SBM OFFSHORE NV ORD - SBFFF STOCK NEWS

On November 10, 2022, SBM Offshore reported a strong financial performance despite macroeconomic challenges. The company increased its 2022 EBITDA guidance to around US$1 billion and revenue guidance to above US$3.2 billion. Key highlights include a Memorandum of Understanding with ExxonMobil for a new hull. Year-to-date, the company achieved a 46% increase in underlying revenue, totaling US$2,522 million. Fleet uptime was reported at 99.6%, excluding one unit currently under repair. Despite challenges, SBM Offshore remains focused on its energy transition strategy and project development.

SBM Offshore announced significant updates on August 4, 2022, including an increased 2022 Directional EBITDA guidance from $900 million to over $950 million and revenue guidance raised from $3.1 billion to approximately $3.2 billion. The pro-forma order book reached a record $31.1 billion, ensuring strong cash flow visibility until 2050. The company continues to focus on sustainability, targeting net-zero emissions by 2050, with interim goals set for 2030. Despite challenges from global supply chains and the pandemic, profitability remains robust, with a 64% revenue increase in 1H 2022.

SBM Offshore announced the completion of project financing for FPSO ONE GUYANA, totaling US$1.75 billion. The financing, secured through a consortium of 15 banks, will be drawn over the construction period and will be non-recourse post-completion. The FPSO is set to produce approximately 250,000 barrels of oil per day and will have gas treatment and water injection capacities of 450 million cubic feet and 300,000 barrels per day, respectively. The project is part of the Yellowtail development in the Stabroek block, with Exxon Mobil holding a significant interest.

SBM Offshore announces the resignation of Philippe Barril as Chief Transition Officer effective August 31, 2022, following his appointment as CEO of Heerema Marine Contractors on September 1, 2022. Barril has been a part of SBM since 2015, taking on various roles including Chief Operating Officer. His departure will lead to a simplified Management Board structure, redistributing his responsibilities among the remaining members aimed at sustaining SBM's progression as an energy transition company. CEO Bruno Chabas commended Barril's contributions during his tenure.

SBM Offshore reported year-to-date directional revenue of US$970 million, up 89% from US$513 million in Q1 2021. The company maintains its full-year guidance for 2022, expecting over US$3.1 billion in revenue. A cash dividend of US$1 per share was paid, reflecting a 13% increase year-on-year. Key projects include the successful delivery of FPSO Liza Unity and the confirmed award for FPSO ONE GUYANA. Despite global supply chain pressures, the company anticipates continued profitability in its project portfolio.

On April 6, 2022, SBM Offshore held its Annual General Meeting, where all resolutions proposed were approved. Notable appointments included Øivind Tangen to the Management Board and Hilary Mercer to the Supervisory Board. A cash dividend of US$1 per share was also authorized, payable on May 4, 2022, translating to €0.9137 per share. The company confirmed no significant business operations in Ukraine or Russia amid ongoing geopolitical tensions but acknowledged potential future impacts.

On April 5, 2022, SBM Offshore announced the award of contracts for the Yellowtail development project in Guyana by Esso Exploration and Production Guyana Limited, a subsidiary of Exxon Mobil. SBM Offshore will construct, lease, and operate the ONE GUYANA FPSO for up to two years, after which ownership will transfer to EEPGL. The FPSO is designed to produce 250,000 barrels of oil per day and has a storage capacity of 2 million barrels. This project marks a significant advancement in the Stabroek Block, with SBM Offshore committed to employing local talent.

On March 23, 2022, SBM Offshore announced the signing of a shareholder agreement with Mitsubishi Corporation and Nippon Yusen Kaisha regarding the FPSO Alexandre de Gusmão project. Mitsubishi and NYK will acquire 25% and 20% ownership, respectively, while SBM Offshore retains a majority 55% stake. The FPSO is under construction for deployment at the Mero field offshore Brazil under a 22.5-year contract with Petrobras, with first oil expected in 2025. This move reflects SBM's strategy to enhance partnerships and expand its offshore operations.

SBM Offshore has released the agenda and invitation for its Annual General Meeting (AGM), scheduled for April 6, 2022, at 14:30 CET. The meeting will be held virtually, focusing on the company's commitment to sustainable energy solutions and reducing emissions from fossil fuels. With over 5,000 employees globally, SBM Offshore remains dedicated to delivering affordable energy from the oceans. The company has also outlined its financial calendar, with key dates for trading updates and earnings releases throughout 2022 and 2023.