SBM Offshore N.V.
amsterdam : SBMO

November 17, 2011 01:37 ET

SBM Offshore N.V. Q3 2011 Trading Update - New Record Order Intake and Outlook 2011 Confirmed

SCHIEDAM, NETHERLANDS--(Marketwire - Nov 17, 2011) -


  * Turnover for the first nine months of 2011 of US$ 2,201 million (1%
    above prior year);
  * Order portfolio at 30 September 2011 of US$ 15.7 billion (53% above
    prior year);
  * Letter of Intent for 20 year lease of FPSO Cidade de Ilhabela for the
    Guará Norte pre-salt field in Brazil;
  * Net debt of US$ 2,292 million (US$ 2,195 million at half-year 2011),
    with all debt covenants comfortably met;
  * Final delivery of the last in a series of three Semi-Submersible
    Drilling Rigs;
  * First oil achieved ahead of schedule on FPSO Aseng and unit on hire.

Tony Mace, CEO of SBM Offshore: "The delivery of the FPSO Aseng two months ahead of schedule follows the early completion of the P57 FPSO last year and confirms our capability to deliver highly sophisticated FPSOs on time. We are also pleased the third drilling rig has been delivered to our client, completing the series of three rig orders obtained in 2006/2007. The order intake so far this year includes two FPSOs and two complex turret mooring systems, and amounts to more than US$ 6 billion which is very satisfactory and reflects the current buoyant market conditions for our products and services."

Outlook 2011 Confirmed

  * Turnover around 5% above 2010, fully secured from current order
  * EBIT margin from Turnkey Systems solidly in the 10% - 15% range;
  * EBIT margin from Turnkey Services in upper half of the 15% - 20% range;
  * Underlying Lease and Operate EBIT above underlying 2010 level;
  * Overall, taking into account the previously announced US$ 450 million
    impairment charge, the Company expects a 2011 net result around
    breakeven before deduction of minority interests.

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

SBM Offshore Press Release:

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


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