May 12, 2022
Highlights
- Year-to-date Directional1 revenue of US$970 million, in line
with expectation
- Full year 2022 Revenue and EBITDA guidance maintained
- Cash dividend of US$1 per ordinary share paid, 13% year-on-year
increase and representing c. 7% yield2
- FPSO Liza Unity delivered on time and on budget
- FPSO ONE GUYANA award confirmed, to be added to the
backlog
Bruno Chabas, CEO of SBM Offshore,
commented:
“Despite the challenging environment, following
SBM Offshore’s performance over the first quarter of 2022 we
maintain our full year guidance.
We continue to adapt to the impacts of the
pandemic plus now the increased pressure on the worldwide supply
chain resulting from the conflict between Russia and Ukraine. The
margin expectation from our Turnkey portfolio remains robust.
The successful delivery of FPSO Liza Unity in
February 2022 once again demonstrates SBM Offshore’s unique
capability in executing large FPSO projects. Following the FPSO ONE
GUYANA award confirmation, we are delivering growth in our
construction portfolio and orderbook, with 5 FPSOs under
construction. Our focus remains the safe and reliable execution of
this portfolio.
We have paid out US$1 cash dividend per share,
representing a yield c. 7% based on year-end 2021 market
capitalization. This, combined with our c. 30-year cash flow
visibility from our backlog, reflects once again the Company’s
capacity for sustained cashflow generation going forward.
Finally, as part of our New Energies business,
the Company has joined forces with a partner to develop the world’s
largest floating wind turbine (16MW) using the Float4Wind™ TLP
(Tension Leg Platform) technology. The pilot project remains
subject to final investment decision.
Financial Overview
|
|
YTD Directional |
|
|
|
|
|
in US$ million |
|
1Q
2022 |
1Q
2021 |
% Change |
Revenue |
|
970 |
513 |
89% |
Lease and Operate |
|
405 |
360 |
13% |
Turnkey |
|
565 |
153 |
269% |
Underlying3
Revenue |
|
970 |
536 |
81% |
Lease and Operate |
|
405 |
383 |
6% |
Turnkey |
|
565 |
153 |
269% |
|
|
|
|
|
in US$ million |
|
1Q
2022 |
1Q
2021 |
|
Non-recurring items impacting Revenue |
|
|
|
|
Deep Panuke termination fee |
|
- |
(23) |
|
|
|
|
|
|
in US$ billion |
|
Mar-31-22 |
Dec-31-21 |
% Change |
Net Debt |
|
5.1 |
5.4 |
-6% |
Backlog calculation will be provided in HY22
Earnings Update
Underlying Directional revenues for the first
quarter of the year came in at US$970 million compared with US$536
million in the same period of 2021. This increase is driven by a
higher contribution from the Turnkey segment benefiting from the
divestment of a 45% interest in FPSOs Alexandre de Gusmão and
Almirante Tamandaré combined with construction progress to
date.
Underlying Lease and Operate revenue increased
by 6% year-on-year as a result of FPSO Liza Unity joining the fleet
in February 2022, partly offset by the effects from the FPSO Cidade
de Anchieta shutdown and no contribution from Deep Panuke platform
in 2022.
Year to date, net debt stands at US$5.1 billion
supporting ongoing investments in growth. The decrease in net debt
compared with year-end 2021 resulted from the earlier described
divestments and working capital movements. Nearly all the Company’s
debt is project related and as such becomes non-recourse following
project execution finalization and release of the Parent Company
Guarantee.
Project Review
Construction activities for the Company’s major
projects continue to be impacted by the effects of the pandemic and
in particular response measures in China. The current conflict
between Russia and Ukraine is adding pressure on price inflation
and the global supply chain. Project teams are working closely with
both client teams and suppliers to mitigate the impacts on
projects’ execution. The degree to which these challenges can be
mitigated going forward varies from project to project. The
profitability of SBM Offshore’s overall project portfolio remains
robust and competitive. An update on the status of individual
projects is provided below.
FPSO Liza Unity - The FPSO Liza
Unity safely started production offshore Guyana in February
2022 and the teams are working to complete the remaining
commissioning activities.
FPSO Sepetiba - The topsides modules have
successfully and safely been lifted on board. Integration and
commissioning activities are ongoing. The project targets first oil
in 2023.
FPSO Prosperity - The work in dry dock has been
completed with the mooring and riser support systems installed. The
topsides fabrication is ongoing in the yard in Singapore. First oil
is likely to occur before year-end 2023.
FPSO Almirante Tamandaré - The topsides
fabrication and the Fast4Ward® Multi-Purpose Floater (MPF)
hull’s construction are progressing in China and Brazil. The
project continues to target first oil in the second half of
2024.
FPSO Alexandre de Gusmão - Following the
achievement of steel cutting milestone ahead of plan, site
construction activities in fabrication yards are progressing in
China and Brazil. First oil is expected in 2025.
FPSO ONE GUYANA - The Fast4Ward® MPF hull
has been delivered. Engineering and procurement are progressing in
line with project schedule. First oil is expected in 2025.
Fast4Ward® MPF hullsThe six MPF hulls ordered to
date under the Company’s Fast4Ward® program have been
allocated to projects. Four hulls have been delivered and the
remaining two are under construction.
