SBM Offshore’s Profit Down. Shares Up on Updated Revenue Forecast

Dutch SBM Offshore today reported a net loss of $42 million for the first half of 2013, compared to net profit of $121 million in the same period last year.

Excluding the Yme platform settlement with Talisman and Deep Panuke delay charges, the company’s net profit was $254 million, a 109% up from 1H 2012.

Revenues rose to $1.67 billion from $1.35 billion last year.

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.”

Revenue Guidance Up, Shares Up

As for the outlook SBM Offshore is optimistic.  The company continues to forecast strong demand for FPSOs and associated products in the medium term with three bids currently outstanding and an encouraging pipeline of prospects.

Also, as a result of recent awards, management rose its 2013 revenue forecast from US$4 billion to US$4.3 billion.

The updated forecast sent SBM Offshore shares up as much as 7.34 per cent to EUR 15.26.