SBM Offshore N.V.
amsterdam : SBMO

March 02, 2012 01:42 ET

SBM Offshore Annual Results 2011

SCHIEDAM, THE NETHERLANDS--(Marketwire - Mar 2, 2012) - SBM Offshore N.V. today publishes its full-year financial results for the year ended 31 December 2011.

* Turnover of US$ 3,157 million (US$ 3,056 million in 2010)

* EBITDA of US$ 813.2 million (US$ 712.4 million in 2010)

* Net loss of US$ 440.6 million (US$ 276.0 million profit in 2010), after impairments and deferrals of US$ 978 million

* New order intake totalling US$ 8,552 million (US$ 4,532 million in 2010)

* Strongest order portfolio on record of US$ 16,910 million (US$ 11,502 million in 2010)

* Net debt US$ 1,958 million (US$ 2,292 million end of Q3 of 2011, US$ 1,711 million in 2010)

* Loss per share of US$ 2.77 (EPS of US$ 1.44 in 2010)

* No dividend to be distributed for 2011

Total impairments and deferrals comprise:

* previously announced charge of US$450 million on the Yme and Deep Panuke MOPU platforms

* additional charge of US$ 407 million on the Yme and Deep Panuke MOPU Platforms

* charges of US$ 38 million associated with revised strategic focus on core FPSO products

* charge of US$ 19 million in respect of ThunderHawk platform due to revised assumption of future revenues

* book loss of US$ 8 million, following the sale of two tankers from inventory

* deferral of US$ 57 million due to revised margin recognition following changes in accounting estimates

Operational Highlights

* Delivery and start of production on both FPSO Okha and FPSO Aseng

* Final Semi-Submersible drilling rig delivered in Q3 to Delba

* LOI for new 20-year lease contract for FPSO Cidade de Ilhabela in Brazil on Guará Norte field

* Contract with ENI for the relocation of FPSO Xikomba under a 12 year lease on block 15/06 in Angola

Outlook and guidance 2012

* Turnover in the region of US$ 4 billion

* Turnkey Systems EBIT margin close to 10%, including margin deferral effect

* Turnkey Services EBIT margin in the 15%-20% range

* Underlying Lease and Operate EBIT margin in-line with 2011 level

Bruno Chabas, CEO of SBM Offshore commented:

"SBM Offshore's 2011 results have been severely impacted by the legacy projects Yme and Deep Panuke, and the further provision announced today is an unwelcome setback. Resolution of the Yme difficulties is an absolute priority and we are in constructive discussions with both clients on the best way forward.

SBM Offshore must change in several vital respects. Our organisation is reshaped with a new senior management structure to ensure absolute transparency and accountability and an overhaul of our tendering processes. At the same time, new financial risk management measures are being adopted, the better to address the scale and complexity of modern offshore projects. The Company now has an exclusive focus on FPSOs, the product at which we excel, and the record order book reflects this realignment on our core competence in the offshore market.

Despite our challenges, there are grounds for encouragement. I am excited and confident about the portfolio of projects SBM Offshore is undertaking, with the more recent projects on schedule and performing in line with, or above, expectations. Looking ahead we see buoyant market conditions in offshore oil and gas and excellent opportunities for SBM Offshore to continue to lead the industry in developing the FPSO market."

Key figures

                              2011      2010

US$ million
---------------------------------------------
Turnover                     3,157      3,056

EBITDA                       813.2      712.4*

EBIT                        -340.6      386.5*

Net Profit                  -440.6      276.0

EBIT margin                 -10.8%      12.6%

Investments in fixed assets    841      519

*) Restated for reclassification of withholding taxes from cost of sales to income tax.

To see the full version of this press release please click on the link below:

SBM Offshore press release: http://hugin.info/130754/R/1590775/499845.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#1590775]

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