SCHIEDAM, Netherlands, Nov. 14, 2013 (GLOBE NEWSWIRE) --
STRONG REVENUE GROWTH AND RECORD BACKLOGHighlights  * 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) delayedBruno Chabas, CEO of SBM Offshore commented: "This has been a period ofencouragingly strong growth. The benefits of strategic focus and cultural changeare beginning to emerge, recognizing we are still in a transformation phase. Weare working as a team, staying close to our clients and bringing our projectskills and technology leadership to bear in meeting their challengesFinancial HighlightsYear-to-date   2013 Directional(1)  revenue  totalled  US$2,573  million  versusUS$2,062  million in  the year-ago  period. Directional(1  )Lease &  Operate andTurnkey 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 millionin 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$2,658million, up 16% and 49% respectively.The  substantial difference between  IFRS and Directional(1)  revenue is largelyattributable  to the  elimination of  the revenue  recognized under  IFRS on thefinance  lease projects Cidade de Ilhabela,  Cidade de Paraty, N'Goma and Cidadede  Maricá & Saquarema. All of these lease contracts are treated under IAS 17 asoutright sales projects with deferred payments.Net  debt  as  of  September  30, 2013 amounted  to US$2,516 million compared toUS$1,816  million at the  end of 2012 reflecting  significant investments in theongoing  lease and operate projects. The Company ended the quarter with cash andcash  equivalent balances of US$276 million versus  US$715 million at the end of2012. Committed,  undrawn  credit  facilities  stood  at  US$820  million, whichcompares to US$1,300 million as of December 31, 2012.Capital expenditure and investments on finance lease contracts through the thirdquarter 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 wassecured  from a consortium of international banks  at a weighted average cost ofdebt of 4.7%.Project ReviewFPSO Cidade de Ilhabela (Brazil)Construction  of  FPSO  Cidade  de  Ilhabela  progressed, with refurbishment andconversion  at the Chinese shipyard completed. The vessel set sail for Brazil inearly  November  where  construction  of  the  process modules at the Brasa yardcontinues  in  anticipation  of  the  arrival  of  the  FPSO and start-up of thefacility 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 forstart-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 ShellOffshore  Inc. to supply and lease  a Floating Production Storage and Offloadingfacility  (FPSO) for the Stones  development project in the  Gulf of Mexico. Thecharter  contract includes an  initial period of  10 years with future extensionoptions  up to  a total  of 20 years.  When installed  at almost 3 kilometers ofwater depth, the FPSO Stones will be the deepest offshore production facility ofany type in the world.FPSO OSX-2 (Brazil)The  Company  announced  the  successful  delivery  as  per  contract  in  earlySeptember. 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 belowfull  production capacity of  300 MMcf/d. The team  is currently debottleneckingthe  system  with  the  intention  of  bringing  the platform to full productioncapacity  safely. In  the meantime,  a partial  day rate  arrangement applies. Afurther  update  will  be  provided  once  full  production  acceptance has beenachieved.Management ChangeFurther  to  our  announcement  of  November  7, 2013, Bruno  Chabas,  CEO,  hastemporarily  taken over the role  of COO. The Company  is addressing the way therole  is structured in the  future. In the interim, the  Company is fortunate tohave  an excellent group of senior managers who are taking on various aspects ofthe role.Divestment UpdateIn November the Company agreed to the sale of the DSCV SBM Installer, a newbuildDiving  Support  and  Construction  Vessel  (DSCV),  to Daya Vessels Limited forUS$180 million in cash. The transaction will close in Q1 2014.The  sale  and  lease  back  of  real  estate  in  Monaco  remains on track withcompletion expected by year end.Orders & BacklogDirectional(1)   order  intake  stood  at  US$10,479  million  as  of  September30, 2013. Directional(1  )Backlog as of  September 30, 2013 was $US24.4 billion,the highest in company history (IFRS Backlog US$21.6 billion).ComplianceThe internal investigation into potentially improper sales practices is ongoing.The Company