The Netherlands: SBM Offshore Records First Half Net Loss of USD 250.8 Million
SBM Offshore today announced half-year results for 2011.
Financial Highlights
- Turnover of US$ 1,461 million (US$ 1,378 million in H1 2010);
- EBITDA of US$ 359.7 million (EBITDA of US$ 293.5 million in H1 2010);
- US$ 450 million impairment charge booked in H1 2011, as already announced on 28 July 2011;
- Net loss of US$ (250.8) million with underlying profit of US$ 199.2 million (Net profit of US$ 92.5 million in H1 2010);
- Record order portfolio US$ 12,405 million (US$ 10,908 million in H1 2010);
- Net debt US$ 2,195 million, net gearing 117% (US$ 1,711 million, net gearing 81% at year-end 2010), well within all debt covenants.
Operational Highlights
- FPSO Okha completed and handed over to Woodside;
- Contract for supply of an FPSO for OSX in Brazil;
- Contracts for supply of two large Turret Mooring Systems;
- Contracts signed and US$ 1 billion financing facility secured for FPSO Cidade de Paraty in Brazil on Lula NE field;
- Letters of Intent for lease contracts for FPSO Xikomba for ENI and FPSO Guara Norte for Petrobras.
Outlook 2011
- Turnover around 5% above 2010, fully secured from current order portfolio;
- EBIT margin from Turnkey Systems solidly in the 10% – 15% range;
- Turnkey Services EBIT margin within the 15% – 20% range;
- Underlying Lease and Operate EBIT above underlying 2010 level;
- Overall the Company expects a 2011 net result around breakeven before deduction of minority interests;
- No decision has been taken by the Company in respect of dividend over 2011.
Tony Mace, CEO of SBM Offshore: “The impairment charge is very disappointing in light of the excellent performance on the more recent projects which is reflected in the positive momentum on key indicators with an increase in turnover, a 23% higher EBITDA and a record order portfolio. New prospects for the Company look promising further to the recently awarded LOI for a lease of a FPSO for the Guara Norte development in Brazil, which is the largest order ever received by SBM Offshore.”
[mappress]
Source: SBM Offshore, August 18, 2011;
List of related news articles
-
Posted: 28 days ago
SBM Offshore inks FPSO extension with Shell in Brazil, eyes more in Guyana
SBM Offshore has been awarded a lease extension from Shell for an FPSO in Brazil and expects another...
Posted: 28 days ago -
Posted: 2 months ago
SBM Offshore starts topside integration on Liza Unity FPSO
Dutch FPSO provider SBM Offshore has begun the topside integration phase on the Liza Unity FPSO in a...
Posted: 2 months ago -
Posted: 2 months ago
SBM Offshore picks LOC for marine warranty services
LOC Group has been awarded new contracts with SBM Offshore to act as Marine Warranty Surveyor on two...
Posted: 2 months ago -
Posted: 2 months ago
SBM Offshore orders electrical cables for Mero 2 FPSO
Marine and offshore electrical cables manufacturer CCI CableService has been awarded a contract by S...
Posted: 2 months ago