SBM Offshore: Steady Performance in 1Q

SBM Offshore N.V., provider of floating production solutions to the offshore energy industry, has reported first quarter Trading Update with the following highlights:

– Year-to-date 2014 Directional revenues in line with expectations at US$782 million;
– Directional Backlog as of March 31, 2014 stands at US$21.7 billion;
– FPSO Cidade de Ilhabela module integration well underway at the Brasa yard outside Rio de Janeiro;
– FPSO Stones Operations & Maintenance contract signed post-period;
– US$400 million financing for the Deep Panuke platform was secured from international banks;
– Deep Panuke MOPU legal proceedings brought to a successful conclusion.

Bruno Chabas, CEO of SBM Offshore commented:

“We have delivered a steady performance in the first quarter, with revenues in line with expectations. Tendering activity has accelerated, but we remain conservative in our view of the speed of project awards. The first module integration on Cidade de Ilhabela at Brasa was a major milestone for the yard and testament to SBM’s commitment to the facility and to local content in Brazil. Additionally, we are pleased with the delivery of the brownfield Kikeh extension project, the outcome of the Deep Panuke settlement, and the additional US$400 million in new financing.

“The publication of the findings of our internal investigation into potentially improper sales practices was a significant step forward, and we now look to the public authorities to complete their work. SBM has striven to address compliance and ethical conduct, and I am proud of the way everyone at SBM has embraced this program. We recognize that our clients value our approach, and we look to the future with confidence.”

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Press Release, May 12, 2014