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SCHIEDAM, Netherlands, Nov. 14, 2013 (GLOBE NEWSWIRE) --


  * Year-to-date 2013 Directional(1) revenues up 25% to US$2.6 billion, IFRS
    revenues up 40% to US$3.4 billion

  * FPSO Stones adds US$2.1 billion to Directional(1) Backlog which at US$24.4
    billion is highest in company history
  * FPSO OSX 2 delivered and paid as per contract
  * FPSO Cidade de Paraty successfully achieved contract milestone for start-up
    of gas compression and processing
  * Deep Panuke MOPU in production since August although Production Acceptance
    Notice (PAN) delayed

Bruno Chabas, CEO of SBM Offshore commented: "This has been a period of
encouragingly strong growth. The benefits of strategic focus and cultural change
are beginning to emerge, recognizing we are still in a transformation phase. We
are working as a team, staying close to our clients and bringing our project
skills and technology leadership to bear in meeting their challenges

Financial Highlights

Year-to-date   2013 Directional(1)  revenue  totalled  US$2,573  million  versus
US$2,062  million in  the year-ago  period. Directional(1  )Lease &  Operate and
Turnkey segment revenues came in at US$814 million and US$1,759 million, up 17%
and 29% respectively.

Year-to-date 2013 IFRS revenue totalled US$3,428 million versus US$2,442 million
in the year-ago period. Showing strong year-over-year improvements, IFRS Lease &
Operate  and Turnkey  segment revenues  came in  at US$770  million and US$2,658
million, up 16% and 49% respectively.

The  substantial difference between  IFRS and Directional(1)  revenue is largely
attributable  to the  elimination of  the revenue  recognized under  IFRS on the
finance  lease projects Cidade de Ilhabela,  Cidade de Paraty, N'Goma and Cidade
de  Maricá & Saquarema. All of these lease contracts are treated under IAS 17 as
outright sales projects with deferred payments.

Net  debt  as  of  September  30, 2013 amounted  to US$2,516 million compared to
US$1,816  million at the  end of 2012 reflecting  significant investments in the
ongoing  lease and operate projects. The Company ended the quarter with cash and
cash  equivalent balances of US$276 million versus  US$715 million at the end of
2012. Committed,  undrawn  credit  facilities  stood  at  US$820  million, which
compares to US$1,300 million as of December 31, 2012.

Capital expenditure and investments on finance lease contracts through the third
quarter of 2013 amounted to a combined total of US$719 million.

During  the third quarter a  project loan of US$600  million for FPSO N'Goma was
secured  from a consortium of international banks  at a weighted average cost of
debt of 4.7%.

Project Review

FPSO Cidade de Ilhabela (Brazil)

Construction  of  FPSO  Cidade  de  Ilhabela  progressed, with refurbishment and
conversion  at the Chinese shipyard completed. The vessel set sail for Brazil in
early  November  where  construction  of  the  process modules at the Brasa yard
continues  in  anticipation  of  the  arrival  of  the  FPSO and start-up of the
facility expected in the second half of 2014.

FPSO Cidade de Paraty (Brazil)

FPSO   Cidade  de  Paraty  has  been  formally  on  hire  since  June  7, 2013.
Subsequently,  the  unit  has  successfully  achieved the contract milestone for
start-up of gas compression and gas processing.

FPSO Stones (US Gulf of Mexico)

As  announced  on  July  23, 2013, SBM  Offshore  signed  a  contract with Shell
Offshore  Inc. to supply and lease  a Floating Production Storage and Offloading
facility  (FPSO) for the Stones  development project in the  Gulf of Mexico. The
charter  contract includes an  initial period of  10 years with future extension
options  up to  a total  of 20 years.  When installed  at almost 3 kilometers of
water depth, the FPSO Stones will be the deepest offshore production facility of
any type in the world.

FPSO OSX-2 (Brazil)

The  Company  announced  the  successful  delivery  as  per  contract  in  early
September. SBM Offshore has no further financial exposure to the client.

Deep Panuke (Canada)

The  Deep  Panuke  platform  has  been  producing  sales gas since early August.
Production levels of around 200 MMcf/d have been achieved, however this is below
full  production capacity of  300 MMcf/d. The team  is currently debottlenecking
the  system  with  the  intention  of  bringing  the platform to full production
capacity  safely. In  the meantime,  a partial  day rate  arrangement applies. A
further  update  will  be  provided  once  full  production  acceptance has been

Management Change

Further  to  our  announcement  of  November  7, 2013, Bruno  Chabas,  CEO,  has
temporarily  taken over the role  of COO. The Company  is addressing the way the
role  is structured in the  future. In the interim, the  Company is fortunate to
have  an excellent group of senior managers who are taking on various aspects of
the role.

