Welcome!

Microsoft Cloud Authors: Janakiram MSV, Pat Romanski, Steven Mandel, John Basso, Liz McMillan

News Feed Item

SBM Offshore Q3 Trading Update

SCHIEDAM, NETHERLANDS -- (Marketwire) -- 11/15/12 -- Continued revenue growth driven by turnkey systems

+---------------------------------------------------------------+
| Turnover in US$ million    YTD Q3-2012   YTD Q3-2011   Change |
+---------------------------------------------------------------+
| Turnkey Systems                1,623.2       1,372.9   18.2%  |
+--------------------------                                     |
| Turnkey Services                 201.2         179.5   12.1%  |
+--------------------------                                     |
| Lease and Operate                661.6         648.6    2.0%  |
+--------------------------                                     |
| Total Turnover                 2,486.0       2,201.0   12.9%  |
+---------------------------------------------------------------+

SBM Offshore announces consolidated revenues up almost 13% for the nine months to 30 September 2012. Since the start of the third quarter, the Company secured financing for two large scale FPSOs for a total of over US$ 1.5 billion.

The Company is also pleased to announce the sale of GustoMSC, a non-core design and engineering subsidiary, as well as its support vessel the Dynamic Installer for a total consideration of some US$ 200 million; important first steps in its US$ 400 million non-core asset divestment programme.

Following record orders during 2011, the order intake during the first nine months of 2012 has been lower than expected, which in combination with slower than planned progress on a number of key projects implies that the Company will not achieve its expected total revenue of US$ 4 billion for 2012. As to the Yme project, reference is made to the Company's announcement of 26 October 2012 that Talisman and the Company presented a plan for repair of the grouting of the platform legs to the Norwegian Safety Authority.

Bruno Chabas CEO of SBM Offshore said: "In Q3, we made a swift start to our divestment programme and continued to drive forward the transformation of the Group. Despite the Group not expecting to achieve its 2012 revenue target, revenues continue to grow and, although they may fluctuate in the short term, the oil & gas industry has a critical need for increasingly large and sophisticated FPSOs. This is an outstanding opportunity for SBM Offshore, the world's leading specialist provider of these facilities."

Highlights

For the first nine months of 2012, consolidated turnover totalled US$ 2,486 million (12.9% above prior year of US$ 2,201 million). The Lease and Operate segment showed results in line with 2011, while the Turnkey Systems segment showed strong growth in excess of 18%, mostly driven by large scale FPSO projects such as OSX2, N'Goma, Cidade de Paraty and Cidade de Ilhabela.

Third quarter order intake continued to reflect the Company's strategic FPSO focus with the cumulative order intake for the first nine months amounting to US$ 1,681 million and an order portfolio at 30 September 2012 totalling US$ 16.1 billion. Period highlights included the 8.5 years lease, operate and maintain contract on FPSO Kikeh for a tie-back of the Siakap North-Petai fields offshore Malaysia and the BC-10 Rigless Intervention Module with Shell, both showing the continued demand for tie-in and subsea support projects.

Since the start of the second half year, the Group achieved a number of successful financing agreements totaling US$ 1.55 billion. The Company secured a loan facility for US$ 1.05 billion with its Joint Venture partners, QGOG Constellation and Mitsubishi Corporation for the construction of the FPSO Cidade de Ilhabela for Petrobras, followed by an inaugural US$ 500 million US Private Placement project bond with 16 Institutional Investors to fund the refurbishment of the FPSO Cidade de Anchieta, which started its service for Petrobras on 10 September this year under an 18 year lease and operate contract. This facility was fully paid up by the bond investors as of 1 November 2012.

As part of previously announced plans to dispose of approximately US$ 400 million of non-core assets, SBM Offshore has agreed to the sale of GustoMSC, to Parcom Capital, a private equity group, for a consideration of approximately US$ 185 million. The purchase is subject to financing and will be paid in cash at intended closing of the transaction by 30 November 2012. The Company also signed an agreement with Dulam for the sale of the DSV Dynamic Installer at US$ 14.8 million, with delivery scheduled for end November 2012.

Net debt at 30 September 2012 amounted to US$ 2,107 million (30 June 2012: US$ 1,964 million), with cash and cash equivalent balances of US$ 318.1 million (30 June 2012: US$ 214.0 million) and committed, undrawn bank facilities of US$ 1.4 billion (30 June 2012: US$ 1.0 billion).

Net debt to total equity ratio is stable at 130% at 30 September 2012 compared to 132% at 30 June 2012. The solvency ratio at 30 September 2012 stands at 30.4% compared to 31.5% at mid-year 2012. The sale of GustoMSC will improve solvency by 2.5 percentage points.

Capital expenditure and investments on finance lease contracts in the first nine months of 2012 amounted to a combined total of US$ 970.3 million.

