SOURCE: SBM Offshore N.V.

August 18, 2010 01:43 ET

SBM OFFSHORE N.V. HALF-YEAR RESULTS 2010 - SOUND PERFORMANCE AND RECORD ORDER BACKLOG

SCHIEDAM, NETHERLANDS--(Marketwire - August 18, 2010) -


Highlights

· Turnover for the half-year at US$ 1.4 billion (H1 2009: US$ 1.4 billion);

· EBIT increased by 14% compared to H1 2009;

· Net profit for the half-year at US$ 92.5 million (H1 2009: US$ 95.5

million) includes a non-cash US$ 21 million mark to market hedging loss;

· Total order backlog at 30 June 2010 at US$ 10.9 billion (H1 2009: US$ 8.2 billion);

· A new five year revolving credit facility increased to US$ 750 million;

· Letter of Intent from Petrobras for a 20 year lease of the FPSO Cidade de Paraty for the Tupi Nordeste field in Brazil.

Tony Mace, CEO of SBM Offshore: "The first half of 2010 has seen some important new orders, continuing robust performance of the SBM Offshore fleet, and progress on ongoing projects. The results during this period reflect a sound performance by the Company, with a new record order backlog. The market for new projects has been increasing as expected, and although the long term impact of the Macondo accident in the Gulf of Mexico is uncertain, we remain optimistic that the market conditions will allow continued growth of the Company."


Outlook Full Year 2010

· Turnover in the same range as 2009; fully secured by current backlog;

· EBIT margin from Turnkey Systems solidly within 5%-10% range;

· EBIT margin from Turnkey Services within 15%-20% range;

· Lease and Operate EBIT contribution below 2009 level.


Key Figures

          US$ million         | H1 2010 | H1 2009 | Change
------------------------------+---------+---------+---------
  Turnover                    | 1,378.4 | 1,435.3 |  - 4.0%
------------------------------+---------+---------+---------
  EBITDA                      |   293.5 |   291.5 |    0.7%
------------------------------+---------+---------+---------
  EBIT                        |   146.0 |   128.3 |   13.8%
------------------------------+---------+---------+---------
  Profit                      |    92.5 |    95.5 |  - 3.1%
------------------------------+---------+---------+---------
  EBIT margin                 |   10.6% |    8.9% |   19.1%
------------------------------+---------+---------+---------
  Investments in fixed assets |   282.5 |   354.6 | - 20.3%
                              |         |         |


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@sbmoffshore.com

Website: www.sbmoffshore.com


To see the complete pdf version of this press release, please click on the link below:


[HUG#1438525]


SBM Offshore press release: http://hugin.info/130754/R/1438525/383017.pdf



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Source: SBM Offshore N.V. via Thomson Reuters ONE

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