May 9, 2018
Highlights
- Year-to-date 2018 Directional[1] revenue of US$385 million in
line with Management expectations
- Fast4WardTM hull progressing per plan; first steel cut in March
2018
- Increased dividend for 2017 of US$0.25 per share paid in Euros
on May 4, 2018
- FPSO Turritella handover and transaction completed in January
2018
- Directional net debt[2] decreased by c. US$550 million to
US$2.4 billion at end of 1Q 2018
Bruno Chabas, CEO of SBM Offshore,
commented:
"SBM Offshore has delivered another solid
quarter including financials in line with expectations. Our Lease
and Operate business continues to generate significant cash flow.
This combined with the conclusion of the Turritella transaction
during the quarter, led to a substantial decrease of our net debt
position. In Turnkey, activity levels are increasing on the back of
two major projects which are progressing according to plan. The
market outlook is positive as the industry continues to recover,
albeit gradually. In this context, where shorter cycle times are a
key value driver, we remain confident that the Fast4WardTM program
will transform our industry, delivering cost competitiveness for
deepwater projects through standardization. The combination of our
unique experience, track record of delivery, retained Turnkey
capacity, balance sheet and the game-changing Fast4WardTM program,
make the Company well positioned to benefit from this recovery
while allowing commercial discipline to be maintained."
Financial Highlights
On January 16, 2018, the FPSO Turritella
transaction was completed. Client proceeds were received, debt
repaid, loan and swap positions unwound and partner compensation
paid. The impact on the Company's Directional net debt from this
transaction was a reduction of c. US$460 million.
Directional revenues over the first quarter of
the year came in at US$385 million compared to US$420 million in
the first quarter of 2017, representing a decrease of c. 8%. This
was caused by lower Lease and Operate revenues, mainly due to FPSO
Turritella leaving the fleet early in the first quarter of 2018.
Based on the major orders won during 2017, Turnkey continues to
improve year-on-year and showed a revenue increase of US$12 million
to a total of US$54 million for the period. Turnkey activity is
ramping up on the Castberg turret mooring system. As the FPSO Liza
project is 100% owned by SBM Offshore, it did not contribute to
Directional revenues in the period as it remained accounted for as
capex.
Directional net debt decreased by c. US$550
million in the first quarter of the year. This movement was mainly
caused by the FPSO Turritella transaction and strong cash flows
from the Lease and Operate segment more than offsetting investment
in FPSO Liza and the construction cost of the Fast4WardTM hull.
Project Review
FPSO Liza
Work on FPSO Liza is ongoing and progressing in
accordance with project schedule. The vessel is currently
undergoing conversion works at the construction yard in
Singapore.
Turret Mooring System (TMS) Johan Castberg
FPSO
Work on the TMS for Statoil's Johan Castberg
FPSO is progressing well, in line with schedule. The first steel
cut in the Dubai Dry Docks World yard is targeted to be performed
during May 2018.
Fast4WardTM
On March 23, 2018 the construction of the first
new-build, multi-purpose Fast4WardTM hull commenced with the
celebration of the first steel cut at the construction yard of
Shanghai Waigaoqiao Shipbuilding and Offshore Co., Ltd. in
China.
Compliance
Discussions between the Ministry of
Transparency, Oversight and Control (Ministério da Transparência,
Fiscalização e Controle - "MTFC"), the General Counsel for the
Republic (Advocacia Geral da União - "AGU"), Petrobras and SBM
Offshore relating to the leniency agreement remain ongoing. Whilst
discussions are ongoing, the MTFC has formally reopened the
associated administrative procedure.
The damage claim filed by the Federal
Prosecutor's Office (Ministério Público Federal - "MPF") based on
the Brazilian Improbity Act with the Federal Court in Rio de
Janeiro against a Brazilian subsidiary of the Company, an
intermediate holding company in Switzerland and a number of
individuals, including former employees of the SBM Offshore Group
remains under review by the court. The claim relates to the alleged
improper sales practices prior to 2012 that are also the subject of
the discussion with other Brazilian authorities and Petrobras.
Under the current circumstances, the Company
does not foresee an all-encompassing final resolution in Brazil in
the short term and it cannot guarantee that a satisfactory
resolution will be reached with the authorities, nor predict the
timing thereof.
