SOURCE: SBM Offshore N.V.

March 04, 2011 01:35 ET

SBM Offshore Annual Results 2010 - Increased Profit and Record Order Portfolio

SCHIEDAM, NETHERLANDS--(Marketwire - March 4, 2011) -


Financial Highlights

· Turnover US$ 3,056 million (US$ 2,957 million in 2009);

· Net profit of US$ 276 million (US$ 230 million in 2009);

· New orders totalled US$ 4,532 million (US$ 3,740 million in 2009);

· Record order portfolio US$ 11,502 million (US$ 10,032 million in 2009);

· Net debt US$ 1,711 million, net gearing 81% (US$ 1,464 million, net gearing 81% at year-end 2009);

· EPS of US$ 1.44 (US$ 1.47 in 2009), proposed dividend of US$ 0.71 per share (US$ 0.67 in 2009).

Operational Highlights

· Delivery and start of production on FPSO P-57;

· Relocation to Cachalote field and start of production on FPSO Capixaba;

· Two Semi-Submersible drilling rigs delivered;

· LOI for new 20-year lease contract for FPSO Cidade de Paraty in Brazil on Lula NE field.

Outlook 2011

· Turnover in the same range as 2010, with 90% secured from current portfolio;

· EBIT margin from Turnkey Systems in upper half of the 5% - 10% range, before taking into account the expected significant impact of finance lease accounting;

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

· Lease and Operate EBIT in the same range as underlying 2010 level.

Tony Mace, CEO of SBM Offshore: "We are pleased to announce financial results showing a strong increase in profit compared to last year and an improved EBIT margin specifically in the Turnkey Systems segment. The Company delivered several major projects throughout the year. The Company's fleet of leased vessels has again performed very well generating substantial bonus revenues. Order intake has been satisfactory, and has led to a new record order portfolio at year-end and the Company is well positioned for a number of new order prospects in 2011. The expanded 5-year revolving credit facility, new project financing facility for FPSO Aseng and the recently announced financial partnership with Mitsubishi Corporation all strengthen the Company's financing capacity and objective to grow the fleet of leased units".

Key figures

  US$ million                 |  2010 |  2009 |  Change
------------------------------+-------+-------+---------
  Turnover                    | 3,056 | 2,957 |    3.4%
------------------------------+-------+-------+---------
  EBITDA                      | 688.4 | 613.3 |   12.2%
------------------------------+-------+-------+---------
  EBIT                        | 362.4 | 293.4 |   23.5%
------------------------------+-------+-------+---------
  Net Profit                  |   276 |   230 |   20.0%
------------------------------+-------+-------+---------
  EBIT margin                 | 11.9% |  9.9% |   20.2%
------------------------------+-------+-------+---------
  Investments in fixed assets |   519 |   656 | (20.9%)
                              |       |       |

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

SBM Offshore Press Release: http://hugin.info/130754/R/1494466/430301.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#1494466]

Contact Information

  • 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: Email Contact
    Website: www.sbmoffshore.com