SOURCE: SBM Offshore N.V.

January 29, 2008 12:00 ET

Preliminary Results SBM Offshore 2007 - New CEO in 2008

SCHIEDAM, NETHERLANDS--(Marketwire - January 29, 2008) -


Highlights

--  Unaudited net profit for 2007 of US$ 267 million;
--  Net operational profit up by 28% compared with 2006;
--  Proposed dividend per share will be US$ 0.93;
--  Order portfolio at year-end US$ 7.95 billion;
--  Expected net profit for 2008 of US$ 280 million;
--  Tony Mace designated to replace Didier Keller as CEO.
    

1. Financial (unaudited)

The net profit for 2007 is currently estimated at US$ 267 million of which US$ 263 million (US$ 1.85 per share) is attributable to shareholders, compared with US$ 216 million in 2006 (US$ 1.55 per share). All operating companies have made positive contributions to this result.

Dividend proposal will be based on 50% of the full net profit. Per share the dividend will be US$ 0.93 compared to US$ 0.77 last year.

Excluding net gains on the sale of assets, net profit is US$ 262 million, representing a 28% increase compared with 2006 (US$ 205 million).

Turnover rises to US$ 2,886 million (2006: US$ 1,990 million), of which 76% derived from turnkey sales and services projects.

EBITDA is US$ 547 million (2006: US$ 478 million); EBIT is US$ 300 million (2006: US$ 254 million), of which close to 60% is generated from lease and operate activities.

Net debt increased from US$ 586 million at 31 December 2006 to US$ 882 million at 2007 year-end. Net gearing increased accordingly to around 66%. Capital expenditure reached US$ 584 million, a figure below the previously forecast level of US$ 750 million, for a large part due to re-planning the delivery of second-hand hulls acquired for future projects into 2008.


2. Development Order Portfolio

New orders and variation orders in 2007 totalled US$ 3.82 billion of which US$ 1.92 billion relate to lease and operate activities and US$ 1.90 billion relate to turnkey supply and services orders. Total year-end order portfolio increased to US$ 7.95 billion (2006: US$ 7.0 billion).

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

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Contact Information

  • Contact person:
    Mr. Sebastiaan de Ronde Bresser

    Telephone: (+377) 92 05 85 15
    Mobile: (+33) 672 214 360
    Fax: (+377) 92 05 89 40
    E-mail: Email Contact
    Website: www.sbmoffshore.com