SBM OFFSHORE THIRD QUARTER TRADING UPDATE

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Algemeen advies 10/11/2016 06:29
PERFORMANCE IN LINE WITH GUIDANCE
Highlights
Year-to-date 2016 Directional[1] revenue on track at US$1.6 billion.
US$193 million order intake year to date.
Third Quarter 2016 uptime at 99.2%.
FPSO Cidade de Saquarema on hire as of July 8, 2016.
FPSO Turritella on hire as of September 2, 2016.
Brazilian Fifth Chamber referred settlement agreement to the Higher Council of the Ministério Público Federal ("MPF"), for further consideration and decision.
Reiterating 2016 Directional1 revenue and EBITDA guidance of at least US$2.0 billion and around US$750 million, respectively.
EUR150 million share repurchase program well underway.

Bruno Chabas, CEO of SBM Offshore commented:
"This quarter saw the successful delivery of two complex FPSOs to our clients. The scale and technological challenges of delivering these projects in line with client schedule and to budget were very significant. I am very proud to see that dedicated SBM Offshore staff demonstrated once again that experience matters, by exceeding expectations.

Business across the offshore industry remains slow, with low order intake. Visibility on new awards continues to be limited, even though interest is picking up with the realization that the turning point in oil supply/demand is close and that structural undersupply is likely only to be a matter of time. Client feedback on our game changing Fast4WardTM product is very positive. This innovation combined with our ongoing restructuring and optimization program give us confidence we have a credible solution to work profitably in a low oil price environment."

Year-to-date 2016 Directional1 revenue came in at US$1,574 million versus US$2,059 million in the year-ago period. For the Turnkey segment, revenue decreased 50% year-on-year to US$622 million, reflecting the slow-down in activity due to continued difficult oil and gas market conditions, as well as the sale to JV partners of a 45% stake in FPSO Turritella in the first half of 2015. The Lease and Operate revenue increased 18% versus the same period last year to US$952 million, due to the commencement of production of FPSO Cidade de Maricá which was on hire commencing February 7, 2016, FPSO Cidade de Saquarema which was on hire on July 8, 2016, FPSO Turritella which was on hire commencing September 2, 2016 and the contribution of the Production Handling Agreement signed in September 2015 with Noble to connect the Big Bend and Dantzler fields to the Thunder Hawk DeepdraftTM Semi in the U.S. Gulf of Mexico.

Directional1 Backlog as of September 30, 2016 stood at US$17.5 billion. The Company added US$ 193 million in new orders related to FEED, terminals and offshore installation contracts and contract close-outs. Although SBM Offshore is actively involved in several tenders for FEED studies and final awards, it remains cautious on order intake in view of the continuing downturn in the oil and gas industry.

Proportional net debt as of September 30, 2016 amounted to US$3.0 billion, a decrease of 4% compared to the end of December 2015. This predominantly reflects an increase in cash flow generated by the Lease and Operating segment and upfront payments received from clients, more than offsetting the decreasing capital expenditure in the Turnkey segment and the Company's share repurchase program.

Directional1 capital expenditure for the year to date amounted to US$35 million. Full year 2016 Directional1 capital expenditure, net of upfront client payments, has been revised from US$70 million to US$50 million. The year to date and reduced full year forecast reflect good project progress and release of contingencies in closing out Turnkey projects.

Floating Wind Pilot Project



Having supplied more than 100 floating production and more than 450 offshore mooring systems over almost 60 years, SBM Offshore is the technology leader for floating and mooring solutions for the energy industry. SBM Offshore is looking at deploying its technology in floating wind projects as these require strong offshore experience and expertise.



On November 4, 2016 the French Government announced that it has selected the EDF Energies Nouvelles (EDF EN) proposal to construct a pilot floating wind farm for its Provence Grand Large project, offshore France. SBM Offshore's proprietary floating systems solution for offshore wind turbines will be deployed on this EDF EN project. The pilot project remains subject to the client's final investment decision.



The scope for SBM Offshore would involve engineering, procurement, construction and installation services of the floating and mooring components for three floating wind systems. The execution planning remains subject to discussions with EDF EN, authorities and other project stakeholders. The Company would supply the floaters' components on a turn-key basis.

Outlook and Guidance
The Company is reiterating its 2016 Directional1 revenue guidance of at least US$2.0 billion, of which US$0.6-0.7 billion is expected in the Turnkey segment and US$1.3-1.4 billion in the Lease and Operate segment. The Company also reconfirms the 2016 Directional1 EBITDA guidance of around US$750 million.

see and read more on

http://hugin.info/130754/R/2055625/769873.pdf

tijd 09.07
SBM EUR 12,875 +1ct vol. 33.616



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