SBM Revenues Up, The Netherlands

SBM Offshore said it has made good operational progress, with underlying financial results ahead of the company’s expectations. Directional Backlog reached a record level of US$22.4 billion including contracts for FPSOs Cidade de Mariá and Cidade de Saquarema for Petrobras , the company’s largest orders to- date.

Highlights

– On a Directional basis, revenues were up 24% to US$1,669 million in H1’13, and underlying EBIT increased by 69 % to US$ 297 million

– Letters of Intent for lease and operate contracts for two FPSOs from Petrobras (contracts executed post – period)

– Directional Backlog up by 36% to a record level of US$22.4 billion

– Cash at the end of the period was US$ 253 million ; undrawn credit facilities of US$ 857 million

– Net debt at the end of June was US$2,300 million

– Agreement to decommission the Yme platform and settle outstanding issues with Talisman for US$470 million

– Successful 10% Rights Issue at €10.07 per share raised US$ 24 7 million.

Bruno Chabas, CEO of SBM Offshore commented: “I am strongly encouraged by the headway we have made in the first half. We have secured several outstanding contract awards and are on a much stronger footing, having both remedied a significant legacy issue and strengthened our balance sheet. Our management team can now concentrate on running the business and progressing our strategic transformation. Our focus on FPSOs is at the heart of this and our prospects give me confidence in our performance for the full year.”

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LNG World News Staff, August 8, 2013