SBM Offshore N.V.
amsterdam : SBMO

August 18, 2011 01:36 ET

SBM Offshore N.V. Half-Year Results 2011 Solid Underlying Results Despite Impairment Charges

SCHIEDAM, NETHERLANDS--(Marketwire - Aug 18, 2011) -


Financial Highlights

 * Turnover of US$ 1,461 million (US$ 1,378 million in H1 2010);
 * EBITDA of US$ 359.7 million (EBITDA of US$ 293.5 million in H1 2010);
 * US$ 450 million impairment charge booked in H1 2011, as already
   announced on 28 July 2011;
 * Net loss of US$ (250.8) million with underlying profit of US$ 199.2
   million (Net profit of US$ 92.5 million in H1 2010);
 * Record order portfolio US$ 12,405 million (US$ 10,908 million in H1
   2010);
 * Net debt US$ 2,195 million, net gearing 117% (US$ 1,711 million, net
   gearing 81% at year-end 2010), well within all debt covenants.

Operational Highlights

 * FPSO Okha completed and handed over to Woodside;
 * Contract for supply of an FPSO for OSX in Brazil;
 * Contracts for supply of two large Turret Mooring Systems;
 * Contracts signed and US$ 1 billion financing facility secured for FPSO
   Cidade de Paraty in Brazil on Lula NE field;
 * Letters of Intent for lease contracts for FPSO Xikomba for ENI and FPSO
   Guara Norte for Petrobras.

Outlook 2011

 * Turnover around 5% above 2010, fully secured from current order
   portfolio;
 * EBIT margin from Turnkey Systems solidly in the 10% - 15% range;
 * Turnkey Services EBIT margin within the 15% - 20% range;
 * Underlying Lease and Operate EBIT above underlying 2010 level;
 * Overall the Company expects a 2011 net result around breakeven before
   deduction of minority interests;
 * No decision has been taken by the Company in respect of dividend over
   2011.

Tony Mace, CEO of SBM Offshore: "The impairment charge is very disappointing in light of the excellent performance on the more recent projects which is reflected in the positive momentum on key indicators with an increase in turnover, a 23% higher EBITDA and a record order portfolio. New prospects for the Company look promising further to the recently awarded LOI for a lease of a FPSO for the Guara Norte development in Brazil, which is the largest order ever received by SBM Offshore."

Key Figures

 US$ million                 | H1 2011 | H1 2010 | Change
-----------------------------+---------+---------+--------
 Turnover                    | 1,460.6 | 1,378.4 | 6%
-----------------------------+---------+---------+--------
 EBITDA                      | 359.7   | 293.5   | 23%
-----------------------------+---------+---------+--------
 EBIT                        | (214.1) | 146.0   | N/M
-----------------------------+---------+---------+--------
 Profit/(Loss)               | (250.8) | 92.5    | N/M
-----------------------------+---------+---------+--------
 Underlying Profit           | 199.2   | 92.5    | X 2.15
-----------------------------+---------+---------+--------
 Investments in fixed assets | 430.7   | 282.5   | 52%

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

SBM Offshore Press Release: http://hugin.info/130754/R/1539202/470318.pdf

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

[HUG#1539202]

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