be hosted by Bruno Chabas (CEO), Peter van Rossum (CFO),
Philippe Barril (COO) and Erik Lagendijk (CGCO). Interested parties are invited
to listen to the call by dialing +31 20 531 5851 in the Netherlands,
+44 203 365 3210 in the UK or +1 (866) 349 6093 in the US. Interested parties
may also listen to the presentation via webcast through a link posted on the
Investor Relations section of the Company's website.
The live webcast and replay, which should be available shortly after the call,
will be available at:
http://player.companywebcast.com/sbmoffshore/20160811_1/en/Player.
Corporate Profile
SBM Offshore N.V. is a listed holding company that is headquartered in
Amsterdam. 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.
As of December 31, 2015, Group companies employed approximately 7,000 people
worldwide. Full time company employees (4,900) are spread over five regional
centers, eleven operational shore bases and the offshore fleet of vessels. A
further 2,100 are working for the joint ventures with several construction
yards. 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
Amsterdam, The Netherlands, August 10, 2016
+-----------------------------------------------+-------------+------+
| Financial Calendar | Date | Year |
+-----------------------------------------------+-------------+------+
| Trading Update 3Q 2016 - Press Release | November 9 | 2016 |
+-----------------------------------------------+-------------+------+
| Extraordinary General Meeting of Shareholders | November 30 | 2016 |
+-----------------------------------------------+-------------+------+
| Full-Year 2016 Earnings - Press Release | February 8 | 2017 |
+-----------------------------------------------+-------------+------+
| Annual General Meeting of Shareholders | April 13 | 2017 |
+-----------------------------------------------+-------------+------+
| Trading Update 1Q 2017 - Press Release | May 10 | 2017 |
+-----------------------------------------------+-------------+------+
| Half-Year 2017 Earnings - Press Release | August 8 | 2017 |
+-----------------------------------------------+-------------+------+
For further information, please contact:
Investor Relations
Nicolas D. Robert
Head of Investor Relations
Telephone: +31 (0) 20 2363 126
Mobile: +31 (0) 6 5461 2410
E-mail: nicolas.robert(at)sbmoffshore.com
Website: www.sbmoffshore.com
Media Relations
Vincent Kempkes
Head of Communications
Telephone: +31 (0) 20 2363 170
Mobile: +31 (0) 6 25 68 71 67
E-mail: vincent.kempkes(at)sbmoffshore.com
Website: www.sbmoffshore.com
Disclaimer
This press release contains inside information within the meaning of Article
7(1) of the EU Market Abuse Regulation. This press release contains regulated
information within the meaning of the Dutch Financial Markets Supervision Act
(Wet op het financieel toezicht). 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. Nothing in this press release shall be deemed an offer
to sell, or a solicitation of an offer to buy, any securities.
--------------------------------------------------------------------------------
[1] Directional view is a non-IFRS disclosure, which assumes all lease contracts
are classified as operating leases and all vessel joint ventures are
proportionally consolidated.
[2] Directional view is a non-IFRS disclosure, which assumes all lease contracts
are classified as operating leases and all vessel joint ventures are
proportionally consolidated.
[3] Directional view is a non-IFRS disclosure, which assumes all lease contracts
are classified as operating leases and all vessel joint ventures are
proportionally consolidated.
[4] Directional view is a non-IFRS disclosure, which assumes all lease contracts
are classified as operating leases and all vessel joint ventures are
proportionally consolidated.
[5] Directional view is a non-IFRS disclosure, which assumes all lease contracts
are classified as operating leases and all vessel joint ventures are
proportionally consolidated.
[6] Directional view is a non-IFRS disclosure, which assumes all lease contracts
are classified as operating leases and all vessel joint ventures are
proportionally consolidated.
[7] Directional view is a non-IFRS disclosure, which assumes all lease contracts
are classified as operating leases and all vessel joint ventures are
proportionally consolidated.
[8] Directional view is a non-IFRS disclosure, which assumes all lease contracts
are classified as operating leases and all vessel joint ventures are
proportionally consolidated.
SBM OFFSHORE 2016 HALF-YEAR EARNINGS:
http://hugin.info/130754/R/2034439/757631.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#2034439]
Unternehmensinformation / Kurzprofil:
Datum: 10.08.2016 - 18:00 Uhr
Sprache: Deutsch
News-ID 488409
Anzahl Zeichen: 44629
contact information:
Town:
Schiedam
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 257 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"SBM OFFSHORE 2016 HALF-YEAR EARNINGS"
steht unter der journalistisch-redaktionellen Verantwortung von
SBM Offshore N.V. (Nachricht senden)
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