Highlights

Sustained financial performance in a complex macroeconomic environment
2022 Directional [i] EBITDA guidance increased to around US$1 billion
2022 Directional revenue guidance increased to above US$3.2 billion
Memorandum of Understanding signed for exclusivity of seventh MPF hull with ExxonMobil Guyana


Bruno Chabas, CEO of SBM Offshore, commented:

We have delivered solid results this quarter driven by the reliable and sustainable financial performance of our fleet and the resilience of our turnkey division which, despite a number of continuing challenges, is expected to deliver robust margins at portfolio level this year. This performance is only possible thanks to the hard work and dedication of our teams.

Based on our outlook for the remainder of the year we have revised our EBITDA and Revenue guidance upwards.

The challenges of the macroeconomic context and Covid-19 pandemic related restrictions have not abated: incremental impacts continue to be experienced within the project portfolio. We are progressing the financing of the FPSOs Almirante Tamandaré and Alexandre de Gusmão projects in preparation for a year of large investment in the construction portfolio in 2023.

The underlying fleet uptime stood at 99.6% for the third quarter, excluding the impact of the shutdown of the FPSO Cidade de Anchieta. The restart of the unit at full production is planned by year end. Following the restart, repairs on a substantial remaining scope will continue at least until the end of next year.


We also advanced a number of important elements of our strategy as an energy transition company:

First through the Memorandum of Understanding (MoU) signed with ExxonMobil Guyana granting exclusivity for our seventh Fast4Ward® Multi-Purpose Floater (MPF) Hull for use on a future cost and CO2e-intensity competitive FPSO project;

Second, the construction of the Provence Grand Large floating foundations has reached a major milestone with the successful installation of the transition pieces linking floater to turbine mast;

Finally, we are pleased to see our efforts once again recognized by third-party experts in their assessment of the Company’s sustainability performance: SBM Offshore was cited by S&P Global for very high disclosure rates and as industry best on Climate Strategy.


Financial Overview

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https://www.sbmoffshore.com/newsroom/press-releases/2022/10-11-2022/sbm-offshore-third-quarter-2022-trading-update


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