SOURCE: SBM Offshore N.V.

November 10, 2010 01:50 ET

SBM Offshore Q3 2010 Trading Update Full Year Outlook Confirmed

SCHIEDAM, NETHERLANDS--(Marketwire - November 10, 2010) -



Highlights

· Turnover for the first nine months of 2010 at US$ 2,180 million, 2.5% above prior year;

· Total order backlog at 30 September 2010 at US$ 10.3 billion (US$ 9.0 billion at 30 September 2009);

· A letter of agreement signed for a lease contract for a DeepDraft® semi-sub production facility for the Tubular Bells field in the Gulf of Mexico;

· Delivery of FPSO P-57 and semi submersible drilling rig "Lone Star";

· New Joint Venture Partner, DSME, in the Paenal yard development in Angola;

· Membership of the Dow Jones Sustainability Europe Index.


Tony Mace, CEO of SBM Offshore: "We were pleased to complete two major projects in recent weeks with the delivery of the first semi submersible drilling rig and the large FPSO P-57, a major part of which was executed in Brazil. There is continued high bidding activity and the outlook for our products is buoyant although timing for sanction of some projects is uncertain".


Outlook Full Year 2010

· Turnover in the same range as 2009; fully secured by current backlog;

· EBIT margin from Turnkey Systems solidly within 5%-10% range;

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

· Lease and Operate EBIT contribution below 2009 level.



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





[HUG#1460711]





SBM Offshore Press Release: http://hugin.info/130754/R/1460711/399820.pdf




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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
    Website: www.sbmoffshore.com