Dividend increase based on strong performance.

Highlights
Record order book providing cashflow visibility until 2050 of US$29.5 billion
Underlying[1] 2021 Directional[2] EBITDA of US$931 million, in line with guidance
US$343 million returned to shareholders in dividend and share buyback, representing c. 10% total yield[3]
Proposed c. 13% increase in dividend per share to US$1 per share
Introduced Float4WindTM, our second-generation offshore wind floater
2022 Directional revenue guidance of above US$3.1 billion; Directional EBITDA guidance of around US$900 million
SBM Offshore’s 2021 Annual Report can be found on its website under: https://2021.annualreport.sbmoffshore.com/



Bruno Chabas, CEO of SBM Offshore, commented:

“In 2021 SBM Offshore has performed well. We closed the books in line with our guidance. The Company has a record project portfolio and we have confirmed our position as a leader in the support of our clients in the energy transition. We are truly proud of our teams who deliver our projects and continue to operate our fleet safely, despite the challenges that came with the COVID-19 pandemic.

Our project portfolio stands at a record level with five projects under execution and a large FEED underway for the Yellowtail development project for Exxon in Guyana. FPSO Liza Unity is now in the commissioning phase, in line with our pre COVID-19 schedule. The other projects remain on track relative to the latest planned schedules and we continue to anticipate a competitive level of performance from this portfolio.

The new awards increase our backlog to a record year-end level of US$29.5 billion. Our order book continues to bring stability as our net cash forecast is underpinned by contracts from premium clients. This is unique in our industry. It also allows us to invest in the future, both in our traditional business as well as in renewables. In 2021, we returned US$343 million to shareholders through dividends and the 2021 share buyback program, representing an overall cash yield3 of 10%. The proposed increase in dividend to US$1 per share represents a 13% increase versus last year.

Through our emissionZERO® program, we are reducing the environmental footprint of deep water oil developments which will have a role in the energy mix for many years to come. SBM Offshore is in the energy transition business, lowering the impact of producing hydrocarbons, while at the same time developing new means to replace it.

Our strengths and experience in floating energy solutions will allow us to capture a material share of the promising market for floating offshore wind. In 2021 we made significant progress: we advanced construction activities for our first project in France, entered our first co-development projects in the UK and USA and launched our Float4Wind™ concept. Float4Wind™ is our second-generation offshore wind floater: a pragmatic solution for the market, with a simpler design and ready for industrialization.

We are therefore operationalizing our vision of safe, sustainable and affordable energy from the oceans and positioning ourselves as an energy transition company: one with the experience and track record to capture the large opportunity set from decarbonization across its portfolio in the future, yet one with a strong financial foundation that is delivering competitive cash returns today.”

Financial Overview
see & read more on
https://www.sbmoffshore.com/newsroom/press-releases/2022/10-02-2022/sbm-offshore-full-year-2021-earnings

Outlook and Guidance

The pandemic and associated impact on the oil market has caused oil and gas companies to reassess their portfolios and investments. However, large capacity deep water developments, continue to be preferentially selected by customers thanks to their cost and carbon efficient characteristics. SBM Offshore remains disciplined in the selection of its opportunities and prioritizes these large capacity projects. In addition, the Company continues to invest in its positioning in the FOW market.

The Company’s 2022 Directional revenue guidance is above US$3.1 billion, of which around US$1.6 billion is expected from the Lease and Operate segment and above US$1.5 billion from the Turnkey segment. 2022 Directional EBITDA guidance is around US$900 million for the Company.

This guidance considers the currently foreseen COVID-19 impacts on projects and fleet operations, including supply chain effects. The Company highlights that the direct and indirect impact of the pandemic could continue to have a material impact on the Company’s business and results and the realization of the guidance for 2022.