SBM Offshore reserves Fast4Ward® hull for the Block 58 development
On June 6, 2024, SBM Offshore announced that, in partnership with Technip Energies and TotalEnergies EP Suriname B.V., it has reserved a Fast4Ward® hull for the Block 58 development project offshore Suriname. TotalEnergies holds a 50% interest, with APA holding the other 50%. The final investment decision is expected in Q4 2024, with production start-up planned for 2028. SBM Offshore specializes in designing, building, installing, and operating offshore floating facilities, focusing on reducing fossil fuel emissions and developing sustainable energy solutions.
- TotalEnergies, a major player, is partnering in the Block 58 project, ensuring robust backing.
- Production start-up is planned for 2028, indicating a clear timeline for operational commencement.
- SBM Offshore is leveraging its expertise with partner Technip Energies, enhancing project credibility.
- The Fast4Ward® hull reservation is a proactive step, showcasing project progression.
- Final investment decision is only expected in Q4 2024, introducing uncertainty until then.
- Production start-up is not until 2028, indicating a long wait for revenue generation.
- Potential risks associated with offshore drilling and market volatility could impact the project's profitability.
June 6, 2024
SBM Offshore is pleased to announce that, in partnership with Technip Energies, and in line with the Front End Engineering and Design (FEED) studies for a Floating Production, Storage and Offloading vessel (FPSO) for the development project located in the Block 58 in Suriname with TotalEnergies EP Suriname B.V., an affiliate of TotalEnergies, a Fast4Ward® hull for the Block 58 development project has been reserved by TotalEnergies.
The B58 development is the first development within Block 58, circa 150 kilometers offshore Suriname. TotalEnergies is the operator and holds a 50 percent interest in Block 58 with APA Corporation holding the other 50 percent. The final investment decision is expected in the fourth quarter of 2024, for a production start-up in 2028.
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 alternative energy sources.
More than 7,400 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.
| Financial Calendar | Date | Year | |
| Half Year 2024 Earnings | August 8 | 2024 | |
| Third Quarter 2024 Trading Update | November 14 | 2024 | |
| Full Year 2024 Earnings | February 20 | 2025 | |
| Annual General Meeting | April 9 | 2025 | |
| First Quarter 2025 Trading Update | May 15 | 2025 |
For further information, please contact:
Investor Relations
Wouter Holties
Corporate Finance & Investor Relations Manager
| Mobile: | +31 (0) 20 236 32 36 |
| E-mail: | wouter.holties@sbmoffshore.com |
| Website: | www.sbmoffshore.com |
Media Relations
Evelyn Tachau Brown
Group Communications & Change Director
| Mobile: | +377 (0) 6 40 62 30 34 |
| E-mail: | evelyn.tachau-brown@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 ‘Impact, Risk and Opportunity Management’ section of the 2023 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 “Float4Wind®” are proprietary marks owned by SBM Offshore.
Attachment
FAQ
What is SBM Offshore's involvement in the Block 58 development?
When is the final investment decision for the Block 58 development expected?
When will the production start for the Block 58 project?
What percentage of Block 58 is owned by TotalEnergies?
Which companies are involved in the Block 58 development?
What is the role of Technip Energies in the Block 58 project?
What is the Fast4Ward® hull?
Where is Block 58 located?
