Highlights

FEED contracts awarded by ExxonMobil Guyana for Whiptail development project in Guyana
FPSO Liza Unity purchase option exercised by ExxonMobil Guyana; sale to be completed in November 2023
2023 Directional[i] EBITDA guidance increased from above US$1 billion to around US$1.3 billion
2023 Directional revenue guidance increased from above US$2.9 billion to around US$4.4 billion
FPSO Prosperity, delivered on time in Guyana and preparing for first oil
Successful installation of 3 floaters for the Provence Grand Large offshore wind project


Bruno Chabas, CEO of SBM Offshore, commented:

“We have delivered results this quarter in line with expectation. Given the exercise of the purchase option of FPSO Liza Unity by ExxonMobil Guyana, we have revised our revenue and EBITDA guidance upwards to reflect this.

We are pleased to have been awarded a further FEED contract in Guyana for an FPSO for the Whiptail development project. This project, subject to government approvals and final investment decision by ExxonMobil Guyana, will be the fifth for the Company in Guyana and is based on a new commercial model: the FPSO’s ownership is expected to be transferred to the client at the end of the construction period. SBM Offshore is then expected to operate the FPSO using its innovative integrated operations and maintenance model. This combines SBM Offshore and ExxonMobil’s expertise and experience, leveraging key learnings and the operational excellence of the units currently deployed in Guyana.

Year-to-date, the fleet performance stood at 99.3%, in line with historical trend.

On the execution front, FPSO Prosperity has been delivered on time and is preparing for first oil in Guyanese waters. FPSO Sepetiba is also on track to achieve first oil in December 2023. Together, these FPSOs are capable of producing an additional 400,000 barrels of oil per day.

Significant progress was also achieved in our New Energies platform: the floaters for the Provence Grand Large floating offshore wind project were successfully installed. This provides a tangible commercial reference for the Company’s innovative tension leg mooring technology. Once commissioned, the 3 floaters will produce 25MW of clean energy, equivalent to the annual electricity consumption of 45,000 people.”

see & read more on
https://www.sbmoffshore.com/newsroom/press-releases/2023/09-11-2023/sbm-offshore-third-quarter-2023-trading-update

AND

On November 9, 2023, SBM Offshore will start the repurchase of 350,000 of its own ordinary shares to meet obligations from regular management and employee share programs. At yesterday’s closing price on Euronext Amsterdam, the program would cost approximately EUR4.1 million (c. USD4.4 million).

The repurchase program is expected to be completed up to and including December 29, 2023 or sooner if the maximum number of repurchased shares is reached earlier, pursuant to the authorization granted by the Annual General Meeting of the Company on April 13, 2023.

The execution of the share repurchase program will be done under the terms of an engagement letter with a third party, performed in compliance with the safe harbor provisions for share repurchases. Accordingly, transactions may be carried out during closed periods.

In accordance with the European Market Abuse Regulation, the Company will inform the market of the progress made in the execution of this program through weekly press releases and updates on its website.

tijd 10.02
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