Divestment Update

In November the Company agreed to the sale of the DSCV SBM Installer, a newbuild
Diving  Support  and  Construction  Vessel  (DSCV),  to Daya Vessels Limited for
US$180 million in cash. The transaction will close in Q1 2014.

The  sale  and  lease  back  of  real  estate  in  Monaco  remains on track with
completion expected by year end.

Orders & Backlog

Directional(1)   order  intake  stood  at  US$10,479  million  as  of  September
30, 2013. Directional(1  )Backlog as of  September 30, 2013 was $US24.4 billion,
the highest in company history (IFRS Backlog US$21.6 billion).


The internal investigation into potentially improper sales practices is ongoing.
The Company is in active dialogue with the relevant authorities. The Company
does not expect there will be a final outcome by the end of the year.

External Auditors

Following  a thorough selection  process the company  will propose to the Annual
General   Meeting   of   shareholders   in   April   2014 the   appointment   of
PricewaterhouseCoopers  as  the  new  statutory auditors. PricewaterhouseCoopers
will  replace KPMG effective  in the 2014 reporting  year, as part  of the Dutch
compulsory external auditor rotation rules.

2013 Outlook and Guidance

The  Company is  confident it  will accomplish  IFRS revenue  of at least US$4.3
billion,  of which  US$3.3 billion  for Turnkey  and US$1  billion for Lease and
Operate segments respectively.

Conference Call

SBM  Offshore has scheduled a conference call followed by a Q&A session at 8:30
Central European Time on Thursday, November 14, 2013.

The call will be hosted by Bruno Chabas (CEO), Peter van Rossum (CFO) and Sietze
Hepkema (CGCO).
Interested   parties   are   invited   to   listen   to  the  call  by  dialling
+31 20 794 8484 in    the    Netherlands,    +44 207 190 1590 in   the   UK   or
+1 480 629 9761 in the US.

Corporate Profile

SBM Offshore N.V. is a listed holding company that is headquartered in Schiedam.
It holds direct and indirect interests in other companies that collectively with
SBM Offshore N.V. form the SBM Offshore group ("the Company").

SBM  Offshore  provides  floating  production  solutions  to the offshore energy
industry,  over the  full product  life-cycle. The  Company is market leading in
leased  floating production systems with  multiple units currently in operation,
and  has unrivalled  operational experience  in this  field. The  Company's main
activities  are  the  design,  supply,  installation,  operation  and  the  life
extension  of Floating Production, Storage  and Offloading (FPSO) vessels. These
are  either owned  and operated  by SBM  Offshore and  leased to  its clients or
supplied on a turnkey sale basis.

Group  companies employ  over 9,600 people  worldwide, who  are spread over five
execution  centers, eleven  operational shore  bases, several construction yards
and   the   offshore   fleet   of   vessels.   Please   visit   our  website  at

The   companies  in  which  SBM  Offshore  N.V.  directly  and  indirectly  owns
investments  are  separate  entities.  In  this  communication "SBM Offshore" is
sometimes  used for convenience  where references are  made to SBM Offshore N.V.
and  its  subsidiaries  in  general,  or  where  no  useful purpose is served by
identifying the particular company or companies.

The Management Board

Schiedam, November 14, 2013

For further information, please contact:

Investor Relations

Nicolas D. Robert

Head of Investor Relations

  Telephone:   +377 92 05 18 98

  Mobile:      +33 (0) 6 40 62 44 79



Media Relations

Anne Guerin-Moens

Group Communications Director

  Telephone:   +377 92 05 30 83

  Mobile:      +33 (0) 6 80 86 36 91



To  see the  complete version  of this  press release,  please click on the link


Some  of the statements contained in this  release that are not historical facts
are statements of future expectations and other forward-looking statements based
on  management's current  views and  assumptions and  involve known  and unknown
risks  and uncertainties that could cause actual results, performance, or events
to  differ  materially  from  those  in  such  statements.  Such forward-looking
statements  are  subject  to  various  risks  and uncertainties, which may cause
actual  results and performance  of the Company's  business to differ materially
and  adversely from the forward-looking statements. Certain such forward-looking
statements  can be identified by the  use of forward-looking terminology such as
"believes",  "may", "will", "should", "would  be", "expects" or "anticipates" or
similar  expressions, or the  negative thereof, or  other variations thereof, or
comparable  terminology, or  by discussions  of strategy,  plans, or intentions.
Should  one  or  more  of  these  risks  or uncertainties materialize, or should
underlying  assumptions prove incorrect, actual results may vary materially from
those  described  in  this  release  as  anticipated, believed, or expected. SBM
Offshore  NV does not intend, and does  not assume any obligation, to update any
industry  information or forward-looking statements set forth in this release to
reflect subsequent events or circumstances.

SBM Offshore Press Release:


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