SOURCE: SBM Offshore N.V.

February 26, 2010 01:41 ET

SBM Offshore Annual Results 2009 -- Solid Results and a Record Order Backlog

SCHIEDAM, NETHERLANDS--(Marketwire - February 26, 2010) -


Highlights

--  Turnover US$ 2,957 million (US$ 3,060 million in 2008);
--  Net profit of US$ 230 million (US$ 228 million in 2008);
--  New orders totalled US$ 3,740 million (US$ 4,366 million in 2008);
--  Record backlog US$ 10,032 million (2008: US$ 9,247 million);
--  Net debt US$ 1,464 million (net gearing 81%);
--  EPS of US$ 1.47 (US$ 1.54 in 2008), dividend of US$ 0.67 per share
    (US$ 0.93 in 2008).


Outlook 2010

--  Turnover in the same range as 2009 - 80% secured from current backlog;
--  EBIT margin from Turnkey Systems to increase;
--  Lease and Operate EBIT contribution below 2009.


Key figures

+----------------------------+-------+-------+---------+
| US$ million                |  2009 |  2008 |  Change |
+----------------------------+-------+-------+---------+
| Turnover                   | 2,957 | 3,060 |  (3.4%) |
+----------------------------+-------+-------+---------+
| EBITDA                     | 613.3 | 530.1 |   15.7% |
+----------------------------+-------+-------+---------+
| EBIT                       | 293.4 | 275.1 |    6.7% |
+----------------------------+-------+-------+---------+
| Net profit                 | 230.0 | 227.9 |    0.9% |
+----------------------------+-------+-------+---------+
| EBIT margin                |  9.9% |  9.0% |   10.0% |
+----------------------------+-------+-------+---------+
| Investment in fixed assets | 656.0 | 1,000 | (34.4%) |
+----------------------------+-------+-------+---------+

Tony Mace, CEO of SBM Offshore: "We are pleased to announce solid financial results for 2009 with a profit slightly ahead of the previous year. Execution performance on the major ongoing projects has in general improved resulting in increased profit margins. The Company's fleet of leased vessels has again performed very well generating substantial bonus revenues. We were successful in obtaining some major new orders in the second half of the year and have increased the order backlog to a new record level. The share offering in November has strengthened our balance sheet to fund the Company's ongoing plans for further development of our lease business."

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 version of this press release, please click on the link below:

SBM Offshore Press Release: http://hugin.info/130754/R/1388840/347065.pdf

Contact Information