PROVISIONS ON TWO SBM OFFSHORE FIXED PLATFORMS
(Thomson Reuters ONE) -
1. Provisions on legacy projects Yme and Deep Panuke
SBM Offshore's Yme and Deep Panuke platforms have now been installed on their
respective offshore locations in Norway and Canada. Commissioning activities, as
well as remaining construction works are currently ongoing to complete and
prepare the facilities for start of production.
Due to one client recently having revised its contractual position and a
remeasurement of remaining on-site works the latest forecast net costs for the
two platforms has materially increased.
In both projects the Company has been unable to reach a settlement with its
clients for additional compensation. Legal action in the case of the Deep Panuke
platform and arbitration proceedings for the Yme platform have been initiated
against the respective clients. The Company will actively continue both actions
to maximise recovery of costs. The outcomes of proceedings will only be known
when the litigation and arbitration processes have run their course.
Due to the uncertainty as to the Company's ability to secure satisfactory
compensation for its claims, the Company will therefore book an impairment
charge under the Lease and Operate segment in the SBM Offshore H1 2011 results
to be published on 18 August 2011.
The impairment charge to be recognised amounts to US$ 450 million which will
lead to a net loss for the first half year of 2011. Net result before minority
interests for the full year 2011 is expected to be close to breakeven. A fully
updated 2011 outlook will be issued with the mid-year results release.
The more recent major projects in execution by the Company are on schedule and
are performing in line with or above expectations.
In view of the ongoing legal action, arbitration proceedings, discussions with
our clients and finalisation of the mid-year accounts the Company can not
disclose any further information regarding the above impairment charge nor
outlook until mid year results press release and analysts presentation on 18
August 2011.
Contact person: Mr. Sebastiaan de Ronde Bresser
Telephone: (+377) 92 05 85 15
Mobile: (+33) 643 919 312
Fax: (+377) 92 05 89 40
E-mail: sebastiaan.derondebresser(at)sbmoffshore.com
Website: www.sbmoffshore.com
To see the full version of this press release please click on the link below:
SBM Offshore Press Release:
http://hugin.info/130754/R/1534161/467539.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#1534161]
Unternehmensinformation / Kurzprofil:
Datum: 28.07.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 56784
Anzahl Zeichen: 3318
contact information:
Town:
Schiedam
Kategorie:
Business News
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"PROVISIONS ON TWO SBM OFFSHORE FIXED PLATFORMS"
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