Fleet Operational Update
FPSO Cidade de Anchieta – The unit remains in
shutdown, while the inspection and repair works to the hull are
being completed. Investigation into the root cause of the problem
is progressing, and the Company is aligning with the client and
authorities on the planning for the restart of production.
Despite the continued challenges brought by the
pandemic the fleet uptime during the first quarter of 2022 was
94.2% and the fleet’s underlying performance was 99.6% excluding
FPSO Cidade de Anchieta.
Safety
The Company’s Total Recordable Injury Frequency
Rate stands below the annual target of
0.15.
Post-Period Events
Dividends
On April 6, 2022, shareholders of the Company
voted in favor of the proposed dividend of US$1 per ordinary share,
which represents an increase of 13% compared to last year. It
resulted in a dividend distribution of €0.9137 per ordinary share.
The dividend was paid on May 4, 2022 to all shareholders of record
as at April 11, 2022.
Guidance
The Company’s 2022 Directional revenue guidance
is maintained at above US$3.1 billion, of which around US$1.6
billion is expected from the Lease and Operate segment and above
US$1.5 billion from the Turnkey segment. 2022 Directional EBITDA
guidance is maintained at around US$900 million for the
Company.
This guidance considers the currently foreseen
impacts from both the pandemic and the conflict between Russia and
Ukraine on projects and fleet operations. The Company highlights
that the direct and indirect effects of these events could continue
to have a material impact on the Company’s business and results and
the realization of the guidance for 2022.
Conference
Call
SBM Offshore has scheduled a conference call,
which will be followed by a Q&A session, to discuss the First
Quarter 2022 Trading Update.
The event is scheduled for Thursday, May 12,
2022 at 10.00 AM (CEST) and will be hosted by Bruno Chabas (CEO),
Philippe Barril (CTO), Øivind Tangen (COO) and Douglas Wood
(CFO).
Interested parties are invited to register prior
the call using the link:First Quarter 2022 Trading Update
Please note the conference call can only be
accessed with a personal identification code, which is sent to you
by email after completion of the registration.
A replay will be available shortly after the
call.
Corporate Profile
SBM Offshore designs, builds, installs and
operates offshore floating facilities for the offshore energy
industry. As a leading technology provider, we put our marine
expertise at the service of a responsible energy transition by
reducing emissions from fossil fuel production, while developing
cleaner solutions for renewable energy sources.
More than 5,000 SBMers worldwide are committed
to sharing their experience to deliver safe, sustainable and
affordable energy from the oceans for generations to come.
For further information, please visit our
website at www.sbmoffshore.com.
The Management BoardAmsterdam, the Netherlands,
May 12, 2022
Financial Calendar |
Date |
Year |
Half Year 2022 Earnings |
August 4 |
2022 |
Third Quarter 2022 Trading Update |
November 10 |
2022 |
Full Year 2022 Earnings |
February 23 |
2023 |
Annual General Meeting |
April 13 |
2023 |
First Quarter 2023 Trading Update |
May 11 |
2023 |
For further information, please contact:
Investor RelationsBert-Jaap
DijkstraGroup Treasurer and IR
Mobile: |
+31 (0) 6 21 14 10 17 |
E-mail: |
bertjaap.dijkstra@sbmoffshore.com |
Website: |
www.sbmoffshore.com |
Media RelationsVincent
KempkesGroup Communications Director
Mobile: |
+377 (0) 6 40 62 87 35 |
E-mail: |
vincent.kempkes@sbmoffshore.com |
Website: |
www.sbmoffshore.com |
Market Abuse Regulation
This press release may contain inside
information within the meaning of Article 7(1) of the EU Market
Abuse Regulation.
Disclaimer
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. These
statements may be identified by words such as ‘expect’, ‘should’,
‘could’, ‘shall’ and similar expressions. Such forward-looking
statements are subject to various risks and uncertainties. The
principal risks which could affect the future operations of SBM
Offshore N.V. are described in the ‘Risk Management’ section of the
2021 Annual Report.
Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results and performance of the Company’s business
may vary materially and adversely from the forward-looking
statements described in this release. SBM Offshore 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 new information, subsequent events or otherwise.
Nothing in this release shall be deemed an offer
to sell, or a solicitation of an offer to buy, any securities. The
companies in which SBM Offshore N.V. directly and indirectly owns
investments are separate legal entities. In this release “SBM
Offshore” and “SBM” are sometimes used for convenience where
references are made to SBM Offshore N.V. and its subsidiaries in
general. These expressions are also used where no useful purpose is
served by identifying the particular company or companies.
"SBM Offshore®", the SBM logomark, “Fast4Ward®”,
“emissionZERO®” and “Float4WindTM” are proprietary marks owned by
SBM Offshore.
1 Directional reporting, presented in the
Financial Statements under section Operating Segments and
Directional Reporting, represents a pro-forma accounting policy,
which treats all lease contracts as operating leases and
consolidates all co-owned investees related to lease contracts on a
proportional basis based on percentage of ownership. This
explanatory note relates to all Directional reporting in this
document.2 2021 dividend paid in 2022, yield based on SBM Offshore
market capitalization at year-end 2021.3 Underlying 2021 revenue
excludes one-off effects to enable comparison of like-for-like
underlying performance.
- SBM Offshore 1Q22 Trading Update
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