Highlights

Record-level US$32.2 billion pro-forma order book
Record-level US$9.5 billion pro-forma net cash flow from L&O and BOT[i] sales backlog[ii]
2023 Directional[iii] revenue and EBITDA guidance maintained
2 FPSOs on track for first oil by year-end
Over US$3.2 billion project financing secured


The 2023 Half Year Earnings and Interim Financial Statements are published on the Company’s website here.

Bruno Chabas, CEO of SBM Offshore, commented:

“The increase in our order book to a new record level and reiteration of the 2023 guidance underline the fact that our strategy as an Energy Transition Company is delivering results.

We are on track to achieve first oil as planned this year on two major FPSO projects. FPSO Prosperity is already in Guyanese waters and FPSO Sepetiba has started her journey to Brazil from China. While we continue to live with the after-effects of the pandemic plus supply chain and inflationary constraints, we are progressing the remaining projects under construction and the overall margin remains robust at portfolio level.

With the closing of the financing for the FPSO Alexandre de Gusmão in June, financing is now in place for the entire construction portfolio. Including the FPSO Almirante Tamandaré financing, we have secured over US$3.2 billion so far this year which is a remarkable achievement in today’s challenging environment.

The Lease and Operate division continues to deliver solid results with fleet uptime standing at 99.5%[iv] for the first half of the year. The new 10-year agreement for the operations and maintenance of our FPSO fleet in Guyana through an integrated operations model with our client is delivering impressive operational results. This model establishes a benchmark which can be applied to help other clients maximize value from their developments.

The economics and low emission qualities of deepwater resources mean that they will play a leading role in fulfilling future demand through the Energy Transition, where the FPSO is the solution of choice. Given the evolution of the financing market, new models and sources of finance will need to mature and evolve. We are well placed to capitalize on this new dynamic given our ability to structure new models as in Guyana and the depth and breadth of our experience and relationships with financial institutions. The two un-allocated Multi-Purpose Floater (MPF) hulls under construction further strengthen our ability to secure new opportunities in a market with strong fundamentals.

In New Energies, we completed the successful load out of the floating foundations for our first Floating Offshore Wind farm and integration of the turbines has commenced. This brings us one step closer to delivering the first iteration of our latest floating energy solution, demonstrating our ability to continue to innovate and to stay relevant through the energy transition and beyond.”

Financial Overview[v]
see & read more on

https://www.sbmoffshore.com/newsroom/press-releases/2023/10-08-2023/sbm-offshore-half-year-2023-earnings