Post-Period Events
Dividend
On April 11, 2018, the Annual General Meeting of
Shareholders (AGM) voted in favor of the proposed US$0.25 per
ordinary share dividend distribution, representing an increase of
c. 9% compared to last year. The dividend was paid on May 4, 2018
to all shareholders of record as at April 16, 2018. Dividends were
paid in Euros using an exchange rate of 1.2380, which equates to
€0.2019 per ordinary share.
Guidance
The offshore oil and gas services market is
recovering gradually as evidenced by the increased number of
offshore projects progressing towards and taking final investment
decisions. The oil and gas industry has managed to improve offshore
project economics and lower break-even prices to levels that are
competitive in today's market reality. The Company continues to
believe that oil will remain one of the main energy sources for the
short to medium term, with gas remaining a source for longer, while
the energy industry is going through transition towards more
sustainable energy sources in the long term.
2018 Directional revenue guidance is maintained
at around US$1.9 billion, with around US$1.3 billion from Lease and
Operate and around US$600 million from Turnkey. 2018 Directional
EBITDA guidance is also maintained at around US$750 million. This
excludes the gain on the sale of FPSO Turritella and an expected
positive impact from implementation of IFRS 16.
The guidance assumes a partial sell-down of the
Company's ownership share of FPSO Liza, which remains subject to
negotiation and Management decision.
Conference Call
SBM Offshore has scheduled a conference call
followed by a Q&A session on Wednesday, May 9, 2018 at 18:30
(CEST).
The call will be hosted by Bruno Chabas (CEO),
Philippe Barril (COO), Erik Lagendijk (CGCO) and Douglas Wood
(CFO). Interested parties are invited to listen to the call
by dialing +31 (0) 20 531 5851 in the Netherlands, +44 (0) 20 3365
3210 in the UK or +1 866 349 6093 in the US.
A replay will be available shortly after the end
of the conference call. Interested parties can listen to the replay
by dialing +31 (0) 20 530 0220 and using access code 848443# until
June 9, 2018.
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
lifecycle. The Company is market leading in leased floating
production systems delivered to date, 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 solutions for the offshore energy industry.
As of December 31, 2017, Group companies employ
approximately 4,800 people worldwide. Full time company employees
totaling c. 4,300 are spread over offices in key markets,
operational shore bases and the offshore fleet of vessels. A
further 500 are working for the joint ventures with two
construction yards. For further information, 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 BoardAmsterdam, the Netherlands,
May 9, 2018
Financial Calendar |
Date |
Year |
Half-Year 2018 Earnings - Press Release |
August 9 |
2018 |
Trading Update 3Q 2018 - Press Release |
November 15 |
2018 |
Full-Year 2018 Earnings - Press Release |
February 14 |
2019 |
Annual General Meeting of Shareholders |
April 10 |
2019 |
Trading Update 1Q 2019 - Press Release |
May 16 |
2019 |
Half-Year 2019 Earnings - Press Release |
August 8 |
2019 |
Trading Update 3Q 2019 - Press Release |
November 14 |
2019 |
For further information, please contact:
Investor RelationsBert-Jaap
DijkstraDirector Corporate Finance and IR
Telephone: |
+31 (0)
20 236 3222 |
Mobile: |
+31 (0)
6 21 14 10 17 |
E-mail: |
bertjaap.dijkstra@sbmoffshore.com |
Website: |
www.sbmoffshore.com |
Media Relations Vincent KempkesGroup
Communications Director
Telephone: |
+31 (0)
20 2363 170 |
Mobile: |
+31 (0)
6 25 68 71 67 |
E-mail: |
vincent.kempkes@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. 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, presented under IFRS 8 Segment reporting,
represents a pro-forma accounting policy, which assumes all lease
contracts are classified as operating leases and all vessel joint
ventures are proportionally consolidated. This note relates to any
reference made to Directional in this document.
[2] Directional net debt as of December 2017 restated for
adoption of IFRS 16. Impact of IFRS 16 adoption is a Directional
net debt increase of c. US$200 million for both December 2017 and
1Q 2018 positions.
- SBM Offshore First Quarter Trading Update.pdf
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