SBM OFFSHORE N.V. HALF-YEAR RESULTS 2011 SOLID UNDERLYING RESULTS DESPITE IMPAIRMENT CHARGES
(Thomson Reuters ONE) -
Financial Highlights
* Turnover of US$ 1,461 million (US$ 1,378 million in H1 2010);
* EBITDA of US$ 359.7 million (EBITDA of US$ 293.5 million in H1 2010);
* US$ 450 million impairment charge booked in H1 2011, as already announced on
28 July 2011;
* Net loss of US$ (250.8) million with underlying profit of US$ 199.2 million
(Net profit of US$ 92.5 million in H1 2010);
* Record order portfolio US$ 12,405 million (US$ 10,908 million in H1 2010);
* Net debt US$ 2,195 million, net gearing 117% (US$ 1,711 million, net gearing
81% at year-end 2010), well within all debt covenants.
Operational Highlights
* FPSO Okha completed and handed over to Woodside;
* Contract for supply of an FPSO for OSX in Brazil;
* Contracts for supply of two large Turret Mooring Systems;
* Contracts signed and US$ 1 billion financing facility secured for FPSO
Cidade de Paraty in Brazil on Lula NE field;
* Letters of Intent for lease contracts for FPSO Xikomba for ENI and FPSO
Guara Norte for Petrobras.
Outlook 2011
* Turnover around 5% above 2010, fully secured from current order portfolio;
* EBIT margin from Turnkey Systems solidly in the 10% - 15% range;
* Turnkey Services EBIT margin within the 15% - 20% range;
* Underlying Lease and Operate EBIT above underlying 2010 level;
* Overall the Company expects a 2011 net result around breakeven before
deduction of minority interests;
* No decision has been taken by the Company in respect of dividend over 2011.
Tony Mace, CEO of SBM Offshore: "The impairment charge is very disappointing in
light of the excellent performance on the more recent projects which is
reflected in the positive momentum on key indicators with an increase in
turnover, a 23% higher EBITDA and a record order portfolio. New prospects for
the Company look promising further to the recently awarded LOI for a lease of a
FPSO for the Guara Norte development in Brazil, which is the largest order ever
received by SBM Offshore."
Key Figures
US$ million | H1 2011 | H1 2010 | Change
-----------------------------+---------+---------+--------
Turnover | 1,460.6 | 1,378.4 | 6%
-----------------------------+---------+---------+--------
EBITDA | 359.7 | 293.5 | 23%
-----------------------------+---------+---------+--------
EBIT | (214.1) | 146.0 | N/M
-----------------------------+---------+---------+--------
Profit/(Loss) | (250.8) | 92.5 | N/M
-----------------------------+---------+---------+--------
Underlying Profit | 199.2 | 92.5 | X 2.15
-----------------------------+---------+---------+--------
Investments in fixed assets | 430.7 | 282.5 | 52%
| | |
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/1539202/470318.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#1539202]
Unternehmensinformation / Kurzprofil:
Datum: 18.08.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 57347
Anzahl Zeichen: 4288
contact information:
Town:
Schiedam
Kategorie:
Business News
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