SBM Offshore 2019 Full Year Earnings

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Overig advies 13/02/2020 07:43
- Guidance delivered, doubling dividend, share repurchase and backlog up 40%

2019 guidance delivered: Directional[1] revenue US$2,171 million; reported Directional EBITDA US$921 million
Underlying[2] Directional EBITDA US$832 million
US$6 billion net increase of pro-forma backlog[3] to US$21 billion
100% increase in dividend to US$150 million
Launch of EUR150 million (c. US$165 million) share repurchase
Market outlook positive, underscored by five hulls in the Fast4Ward® program
‘Ambition 2030’: 25% of SBM Offshore’s revenues from Gas and Renewables by 2030
eMission Zero FPSO concept initiated aiming at net zero carbon emissions
2020 Directional revenue guidance of above US$2.3 billion; Directional EBITDA guidance of around US$900 million, an increase of c. 8% compared with 2019

SBM Offshore’s 2019 Annual Report can be found on its website under:

Bruno Chabas, CEO of SBM Offshore, commented:

“2019 was marked by strong financial performance, excellent project and operational execution and commercial success. We delivered financials in line with recently increased guidance. FPSO Liza Destiny reached first oil for our client ExxonMobil in Guyana within 30 months, demonstrating our capabilities and industry-leading experience. The investment by our major clients translated into contracts for FPSO Liza Unity in Guyana and FPSO Sepetiba in Brazil. We are maintaining our selective approach towards market opportunities and the associated discipline in project execution: these are key to perform projects in line with commitments and to secure long-term value for all our stakeholders.

The Company has decided to significantly increase its returns to shareholders on the basis of our sustained operating performance, efficient financing model and increased backlog from recent awards. The proposed 100% increase in dividend will yield a return of more than 4%, based on the closing share price of EUR16.30 at February 12, 2020. This builds on our dividend track record, now spanning five years. Our dividend has grown by almost 40% year-on-year since 2016 on a per share basis. The Company has today started a new share repurchase program, which will, following the EUR175 million (c. US$200 million) share repurchase program of 2019, further increase the per share return in 2020.

We remain focused on the challenging task of significantly reducing the carbon footprint of our fleet and are developing innovative solutions for the energy future. These are the basis of SBM Offshore’s ‘Ambition 2030’: 25% of total revenues to come from Gas and Renewables. Through ‘Ambition 2030’, SBM Offshore positions itself for a future where the oceans can provide safe, sustainable and affordable energy for generations to come.”

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tijd 11.01
SBM EUR 16,78 +48ct vol. ruim 1 miljoen

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