is in active dialogue with the relevant authorities. The Companydoes not expect there will be a final outcome by the end of the year.External AuditorsFollowing  a thorough selection  process the company  will propose to the AnnualGeneral   Meeting   of   shareholders   in   April   2014 the   appointment   ofPricewaterhouseCoopers  as  the  new  statutory auditors. PricewaterhouseCooperswill  replace KPMG effective  in the 2014 reporting  year, as part  of the Dutchcompulsory external auditor rotation rules.2013 Outlook and GuidanceThe  Company is  confident it  will accomplish  IFRS revenue  of at least US$4.3billion,  of which  US$3.3 billion  for Turnkey  and US$1  billion for Lease andOperate segments respectively.Conference CallSBM  Offshore has scheduled a conference call followed by a Q&A session at 8:30Central European Time on Thursday, November 14, 2013.The call will be hosted by Bruno Chabas (CEO), Peter van Rossum (CFO) and SietzeHepkema (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 ProfileSBM Offshore N.V. is a listed holding company that is headquartered in Schiedam.It holds direct and indirect interests in other companies that collectively withSBM Offshore N.V. form the SBM Offshore group ("the Company").SBM  Offshore  provides  floating  production  solutions  to the offshore energyindustry,  over the  full product  life-cycle. The  Company is market leading inleased  floating production systems with  multiple units currently in operation,and  has unrivalled  operational experience  in this  field. The  Company's mainactivities  are  the  design,  supply,  installation,  operation  and  the  lifeextension  of Floating Production, Storage  and Offloading (FPSO) vessels. Theseare  either owned  and operated  by SBM  Offshore and  leased to  its clients orsupplied on a turnkey sale basis.Group  companies employ  over 9,600 people  worldwide, who  are spread over fiveexecution  centers, eleven  operational shore  bases, several construction yardsand   the   offshore   fleet   of   vessels.   Please   visit   our  website   companies  in  which  SBM  Offshore  N.V.  directly  and  indirectly  ownsinvestments  are  separate  entities.  In  this  communication "SBM Offshore" issometimes  used for convenience  where references are  made to SBM Offshore N.V.and  its  subsidiaries  in  general,  or  where  no  useful purpose is served byidentifying the particular company or companies.The Management BoardSchiedam, November 14, 2013For further information, please contact:Investor RelationsNicolas D. RobertHead of Investor Relations  Telephone:   +377 92 05 18 98  Mobile:      +33 (0) 6 40 62 44 79  E-mail:  Website:     www.sbmoffshore.comMedia RelationsAnne Guerin-MoensGroup Communications Director  Telephone:   +377 92 05 30 83  Mobile:      +33 (0) 6 80 86 36 91  E-mail:  Website:     www.sbmoffshore.comTo  see the  complete version  of this  press release,  please click on the linkbelowDisclaimerSome  of the statements contained in this  release that are not historical factsare statements of future expectations and other forward-looking statements basedon  management's current  views and  assumptions and  involve known  and unknownrisks  and uncertainties that could cause actual results, performance, or eventsto  differ  materially  from  those  in  such  statements.  Such forward-lookingstatements  are  subject  to  various  risks  and uncertainties, which may causeactual  results and performance  of the Company's  business to differ materiallyand  adversely from the forward-looking statements. Certain such forward-lookingstatements  can be identified by the  use of forward-looking terminology such as"believes",  "may", "will", "should", "would  be", "expects" or "anticipates" orsimilar  expressions, or the  negative thereof, or  other variations thereof, orcomparable  terminology, or  by discussions  of strategy,  plans, or intentions.Should  one  or  more  of  these  risks  or uncertainties materialize, or shouldunderlying  assumptions prove incorrect, actual results may vary materially fromthose  described  in  this  release  as  anticipated, believed, or expected. SBMOffshore  NV does not intend, and does  not assume any obligation, to update anyindustry  information or forward-looking statements set forth in this release toreflect subsequent events or circumstances.SBM Offshore Press Release:[HUG#1743125]