Operational Update

Rigless Intervention System for Shell on FPSO Espirito Santo

SBM Offshore was awarded a contract from Shell for the engineering, procurement, construction, installation and operation of a Rigless Intervention System (RIS) module on FPSO Espirito Santo, which is owned and operated on joint venture basis with MISC Berhad, servicing the BC-10 field, offshore Brazil. Rigless Intervention is being developed to service subsea equipment on the FPSO as a permanent part of the system. The system is planned to be operational for a first intervention in the second quarter of 2014.

Yme

Jointly with operator Talisman, a repair plan for the grouting of the platform legs was presented to the Petroleum Safety Authority in Norway, on October 26. The repairs follow the decision of last July by the operator of the platform, Talisman, to de-man the platform and its assessment that grouting in the legs needs repair. The repairs are scheduled before the end of this year. After completion of repairs, personnel will be allowed to return to the platform to assess any consequences of the facility having been unattended for an extended period. Subsequently, Talisman and SBM Offshore will be able to agree the way forward.

Deep Panuke

Finalisation and commissioning of this platform is progressing more slowly than planned and the platform is now expected to be on hire during the first half of 2013. This delay is the result of recent test findings related to process equipment with root causes dating back to the time in the yard and during transit.

FPSO Cidade de Anchieta

Production on FPSO Cidade de Anchieta has commenced according to plan and the unit was officially on hire as of 10 September 2012 under the 18 years lease and operate contract with Petrobras.

Compact GTL

The Company also signed a commercial development agreement with Compact GTL Ltd, combining expertise for the marketing and execution of FPSO projects involving associated gas challenges for oil fields offshore.

Compliance

The investigation into potentially improper sales practices is still ongoing. Consequently, at this point it is not possible to provide further information or an estimate of the financial effects, if any.

DJSI world

The company received confirmation of its inclusion in the DJSI world for the second year in a row. This is a strong sign that its corporate social and sustainable objectives are among the best in class.


Outlook and Guidance 2012

Irrespective of global economic volatility, strong momentum in the oil & gas upstream market continues to drive demand for FPSOs and related products. In the short term, the challenges of complexity and scale, together with associated costs and risks for project developers are slowing certain contract awards or attenuating the start up phase of major projects. As a result, SBM Offshore is reducing turnover expectations for 2012 with other guidance remaining unchanged. This guidance is premised on no material change in the performance, or delivery, of the Group's projects.

Conference Call

Management of SBM Offshore will be available to discuss the contents of this press release in a conference call at 11:00 hrs (CET) on Thursday 15 November 2012.

Dial-in number:  (+65) 6723 9388
Conference ID Code:  64797494

Replay number: (+61) 2 8199 0299 (available for 48 hours)
Replay Conference ID Code: 64797494

The call will also be webcast via the SBM Offshore website: www.sbmoffshore.com

The call will be hosted by Bruno Chabas, CEO and Peter van Rossum, CFO.

Financial Calendar                                        |       Date|Year
----------------------------------------------------------+-----------+----
Full-year Results 2012 - Press Release (07:30 CET)        |    7 March|2013
----------------------------------------------------------+-----------+----
Full-year Results 2012 - Analysts Presentation (Amsterdam)|    7 March|2013
----------------------------------------------------------+-----------+----
Trading Update Q1 2013 - Press Release (07.30 CET)        |     23 May|2013
----------------------------------------------------------+-----------+----
Annual General Meeting of Shareholders (Rotterdam 14.30   |           |
CET)                                                      |     23 May|2013
----------------------------------------------------------+-----------+----
Half-year Results 2013 - Press Release (07.30 CET)        |   8 August|2013
----------------------------------------------------------+-----------+----
Half-year Results 2013 - Analysts Presentation (Amsterdam)|   8 August|2013
----------------------------------------------------------+-----------+----
Trading Update Q3 2013 - Press Release (07.30 CET)        |14 November|2013
----------------------------------------------------------+-----------+----

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

SBM Offshore Press Release: http://hugin.info/130754/R/1658231/536574.pdf

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: SBM Offshore N.V. via Thomson Reuters ONE

[HUG#1658231]

For further information, please contact:

Investor Relations
Sebastiaan de Ronde Bresser
Investor Relations Officer
Telephone: (+377) 92 05 85 15
Mobile: (+33) 643 919 312
E-mail: Email Contact
Website: www.sbmoffshore.com

Media Relations
Anne Guerin-Moens
Group Communications Director
Telephone: (+377) 92 05 30 83
Mobile: (+377) 680 863 691
E-mail: Email Contact
Website: www.sbmoffshore.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Akana has announced the availability of version 8 of its API Management solution. The Akana Platform provides an end-to-end API Management solution for designing, implementing, securing, managing, monitoring, and publishing APIs. It is available as a SaaS platform, on-premises, and as a hybrid deployment. Version 8 introduces a lot of new functionality, all aimed at offering customers the richest API Management capabilities in a way that is easier than ever for API and app developers to use.
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…